Question 1

A product may be a good or a service but not an idea.

Accepted Answer

A) True 
 B)False

Question 2

A pricing strategy in which a manufacturer pays for the shipping cost of its merchandise to the wholesaler is called ____ pricing.

Accepted Answer

A)  geographic 
B)  FOB origin 
C)  trade discount 
D)  FOB destination 
E)  postage-stamp 
A)  geographic 
B)  FOB origin 
C)  trade discount 
D)  FOB destination 
E)  postage-stamp

Question 3

Are a product mix and a product line the same thing? Why or why not?

Accepted Answer

No,a product line is a group of similar

Question 4

All of the following are characteristics of the maturity stage of the product life-cycle except

Accepted Answer

A)  a peak in the sales curve. 
B)  a decline in the sales curve. 
C)  simplification of product lines. 
D)  increased distribution. 
E)  increased price competition. 
A)  a peak in the sales curve. 
B)  a decline in the sales curve. 
C)  simplification of product lines. 
D)  increased distribution. 
E)  increased price competition.

Question 5

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

Accepted Answer

A)  producer 
B)  individual 
C)  unity 
D)  family 
E)  promotion 
A)  producer 
B)  individual 
C)  unity 
D)  family 
E)  promotion

Question 6

The sum of the fixed costs and the variable costs of producing a certain number of units is called the

Accepted Answer

A)  cost of goods sold. 
B)  equilibrium cost. 
C)  total cost. 
D)  breakeven cost. 
E)  total operating expense. 
A)  cost of goods sold. 
B)  equilibrium cost. 
C)  total cost. 
D)  breakeven cost. 
E)  total operating expense.

Question 7

Identify and discuss three types of pricing associated with business products.

Accepted Answer

Geographic pricing strategies deal with

Question 8

In which order do the stages of the product life-cycle occur?

Accepted Answer

A)  Growth,introduction,maturity,decline 
B)  Introduction,maturity,slowdown,decline 
C)  Innovation,distribution,maturity,decline 
D)  Introduction,growth,maturity,decline 
E)  Introduction,growth,slowdown,decline 
A)  Growth,introduction,maturity,decline 
B)  Introduction,maturity,slowdown,decline 
C)  Innovation,distribution,maturity,decline 
D)  Introduction,growth,maturity,decline 
E)  Introduction,growth,slowdown,decline

Question 9

Odd-number pricing is limited to low-priced items.

Accepted Answer

A) True 
 B)False

Question 10

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

Accepted Answer

A)  selling 
B)  operating 
C)  fixed 
D)  overhead 
E)  variable 
A)  selling 
B)  operating 
C)  fixed 
D)  overhead 
E)  variable

Question 11

When Duracell came out with a new battery that significantly outlasted the company's earlier product,the battery had undergone a(n)____ modification.

Accepted Answer

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

Question 12

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.

Accepted Answer

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

Question 13

Paper,pencils,oils,and ____ are examples of supplies.

Accepted Answer

A)  stamping machines 
B)  cleaning agents 
C)  cranes 
D)  calculators 
E)  lathes 
A)  stamping machines 
B)  cleaning agents 
C)  cranes 
D)  calculators 
E)  lathes

Question 14

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

Accepted Answer

A)  Introduction 
B)  Decline 
C)  Maturity 
D)  Growth 
E)  Evaluation 
A)  Introduction 
B)  Decline 
C)  Maturity 
D)  Growth 
E)  Evaluation

Question 15

Is McDonald's "golden arches" symbol a brand name or a brand mark? Define each term,and state how they differ.

Accepted Answer

McDonald's golden arches are a brand mar

Question 16

Competition-based pricing is

Accepted Answer

A)  used when costs and revenues are considered secondary to competitors' prices. 
B)  not useful as a method of increasing or maintaining market share. 
C)  of little use if the competing products are homogeneous. 
D)  not able to increase sales. 
E)  most often used when competing products are homogeneous. 
A)  used when costs and revenues are considered secondary to competitors' prices. 
B)  not useful as a method of increasing or maintaining market share. 
C)  of little use if the competing products are homogeneous. 
D)  not able to increase sales. 
E)  most often used when competing products are homogeneous.

