Exam 14: Developing and Pricing Goods and Services

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From a marketing management perspective,what is the meaning of a total product offer? What are the important elements in the total product offer of your college or university?

(Essay)

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Question 21

The image created by advertising is part of the total product offer of a product.

(True/False)

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Question 22

A high-low pricing strategy may condition consumers to avoid paying the regular prices by waiting for sale prices.

(True/False)

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Question 23

Phil asks you to calculate the break-even point for his firm.You respond that you will need the following information:

(Multiple Choice)

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Question 24

Which stage of the product life cycle is characterized by rapidly rising sales,very high profit levels,and a growing number of competitors?

(Multiple Choice)

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Question 25

A long-run pricing objective of almost all firms is to optimize profit.

(True/False)

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Question 26

The product life cycle presents a theoretical model describing what happens to sales and profits for a class of products over time.

(True/False)

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Question 27

Nailerman's Hardware is a large chain of hardware stores that sells a line of tools under the Nailerman brand even though they were actually produced by another firm.Since the products are actually produced by another firm,using the Nailerman brand is an example of a knockoff brand.

(True/False)

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Question 28

Price,appearance,and reputation can influence a consumer's perceptions of quality.

(True/False)

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Question 29

One function of effective packaging is to protect the goods inside during handling and storage,as well as deter product tampering and theft.

(True/False)

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Question 30

One common way of classifying consumer goods is based on consumer purchasing behavior.

(True/False)

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Question 31

The greatest source of ideas for new products is:

(Multiple Choice)

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Question 32

Karen is a collector of fine art,particularly paintings.She has been looking for an original Lady Molly painting for months and has said that she is willing to go to extraordinary efforts to acquire this painting for her collection.Clearly this painting represents a __________ good for Karen.

(Multiple Choice)

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Question 33

Which of the following represents a pricing strategy that establishes a low price in hopes of attracting a great number of customers and attempts to discourage competitors?

(Multiple Choice)

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Question 34

A penetration strategy calls for a firm to charge low prices with the intent of attracting a large number of customers and discouraging competition.

(True/False)

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Question 35

Packaging is an important part of the total product offer.

(True/False)

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Question 36

A brand that has been given exclusive legal protection,such as the McDonald's golden arches is a:

(Multiple Choice)

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Question 37

One function of effective packaging is to attract the attention of consumers.

(True/False)

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Question 38

When people consider purchasing a good,they:

(Multiple Choice)

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Question 39

Target costing is a cost-based pricing strategy.

(True/False)

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Question 40

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Exam 14: Developing and Pricing Goods and Services

From a marketing management perspective,what is the meaning of a total product offer? What are the important elements in the total product offer of your college or university?

The image created by advertising is part of the total product offer of a product.

A high-low pricing strategy may condition consumers to avoid paying the regular prices by waiting for sale prices.

Phil asks you to calculate the break-even point for his firm.You respond that you will need the following information:

Which stage of the product life cycle is characterized by rapidly rising sales,very high profit levels,and a growing number of competitors?

A long-run pricing objective of almost all firms is to optimize profit.

The product life cycle presents a theoretical model describing what happens to sales and profits for a class of products over time.

Nailerman's Hardware is a large chain of hardware stores that sells a line of tools under the Nailerman brand even though they were actually produced by another firm.Since the products are actually produced by another firm,using the Nailerman brand is an example of a knockoff brand.

Price,appearance,and reputation can influence a consumer's perceptions of quality.

One function of effective packaging is to protect the goods inside during handling and storage,as well as deter product tampering and theft.

One common way of classifying consumer goods is based on consumer purchasing behavior.

The greatest source of ideas for new products is:

Karen is a collector of fine art,particularly paintings.She has been looking for an original Lady Molly painting for months and has said that she is willing to go to extraordinary efforts to acquire this painting for her collection.Clearly this painting represents a __________ good for Karen.

Which of the following represents a pricing strategy that establishes a low price in hopes of attracting a great number of customers and attempts to discourage competitors?

A penetration strategy calls for a firm to charge low prices with the intent of attracting a large number of customers and discouraging competition.

Packaging is an important part of the total product offer.

A brand that has been given exclusive legal protection,such as the McDonald's golden arches is a:

One function of effective packaging is to attract the attention of consumers.

When people consider purchasing a good,they:

Target costing is a cost-based pricing strategy.

Taking Risks and Making Profits Within the Dynamic Business Environment

Understanding How Economics Affects Business

Doing Business in Global Markets

Demanding Ethical and Socially Responsible Behavior

How to Form a Business

Entrepreneurship and Starting a Small Business

Management and Leadership

Adapting Organizations to Todays Markets

Production and Operations Management

Motivating Employees

Human Resource Management: Finding and Keeping the Best Employees

Dealing With Employee-Management Issues and Relationships

Marketing: Helping Buyers Buy

Distributing Products

Using Effective Promotions

Understanding Accounting and Financial Information

Financial Management

Using Securities Markets for Financing and Investing Opportunities

Money, Financial Institutions, and the Federal Reserve

Appendix A: Using Technology to Manage Information

Appendix B: Managing Risk

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