Question 1

Costs that depend on the number of units produced are called variable costs.

Accepted Answer

A) True 
 B)False

Question 2

The temporary reduction of prices on a patterned or systematic basis is called

Accepted Answer

A)  random discounting. 
B)  negotiated pricing. 
C)  periodic discounting. 
D)  secondary-market discounting. 
E)  comparison discounting. 
A)  random discounting. 
B)  negotiated pricing. 
C)  periodic discounting. 
D)  secondary-market discounting. 
E)  comparison discounting.

Question 3

Yen 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.Yen is

Accepted Answer

A)  screening. 
B)  generating product ideas. 
C)  test marketing. 
D)  conducting a business analysis. 
E)  concept testing. 
A)  screening. 
B)  generating product ideas. 
C)  test marketing. 
D)  conducting a business analysis. 
E)  concept testing.

Question 4

Price competition occurs when a seller emphasizes the

Accepted Answer

A)  low price of a product. 
B)  high price of a product. 
C)  quality of a product. 
D)  quality of the customer service. 
E)  importance of the product. 
A)  low price of a product. 
B)  high price of a product. 
C)  quality of a product. 
D)  quality of the customer service. 
E)  importance of the product.

Question 5

The strategy of charging the highest possible price for a product during the introduction stage of its life-cycle is called price skimming.

Accepted Answer

A) True 
 B)False

Question 6

Would a new car equipped with a bumper jack,jack handle,spare tire,and warranty be the same product as the same car without these features? Explain.

Accepted Answer

Since a product is everything one receiv

Question 7

Sheet steel to be used in making automobile fenders is an example of

Accepted Answer

A)  raw materials. 
B)  supplies. 
C)  component parts. 
D)  accessory equipment. 
E)  process materials. 
A)  raw materials. 
B)  supplies. 
C)  component parts. 
D)  accessory equipment. 
E)  process materials.

Question 8

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

Accepted Answer

A)  idea generation. 
B)  business analysis. 
C)  product development. 
D)  screening. 
E)  concept testing. 
A)  idea generation. 
B)  business analysis. 
C)  product development. 
D)  screening. 
E)  concept testing.

Question 9

Which of the following is considered a generic term?

Accepted Answer

A)  Kleenex 
B)  Q-tips 
C)  Saran Wrap 
D)  Thermos 
E)  Jell-O 
A)  Kleenex 
B)  Q-tips 
C)  Saran Wrap 
D)  Thermos 
E)  Jell-O

Question 10

Manufacturers,wholesalers,and retailers do not use negotiated pricing strategies.

Accepted Answer

A) True 
 B)False

Question 11

If a customer has moderate loyalty toward Heinz ketchup,she likely will

Accepted Answer

A)  buy the product in greater quantities. 
B)  shop around for the best price for that good. 
C)  perceive the product as having the same quality level as competitive brands. 
D)  never buy another brand of ketchup. 
E)  purchase other products that carry the Heinz name. 
A)  buy the product in greater quantities. 
B)  shop around for the best price for that good. 
C)  perceive the product as having the same quality level as competitive brands. 
D)  never buy another brand of ketchup. 
E)  purchase other products that carry the Heinz name.

Question 12

The Arizona Jean Co.brand of jeans,owned by JCPenney,is a(n)____ brand.

Accepted Answer

A)  generic 
B)  private 
C)  national 
D)  individual 
E)  manufacturer 
A)  generic 
B)  private 
C)  national 
D)  individual 
E)  manufacturer

Question 13

The fact that senior citizens are charged a lower price at movie theaters than are younger adults is an example of ____ pricing.

Accepted Answer

A)  price-lining 
B)  promotional 
C)  professional 
D)  differential 
E)  psychological 
A)  price-lining 
B)  promotional 
C)  professional 
D)  differential 
E)  psychological

Question 14

Carlos always chooses Colgate toothpaste at his local drug store.However,when the store occasionally runs out of Colgate,he will purchase Crest or Mentadent.What level of brand loyalty does Carlos have to Colgate?

