Question 1

The three levels of brand loyalty are preference,recognition,and insistence.

Accepted Answer

A) True 
 B)False

Question 2

An early-bird special offered by a restaurant during off-peak hours is an example of a secondary-market pricing strategy.

Accepted Answer

A) True 
 B)False

Question 3

Fiona collects antique Fabergé eggs.For most of these eggs,only one or a few were created of each design.These eggs would best be classified as ____ products.

Accepted Answer

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

Question 4

The stage in the evolution of new products in which ideas that match company objectives are analyzed as to whether the firm has the required expertise for the product's development and marketing is called

Accepted Answer

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

Question 5

What do yo-yo,aspirin,and thermos all have in common in a marketing sense?

Accepted Answer

A)  They were all once brand names that have since been declared generic terms. 
B)  They are all heavily promoted during daytime television. 
C)  They are examples of functional product modification. 
D)  They have extremely high brand loyalty. 
E)  They are all examples of private-label brands. 
A)  They were all once brand names that have since been declared generic terms. 
B)  They are all heavily promoted during daytime television. 
C)  They are examples of functional product modification. 
D)  They have extremely high brand loyalty. 
E)  They are all examples of private-label brands.

Question 6

Which of the following constitutes an ROI?

Accepted Answer

A)  Amount earned from sales before taxes 
B)  Amount realized from cutting production costs 
C)  Amount earned as a result of a financial investment 
D)  Amount,or ratio,that represents rate of investment 
E)  Amount earned as gross income 
A)  Amount earned from sales before taxes 
B)  Amount realized from cutting production costs 
C)  Amount earned as a result of a financial investment 
D)  Amount,or ratio,that represents rate of investment 
E)  Amount earned as gross income

Question 7

Packages have marketing value but no functional value.

Accepted Answer

A) True 
 B)False

Question 8

When might a firm use a price-skimming strategy? When might it use penetration pricing? Describe each strategy.

Accepted Answer

Price skimming is the strategy of chargi

Question 9

Appliances,stereos,and furniture are all considered specialty products.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A) True 
 B)False

Question 11

If Nordstrom sales associates are there to greet you as soon as you walk through the door,to assist you personally in finding the merchandise you are looking for,and to inform you about the store's events and services,the company is striving to compete on

Accepted Answer

A)  quality. 
B)  service. 
C)  promotion. 
D)  price. 
E)  distribution. 
A)  quality. 
B)  service. 
C)  promotion. 
D)  price. 
E)  distribution.

Question 12

The price floor is the lowest price at which a producer can sell its product without incurring a loss.

Accepted Answer

A) True 
 B)False

Question 13

Car Tunes,a national car stereo retailer,markets stereos and speakers.The company will soon sell car alarms and cellular phones to ____ its product mix.

Accepted Answer

A)  modify 
B)  broaden 
C)  narrow 
D)  customize 
E)  adapt 
A)  modify 
B)  broaden 
C)  narrow 
D)  customize 
E)  adapt

Question 14

Janie,a farmer,sells a dozen ears of corn to her neighbor for $1/dozen.She sells a dozen ears of corn to the small market down the street for $.75/dozen.She sells corn to the chain grocery store in town for $.50/dozen.Janie is using

Accepted Answer

A)  differential pricing. 
B)  discriminatory pricing. 
C)  price skimming. 
D)  illegal pricing. 
A)  differential pricing. 
B)  discriminatory pricing. 
C)  price skimming. 
D)  illegal pricing.

Question 15

When price helps Jaime decide to purchase a Chevrolet Cavalier instead of a Mercedes because she also wants a Harley-Davidson motorcycle,price serves the function of

Accepted Answer

A)  demander. 
B)  decision maker. 
C)  facilitator. 
D)  intermediation. 
E)  allocator. 
A)  demander. 
B)  decision maker. 
C)  facilitator. 
D)  intermediation. 
E)  allocator.

Question 16

Identify and describe the major stages of the product life-cycle.

Accepted Answer

The four stages of the product life-cycl

Question 17

Save Textbooks Inc.includes the cost of delivery in the pricing strategy when selling textbooks to school districts.What type of pricing strategy is it using?

Accepted Answer

A)  Discounting 
B)  Transfer pricing 
C)  Geographic pricing 
D)  Captive pricing 
A)  Discounting 
B)  Transfer pricing 
C)  Geographic pricing 
D)  Captive pricing

Question 18

Even if a grocery item is a generic product,a consumer can tell who produced it by examining the package carefully.

