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

The stage in the evolution of new products in which the product is launched into full-scale manufacturing and marketing is called

The marketing challenge of making potential customers aware of the product's existence and its features, benefits, and uses is prevalent in which of the product life-cycle stages?

A consumer product for which buyers will not accept a substitute, for which purchasers do not compare alternatives, and that is purchased infrequently and with extra effort on the buyer's part is a ____ product.

The quantity of a product that a producer is willing to sell at various prices is called

Which of the following is a manufacturer brand?

Entirely new products are called

What are the major phases involved in the new product development process?

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previous owner was not aware of the product life-cycle because the company kept items that were obviously too old and out of date.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two measures: first, developing a new product to incorporate into the product mix; and second, eliminating the out-of-date products.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 teach his employees about the stages of a product's life-cycle, he should talk about all of the following except

Appliances, men's suits, and ____ are examples of shopping products.

WD-40, Inc., markets only one product, its namesake chemical lubricant. The company offers the product in several different container sizes: smaller ones for household use and larger ones for industrial use. WD-40 would be considered as having a

Delta Airlines prices its tickets so that it is less expensive to travel between midnight and 5:00a.m. than during the day, when there is heavy business travel. This illustrates ____ pricing.

In a meeting to generate new products, the advisory committee felt that it had come up with some excellent ideas. Now that there is a list of product ideas, the next step is

Hillary has a new product idea that aligns well with her company's current organizational resources. She puts together a presentation for potential buyers and requests feedback on their reactions and suggestions. Hillary is

Raw materials are an example of a firm's ____ costs.

For any product, the breakeven quantity is the

Discounts offered to encourage early payment of outstanding accounts are called ____ discounts.

When a product experiences sales revenue and profit increases, reaches a peak, and then declines, it goes through what is called

During which phase of the product development process can marketers experiment with advertising, pricing, and packaging in different geographic areas?

A manager at JCPenney discovers that Burlington Coat Factory has reduced the price of its children's Levi's from $31.99 to $24.99, according to an advertisement in the Sunday newspaper. She immediately phones her store and instructs the salesperson on duty to put a sign up next to their children's Levi's that reads, "SALE: $24.99." This is an example of what pricing strategy?

Sales of XYZ Corporation's digital video cameras are rising rapidly, profits are peaking, and competitors are entering the market. XYZ is able to maintain its market lead. Judging from this example, the digital video camera is in which stage of the product life-cycle?