Accepted Answer

A)  Awareness 
B)  Insistence 
C)  Preference 
D)  Resistance 
E)  Partiality 
A)  Awareness 
B)  Insistence 
C)  Preference 
D)  Resistance 
E)  Partiality

Question 15

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

Accepted Answer

A)  bicycles 
B)  process materials 
C)  chewing gum 
D)  soft drinks 
E)  cranes 
A)  bicycles 
B)  process materials 
C)  chewing gum 
D)  soft drinks 
E)  cranes

Question 16

The strategy of developing a large market share for a new product by setting a very low price is called penetration pricing.

Accepted Answer

A) True 
 B)False

Question 17

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

Accepted Answer

A)  extension. 
B)  introduction. 
C)  growth. 
D)  decline. 
E)  maturity. 
A)  extension. 
B)  introduction. 
C)  growth. 
D)  decline. 
E)  maturity.

Question 18

Price leaders

Accepted Answer

A)  are sold at the highest possible price. 
B)  maximize profits. 
C)  lead to increased revenue or lower costs when prices are increased or decreased. 
D)  are sometimes sold at less than cost in hopes that sales of other products will increase. 
E)  lead the industry in sales. 
A)  are sold at the highest possible price. 
B)  maximize profits. 
C)  lead to increased revenue or lower costs when prices are increased or decreased. 
D)  are sometimes sold at less than cost in hopes that sales of other products will increase. 
E)  lead the industry in sales.

Question 19

Energizer batteries are sold in multipacks to make it more convenient for the consumer,who usually needs more than one battery at a time.Energizer batteries would be classified as a ____ product.

Accepted Answer

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

Question 20

The stage in the evolution of a new product in which a pool of ideas is created is called

Accepted Answer

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

Costs that depend on the number of units produced are called variable costs.

The temporary reduction of prices on a patterned or systematic basis is called

Yen 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.Yen is

Price competition occurs when a seller emphasizes the

The strategy of charging the highest possible price for a product during the introduction stage of its life-cycle is called price skimming.

Would a new car equipped with a bumper jack,jack handle,spare tire,and warranty be the same product as the same car without these features? Explain.

Sheet steel to be used in making automobile fenders is an example of

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

Which of the following is considered a generic term?

Manufacturers,wholesalers,and retailers do not use negotiated pricing strategies.

If a customer has moderate loyalty toward Heinz ketchup,she likely will

The Arizona Jean Co.brand of jeans,owned by JCPenney,is a(n)____ brand.

The fact that senior citizens are charged a lower price at movie theaters than are younger adults is an example of ____ pricing.

Carlos always chooses Colgate toothpaste at his local drug store.However,when the store occasionally runs out of Colgate,he will purchase Crest or Mentadent.What level of brand loyalty does Carlos have to Colgate?

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

The strategy of developing a large market share for a new product by setting a very low price is called penetration pricing.

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

Price leaders

Energizer batteries are sold in multipacks to make it more convenient for the consumer,who usually needs more than one battery at a time.Energizer batteries would be classified as a ____ product.

The stage in the evolution of a new product in which a pool of ideas is created is called

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

Costs that depend on the number of units produced are called variable costs.

The temporary reduction of prices on a patterned or systematic basis is called

Yen 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.Yen is

Price competition occurs when a seller emphasizes the

The strategy of charging the highest possible price for a product during the introduction stage of its life-cycle is called price skimming.

Would a new car equipped with a bumper jack,jack handle,spare tire,and warranty be the same product as the same car without these features? Explain.

Sheet steel to be used in making automobile fenders is an example of

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

Which of the following is considered a generic term?

Manufacturers,wholesalers,and retailers do not use negotiated pricing strategies.

If a customer has moderate loyalty toward Heinz ketchup,she likely will

The Arizona Jean Co.brand of jeans,owned by JCPenney,is a(n)____ brand.

The fact that senior citizens are charged a lower price at movie theaters than are younger adults is an example of ____ pricing.

Carlos always chooses Colgate toothpaste at his local drug store.However,when the store occasionally runs out of Colgate,he will purchase Crest or Mentadent.What level of brand loyalty does Carlos have to Colgate?

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

The strategy of developing a large market share for a new product by setting a very low price is called penetration pricing.

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

Price leaders

Energizer batteries are sold in multipacks to make it more convenient for the consumer,who usually needs more than one battery at a time.Energizer batteries would be classified as a ____ product.

The stage in the evolution of a new product in which a pool of ideas is created is called

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