Accepted Answer

A) True 
 B)False

Question 19

DeAngelo went to the store to purchase groceries.By the time he reached the paper products aisle,he was down to his last few dollars but he desperately needed paper towels.After surveying the aisle,he bought a package that was labeled "Paper Towels" with no other designations.What brand of paper towels did he purchase?

Accepted Answer

A)  Brand name 
B)  Manufacturer brand 
C)  Store brand 
D)  Generic brand 
A)  Brand name 
B)  Manufacturer brand 
C)  Store brand 
D)  Generic brand

Question 20

The total amount received from the sales of a product is referred to as

Accepted Answer

A)  total revenue. 
B)  the breakeven quantity. 
C)  variable sales. 
D)  market revenue. 
E)  marginal revenue. 
A)  total revenue. 
B)  the breakeven quantity. 
C)  variable sales. 
D)  market revenue. 
E)  marginal revenue.

The three levels of brand loyalty are preference,recognition,and insistence.

An early-bird special offered by a restaurant during off-peak hours is an example of a secondary-market pricing strategy.

Fiona collects antique Fabergé eggs.For most of these eggs,only one or a few were created of each design.These eggs would best be classified as ____ products.

The stage in the evolution of new products in which ideas that match company objectives are analyzed as to whether the firm has the required expertise for the product's development and marketing is called

What do yo-yo,aspirin,and thermos all have in common in a marketing sense?

Which of the following constitutes an ROI?

Packages have marketing value but no functional value.

When might a firm use a price-skimming strategy? When might it use penetration pricing? Describe each strategy.

Appliances,stereos,and furniture are all considered specialty products.

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

If Nordstrom sales associates are there to greet you as soon as you walk through the door,to assist you personally in finding the merchandise you are looking for,and to inform you about the store's events and services,the company is striving to compete on

The price floor is the lowest price at which a producer can sell its product without incurring a loss.

Car Tunes,a national car stereo retailer,markets stereos and speakers.The company will soon sell car alarms and cellular phones to ____ its product mix.

Janie,a farmer,sells a dozen ears of corn to her neighbor for $1/dozen.She sells a dozen ears of corn to the small market down the street for $.75/dozen.She sells corn to the chain grocery store in town for $.50/dozen.Janie is using

When price helps Jaime decide to purchase a Chevrolet Cavalier instead of a Mercedes because she also wants a Harley-Davidson motorcycle,price serves the function of

Identify and describe the major stages of the product life-cycle.

Save Textbooks Inc.includes the cost of delivery in the pricing strategy when selling textbooks to school districts.What type of pricing strategy is it using?

Even if a grocery item is a generic product,a consumer can tell who produced it by examining the package carefully.

The total amount received from the sales of a product is referred to as

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

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Exam 12: Creating and Pricing Products That Satisfy Customers

The three levels of brand loyalty are preference,recognition,and insistence.

An early-bird special offered by a restaurant during off-peak hours is an example of a secondary-market pricing strategy.

Fiona collects antique Fabergé eggs.For most of these eggs,only one or a few were created of each design.These eggs would best be classified as ____ products.

The stage in the evolution of new products in which ideas that match company objectives are analyzed as to whether the firm has the required expertise for the product's development and marketing is called

What do yo-yo,aspirin,and thermos all have in common in a marketing sense?

Which of the following constitutes an ROI?

Packages have marketing value but no functional value.

When might a firm use a price-skimming strategy? When might it use penetration pricing? Describe each strategy.

Appliances,stereos,and furniture are all considered specialty products.

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

If Nordstrom sales associates are there to greet you as soon as you walk through the door,to assist you personally in finding the merchandise you are looking for,and to inform you about the store's events and services,the company is striving to compete on

The price floor is the lowest price at which a producer can sell its product without incurring a loss.

Car Tunes,a national car stereo retailer,markets stereos and speakers.The company will soon sell car alarms and cellular phones to ____ its product mix.

Janie,a farmer,sells a dozen ears of corn to her neighbor for $1/dozen.She sells a dozen ears of corn to the small market down the street for $.75/dozen.She sells corn to the chain grocery store in town for $.50/dozen.Janie is using

When price helps Jaime decide to purchase a Chevrolet Cavalier instead of a Mercedes because she also wants a Harley-Davidson motorcycle,price serves the function of

Identify and describe the major stages of the product life-cycle.

Save Textbooks Inc.includes the cost of delivery in the pricing strategy when selling textbooks to school districts.What type of pricing strategy is it using?

Even if a grocery item is a generic product,a consumer can tell who produced it by examining the package carefully.

The total amount received from the sales of a product is referred to as

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