Exam 13: A: Creating and Pricing Products That Satisfy Customers

If, in the midst of daily operating activities, Jane Smith finds that the office has run out of paper for the copy machine, she quickly purchases more at the local office supply store. In this case, she is a

Product ideas are transformed into prototypes during which stage of the product development process?

A symbol or word that is registered with the U.S. Patent and Trademark Office and is thus legally protected from use by anyone but its owner is a

Your Way, Inc. Eric buys companies that are small or companies in financial trouble. He helps these companies turn around and develop a competitive advantage. The company that he recently purchased is called Your Way, Inc. The company sells men's clothing and accessories. Your Way keeps the sewing machines for clothes manufacturing at a separate production facility so that the store location space can be reserved for display and selling. After looking over the different products available, Eric realized that the company's previous owner was not aware of the product life-cycle because the company kept items that were obviously too old and out of date. Also, because of the high turnover, employees did not have good knowledge of the different product lines and did not know the difference between a product line and a product mix. To move the company forward, Eric thought of the following two measures: first, developing a new product to incorporate into the product mix; and second, eliminating the out-of-date products. -Refer to Your Way, Inc. If Eric wanted to develop a new product, he would begin with

Carmen Cattucci wanted to buy a new car. She visited several dealers to compare prices, styles, and dealer reputations. Finally, she bought a car from a local dealer. The purchase of a car is an example of a

Borden, Inc., wants to develop a new line of great tasting, low-calorie, low-fat, and low-cholesterol processed cheese products. The managers are studying whether demand is strong enough and whether the new line will yield a favorable return on investment. The managers are currently in which phase of new product development?

Price differentiation is

A branding strategy in which a firm uses the same brand for all or most of its products is called ____ branding.

Which of the following is an example of a raw material that would be used in the production of a physical product?

Discounts from the list price offered to intermediaries are called ____ discounts.

Demand-based pricing, unlike cost-based pricing, places firms in a better position to

Which business product classification is most appropriate for the wire used inside a stereo system?

Costs that depend on the number of units produced are called

If a manager designs the shoe department in a manner that one of its private label pairs of shoes, priced at $69.99, is positioned next to a well-known national brand of shoes priced at $89.99, what strategy is the manager attempting to accomplish?

What type of product modification is likely to make the greatest impact on a food product?

The product life-cycle stage in which consumer awareness and acceptance of the product are low, there are few competitors, and there is a gradual rise in sales because of promotion is called

The product life-cycle stage in which there is a rapid sales increase, other firms have begun to market competing products, and lower unit costs and an overall tendency toward increased profit prevail is called

Developing new products is risky, time consuming, and expensive with a high rate of failure. Nevertheless, "failing to introduce new products can be just as hazardous." What is meant by this quote?

There are seven stages in the evolution of a new product. The stage in which an idea is determined to be technically feasible is

Consumers would most likely treat personal computers as ____ products.