Question 17

Melany is starting to notice some wrinkles around her eyes and mouth.She has decided to purchase some age-defying wrinkle cream but is unfamiliar with available brands.At the store,she picks out a brand because she remembers a clever advertisement about it on television.What level of brand loyalty does this describe?

Accepted Answer

A)  Preference 
B)  Ignorance 
C)  Insistence 
D)  Acceptance 
E)  Recognition 
A)  Preference 
B)  Ignorance 
C)  Insistence 
D)  Acceptance 
E)  Recognition

Question 18

The part of a brand that can be spoken⎯letters,words,numbers,and/or pronounceable symbols⎯is called a

Accepted Answer

A)  trademark. 
B)  brand mark. 
C)  brand name. 
D)  brand. 
E)  generic mark. 
A)  trademark. 
B)  brand mark. 
C)  brand name. 
D)  brand. 
E)  generic mark.

Question 19

Which of the following best describes a typical scenario companies use in the commercialization phase?

Accepted Answer

A)  The product is first introduced in selected geographical areas and then expanded in phases. 
B)  The product generally becomes available at all intended locations simultaneously throughout the United States. 
C)  Companies implement their initial plan and very infrequently make any adjustments to this plan. 
D)  Companies prepare the budget for commercialization after the product has been fully introduced. 
E)  The product is very slowly introduced across the nation throughout a time frame spanning approximately five years. 
A)  The product is first introduced in selected geographical areas and then expanded in phases. 
B)  The product generally becomes available at all intended locations simultaneously throughout the United States. 
C)  Companies implement their initial plan and very infrequently make any adjustments to this plan. 
D)  Companies prepare the budget for commercialization after the product has been fully introduced. 
E)  The product is very slowly introduced across the nation throughout a time frame spanning approximately five years.

Question 20

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

Accepted Answer

A)  Screening 
B)  Test marketing 
C)  Idea generation 
D)  Commercialization 
E)  Product development 
A)  Screening 
B)  Test marketing 
C)  Idea generation 
D)  Commercialization 
E)  Product development

A product may be a good or a service but not an idea.

A pricing strategy in which a manufacturer pays for the shipping cost of its merchandise to the wholesaler is called ____ pricing.

Are a product mix and a product line the same thing? Why or why not?

All of the following are characteristics of the maturity stage of the product life-cycle except

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

The sum of the fixed costs and the variable costs of producing a certain number of units is called the

Identify and discuss three types of pricing associated with business products.

In which order do the stages of the product life-cycle occur?

Odd-number pricing is limited to low-priced items.

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

When Duracell came out with a new battery that significantly outlasted the company's earlier product,the battery had undergone a(n)____ modification.

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.

Paper,pencils,oils,and ____ are examples of supplies.

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

Is McDonald's "golden arches" symbol a brand name or a brand mark? Define each term,and state how they differ.

Competition-based pricing is

The part of a brand that can be spoken⎯letters,words,numbers,and/or pronounceable symbols⎯is called a

Which of the following best describes a typical scenario companies use in the commercialization phase?

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

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

A product may be a good or a service but not an idea.

A pricing strategy in which a manufacturer pays for the shipping cost of its merchandise to the wholesaler is called ____ pricing.

Are a product mix and a product line the same thing? Why or why not?

All of the following are characteristics of the maturity stage of the product life-cycle except

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

The sum of the fixed costs and the variable costs of producing a certain number of units is called the

Identify and discuss three types of pricing associated with business products.

In which order do the stages of the product life-cycle occur?

Odd-number pricing is limited to low-priced items.

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

When Duracell came out with a new battery that significantly outlasted the company's earlier product,the battery had undergone a(n)____ modification.

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.

Paper,pencils,oils,and ____ are examples of supplies.

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

Is McDonald's "golden arches" symbol a brand name or a brand mark? Define each term,and state how they differ.

Competition-based pricing is

The part of a brand that can be spoken⎯letters,words,numbers,and/or pronounceable symbols⎯is called a

Which of the following best describes a typical scenario companies use in the commercialization phase?

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

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