Question 1

Product labels enable consumers to always clearly understand what they are purchasing.

Accepted Answer

A) True 
 B)False  False

Question 2

The Fair Packaging and Labeling Act of 1966 requires companies to identify all of the following EXCEPT the ________.

Accepted Answer

A)  product 
B)  name and place of business of the manufacturer 
C)  formula by which the product was manufactured 
D)  net quantity of the contents 
E)  name and place of business of the distributor 
A)  product 
B)  name and place of business of the manufacturer 
C)  formula by which the product was manufactured 
D)  net quantity of the contents 
E)  name and place of business of the distributor C

Question 3

The ________ product of a fast food meal is the calories and relief from hunger provided.

Accepted Answer

A)  augmented 
B)  value 
C)  core 
D)  actual 
E)  perceived 
A)  augmented 
B)  value 
C)  core 
D)  actual 
E)  perceived C

Question 4

All of the following are steps in new product development EXCEPT ________.

Accepted Answer

A)  product analysis 
B)  idea screening 
C)  brand awareness 
D)  commercialization 
E)  market testing 
A)  product analysis 
B)  idea screening 
C)  brand awareness 
D)  commercialization 
E)  market testing

Question 5

The ________ product of a fast food meal is the sandwich,side dish,and drink.

Accepted Answer

A)  augmented 
B)  value 
C)  core 
D)  actual 
E)  perceived 
A)  augmented 
B)  value 
C)  core 
D)  actual 
E)  perceived

Question 6

The fact that Bob will only buy Lands' End jeans is an example of brand loyalty.

Accepted Answer

A) True 
 B)False

Question 7

The process of distinguishing a product from its competition in real or perceived terms to attract customers is called product ________.

Accepted Answer

A)  coring 
B)  differentiation 
C)  actualization 
D)  development 
E)  augmentation 
A)  coring 
B)  differentiation 
C)  actualization 
D)  development 
E)  augmentation

Question 8

What is a component part? Provide an example.

Accepted Answer

Student answers will vary.Component part

Question 9

A bulldozer is an example of ________.

Accepted Answer

A)  raw and processed materials 
B)  equipment 
C)  component parts 
D)  MRO products 
E)  specialized professional services 
A)  raw and processed materials 
B)  equipment 
C)  component parts 
D)  MRO products 
E)  specialized professional services

Question 10

All the benefits associated with a good,service,or idea that affect a consumer's purchasing decision are known as the total ________.

Accepted Answer

A)  product benefit 
B)  product package 
C)  market offer 
D)  product offer 
E)  product perception 
A)  product benefit 
B)  product package 
C)  market offer 
D)  product offer 
E)  product perception

Question 11

What are the tangible and intangible benefits of a spring break vacation?

Accepted Answer

Student answers will vary.Poss

Question 12

Everyday low pricing is a strategy of ________.

Accepted Answer

A)  charging inexpensive prices with few, if any, special promotional sales 
B)  determining prices directly between the seller and buyer 
C)  combining two or more complementary products into a single package 
D)  providing partial refunds on what a customer has already paid for a product 
E)  charging a high price for a product initially and then lowering the price over time 
A)  charging inexpensive prices with few, if any, special promotional sales 
B)  determining prices directly between the seller and buyer 
C)  combining two or more complementary products into a single package 
D)  providing partial refunds on what a customer has already paid for a product 
E)  charging a high price for a product initially and then lowering the price over time

Question 13

A store that sets its prices at the same level as the store across the mall is using the pricing objective of ________.

Accepted Answer

A)  creating an image 
B)  status quo pricing 
C)  achieving greater market share 
D)  achieving social objectives 
E)  building traffic 
A)  creating an image 
B)  status quo pricing 
C)  achieving greater market share 
D)  achieving social objectives 
E)  building traffic

Question 14

A whole shelf of snack food bags is marked,"Frito-Lay." This is an example of a(n)________ brand.

Accepted Answer

A)  co-brand 
B)  individual 
C)  private 
D)  family 
E)  manufacturer's 
A)  co-brand 
B)  individual 
C)  private 
D)  family 
E)  manufacturer's

Question 15

A Ferrari sports car is an example of an unsought good.

Accepted Answer

A) True 
 B)False

Question 16

A company that charges a high price to invoke perceptions of high quality is using ________ pricing.

Accepted Answer

A)  psychological 
B)  prestige 
C)  dynamic 
D)  reference 
E)  penetration 
A)  psychological 
B)  prestige 
C)  dynamic 
D)  reference 
E)  penetration

Question 17

The many product lines at Procter & Gamble are an example of product ________.

Accepted Answer

A)  mix width 
B)  line width 
C)  mix length 
D)  line length 
E)  mix line 
A)  mix width 
B)  line width 
C)  mix length 
D)  line length 
E)  mix line

Question 18

Which of the following is a benefit of branding?

Accepted Answer

A)  Well-recognized brands increase the shopping time necessary to find the quality and consistency buyers desire in a product. 
B)  Branding reduces the risks involved in some purchases for which buyers are unable to determine the quality objectively. 
C)  Brands communicate no information about the consumers who buy the brands. 
D)  Brands hide a product's special qualities. 
E)  Brands require consumers to compare product descriptions and ingredients. 
A)  Well-recognized brands increase the shopping time necessary to find the quality and consistency buyers desire in a product. 
B)  Branding reduces the risks involved in some purchases for which buyers are unable to determine the quality objectively. 
C)  Brands communicate no information about the consumers who buy the brands. 
D)  Brands hide a product's special qualities. 
E)  Brands require consumers to compare product descriptions and ingredients.

Question 19

The only revenue-generating component of the marketing mix is ________.

Accepted Answer

A)  distribution 
B)  price 
C)  product 
D)  promotion 
E)  perception 
A)  distribution 
B)  price 
C)  product 
D)  promotion 
E)  perception

Question 20

Outsourced accounting is an example of ________.

Accepted Answer

A)  equipment 
B)  component parts 
C)  MRO products 
D)  specialized professional services 
E)  raw and processed materials 
A)  equipment 
B)  component parts 
C)  MRO products 
D)  specialized professional services 
E)  raw and processed materials

Exam 13: Product Development and Pricing Strategies

Product labels enable consumers to always clearly understand what they are purchasing.

The Fair Packaging and Labeling Act of 1966 requires companies to identify all of the following EXCEPT the ________.

The ________ product of a fast food meal is the calories and relief from hunger provided.

All of the following are steps in new product development EXCEPT ________.

The ________ product of a fast food meal is the sandwich,side dish,and drink.

The fact that Bob will only buy Lands' End jeans is an example of brand loyalty.

The process of distinguishing a product from its competition in real or perceived terms to attract customers is called product ________.

What is a component part? Provide an example.

A bulldozer is an example of ________.

All the benefits associated with a good,service,or idea that affect a consumer's purchasing decision are known as the total ________.

What are the tangible and intangible benefits of a spring break vacation?

Everyday low pricing is a strategy of ________.

A store that sets its prices at the same level as the store across the mall is using the pricing objective of ________.

A whole shelf of snack food bags is marked,"Frito-Lay." This is an example of a(n)________ brand.

A Ferrari sports car is an example of an unsought good.

A company that charges a high price to invoke perceptions of high quality is using ________ pricing.

The many product lines at Procter & Gamble are an example of product ________.

Which of the following is a benefit of branding?

The only revenue-generating component of the marketing mix is ________.

Outsourced accounting is an example of ________.

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