Question 1

What is a status-quo pricing objective?

Accepted Answer

A status-quo pricing objective is offered with the intent to avoid "making waves," or to maintain the status quo.This is especially true in industries that depend on price stability.

Question 2

If Texas Instruments hires an accounting firm to compute the company's taxes,the accounting firm is providing a(n)____ service.

Accepted Answer

A)  business 
B)  governmental 
C)  institutional 
D)  tangible 
E)  mandatory 
A)  business 
B)  governmental 
C)  institutional 
D)  tangible 
E)  mandatory A

Question 3

Competition-based pricing is important if competing products are similar and the organization is serving markets in which price is the crucial variable of the marketing strategy.

Accepted Answer

A) True 
 B)False  True

Question 4

The strategy of setting prices at uneven amounts that are slightly below an even or whole number of dollars is called

Accepted Answer

A)  penetration pricing. 
B)  price skimming. 
C)  sample pricing. 
D)  introductory pricing. 
E)  odd-number pricing. 
A)  penetration pricing. 
B)  price skimming. 
C)  sample pricing. 
D)  introductory pricing. 
E)  odd-number pricing.

Question 5

Price allocates goods and services among those who are willing and able to pay for them.

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A) True 
 B)False

Question 7

Markup pricing is easy to apply,although it is difficult to determine an effective markup percentage.

Accepted Answer

A) True 
 B)False

Question 8

The width of a product mix is a measure of the number of individual products within each line.

Accepted Answer

A) True 
 B)False

Question 9

A major drawback of price competition is that

Accepted Answer

A)  it lowers prices. 
B)  it gains customers. 
C)  customers equate lower prices with lower quality. 
D)  competitors can also lower their prices. 
E)  it generates brand loyalty. 
A)  it lowers prices. 
B)  it gains customers. 
C)  customers equate lower prices with lower quality. 
D)  competitors can also lower their prices. 
E)  it generates brand loyalty.

Question 10

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

Accepted Answer

A)  trade 
B)  cash 
C)  wholesale 
D)  quantity 
E)  preferential 
A)  trade 
B)  cash 
C)  wholesale 
D)  quantity 
E)  preferential

Question 11

A company's product mix usually must be changed to stay competitive.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A)  test marketing. 
B)  business analysis. 
C)  screening. 
D)  product development. 
E)  commercialization. 
A)  test marketing. 
B)  business analysis. 
C)  screening. 
D)  product development. 
E)  commercialization.

Question 13

Discounts given to customers who buy in large amounts are called ____ discounts.

Accepted Answer

A)  trade 
B)  cash 
C)  quantity 
D)  wholesale 
E)  preferential 
A)  trade 
B)  cash 
C)  quantity 
D)  wholesale 
E)  preferential

Question 14

Consumers would most likely treat candy bars as ____ products.

Accepted Answer

A)  business 
B)  shopping 
C)  specialty 
D)  convenience 
E)  household 
A)  business 
B)  shopping 
C)  specialty 
D)  convenience 
E)  household

Question 15

Because markup pricing is difficult to use,few retailers and wholesalers use it.

Accepted Answer

A) True 
 B)False

Question 16

The largest number of product ideas are rejected during the ____ stage of new product development.

Accepted Answer

A)  screening 
B)  test marketing 
C)  idea generation 
D)  business analysis 
E)  pricing 
A)  screening 
B)  test marketing 
C)  idea generation 
D)  business analysis 
E)  pricing

Question 17

Identify and discuss the three major ways that a product mix can be improved.

Accepted Answer

One way of improving a product mix of a

Question 18

Screening ideas for feasibility is the first stage of the new product development process.

Accepted Answer

A) True 
 B)False

Question 19

All of the activities involved in developing and providing a container with graphics for a product are called

Accepted Answer

A)  packaging. 
B)  advertising. 
C)  labeling. 
D)  containerization. 
E)  parceling. 
A)  packaging. 
B)  advertising. 
C)  labeling. 
D)  containerization. 
E)  parceling.

Question 20

After several years of success with the product line,Procter & Gamble introduced its popular Sure deodorant in three new scents.This is an example of ____ modification.

Accepted Answer

A)  functional 
B)  feature 
C)  quality 
D)  aesthetic 
E)  market 
A)  functional 
B)  feature 
C)  quality 
D)  aesthetic 
E)  market

What is a status-quo pricing objective?

If Texas Instruments hires an accounting firm to compute the company's taxes,the accounting firm is providing a(n)____ service.

Competition-based pricing is important if competing products are similar and the organization is serving markets in which price is the crucial variable of the marketing strategy.

The strategy of setting prices at uneven amounts that are slightly below an even or whole number of dollars is called

Price allocates goods and services among those who are willing and able to pay for them.

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

Markup pricing is easy to apply,although it is difficult to determine an effective markup percentage.

The width of a product mix is a measure of the number of individual products within each line.

A major drawback of price competition is that

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

A company's product mix usually must be changed to stay competitive.

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

Discounts given to customers who buy in large amounts are called ____ discounts.

Consumers would most likely treat candy bars as ____ products.

Because markup pricing is difficult to use,few retailers and wholesalers use it.

The largest number of product ideas are rejected during the ____ stage of new product development.

Identify and discuss the three major ways that a product mix can be improved.

Screening ideas for feasibility is the first stage of the new product development process.

All of the activities involved in developing and providing a container with graphics for a product are called

After several years of success with the product line,Procter & Gamble introduced its popular Sure deodorant in three new scents.This is an example of ____ modification.

Exploring the World of Business and Economics

Ethics and Social Responsibility in Business

Global Business

Choosing a Form of Business Ownership

Small Business,Entrepreneurship,and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees

Building Customer Relationships Through Effective Marketing

Distributing and Promoting Products

Exploring Social Media and E-Business

Using Management and Accounting Information

Mastering Financial Management

Understanding Personal Finances and Investments

Enhancing Union-Management Relations

Risk Management and Insurance

Business Law regulation and Taxation

Filters

Exam 12: Creating and Pricing Products That Satisfy Customers

What is a status-quo pricing objective?

If Texas Instruments hires an accounting firm to compute the company's taxes,the accounting firm is providing a(n)____ service.

Competition-based pricing is important if competing products are similar and the organization is serving markets in which price is the crucial variable of the marketing strategy.

The strategy of setting prices at uneven amounts that are slightly below an even or whole number of dollars is called

Price allocates goods and services among those who are willing and able to pay for them.

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

Markup pricing is easy to apply,although it is difficult to determine an effective markup percentage.

The width of a product mix is a measure of the number of individual products within each line.

A major drawback of price competition is that

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

A company's product mix usually must be changed to stay competitive.

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

Discounts given to customers who buy in large amounts are called ____ discounts.

Consumers would most likely treat candy bars as ____ products.

Because markup pricing is difficult to use,few retailers and wholesalers use it.

The largest number of product ideas are rejected during the ____ stage of new product development.

Identify and discuss the three major ways that a product mix can be improved.

Screening ideas for feasibility is the first stage of the new product development process.

All of the activities involved in developing and providing a container with graphics for a product are called

After several years of success with the product line,Procter & Gamble introduced its popular Sure deodorant in three new scents.This is an example of ____ modification.

Exploring the World of Business and Economics

Ethics and Social Responsibility in Business

Global Business

Choosing a Form of Business Ownership

Small Business,Entrepreneurship,and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees

Building Customer Relationships Through Effective Marketing

Distributing and Promoting Products

Exploring Social Media and E-Business

Using Management and Accounting Information

Mastering Financial Management

Understanding Personal Finances and Investments

Enhancing Union-Management Relations

Risk Management and Insurance

Business Law regulation and Taxation

Filters