Question 1

A product line comprises all products from a single manufacturer.

Accepted Answer

A) True 
 B)False  False

Question 2

Variable costs are not dependent on the magnitude of production.

Accepted Answer

A) True 
 B)False  False

Question 3

Expense items are inexpensive products that organizations generally use within a year of purchase.

Accepted Answer

A) True 
 B)False  True

Question 4

Five college graduates decide to open a laundry service company.They import six commercial washing machines from Italy to set up a factory.In this case,the commercial washing machines are best referred to as a(n)________.

Accepted Answer

A)  capital item 
B)  shopping product 
C)  expense item 
D)  convenience product 
E)  specialty product 
A)  capital item 
B)  shopping product 
C)  expense item 
D)  convenience product 
E)  specialty product

Question 5

Indoxo Auto Parts is a company that manufactures automobile accessories.The company is considering the manufacture of a special type of helmet that helps reduce hair loss.The company conducts an online survey to know what customers think of this idea.This process of validating ideas through customers is known as ________.

Accepted Answer

A)  business analysis 
B)  beta testing 
C)  test marketing 
D)  concept testing 
E)  prototyping 
A)  business analysis 
B)  beta testing 
C)  test marketing 
D)  concept testing 
E)  prototyping

Question 6

What is a product line?

Accepted Answer

A product line is a group of products fr

Question 7

Products such as cosmetics are often sold together.The price offered for a set of products is usually lower than the overall price of individual units.This practice refers to ________.

Accepted Answer

A)  freemium pricing 
B)  discounting 
C)  bundling 
D)  balanced pricing 
E)  dynamic pricing 
A)  freemium pricing 
B)  discounting 
C)  bundling 
D)  balanced pricing 
E)  dynamic pricing

Question 8

________ are temporary price reductions to stimulate sales or lower prices to encourage certain behaviors such as paying with cash.

Accepted Answer

A)  Promotions 
B)  Discounts 
C)  Auctions 
D)  Brokerages 
E)  Allowances 
A)  Promotions 
B)  Discounts 
C)  Auctions 
D)  Brokerages 
E)  Allowances

Question 9

An organization decides to use crowdsourcing in its new-product development process.Crowdsourcing will be used during the ________ stage of product development.

Accepted Answer

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

Question 10

Crowdsourcing is a technique that companies use to generate new product ideas.

Accepted Answer

A) True 
 B)False

Question 11

A logo is a graphical or textual representation of a brand.

Accepted Answer

A) True 
 B)False

Question 12

When a new product enters the commercialization phase of the product development process,it's guaranteed to succeed,if it has gone through rigorous risk-reduction procedures.

Accepted Answer

A) True 
 B)False

Question 13

People who monitor social media to spot shifts in consumer tastes are called ________.

Accepted Answer

A)  social arbitrators 
B)  trend watchers 
C)  crowd pullers 
D)  social developers 
E)  social programmers 
A)  social arbitrators 
B)  trend watchers 
C)  crowd pullers 
D)  social developers 
E)  social programmers

Question 14

Choose ten different products from ten different industries.Classify each of these products according to its product life cycle stage.

Accepted Answer

Newly launched products with only a smal

Question 15

________ are particular brands that the buyer especially wants and will seek out.

Accepted Answer

A)  Specialty products 
B)  Expense items 
C)  Capital items 
D)  Convenience products 
E)  Shopping products 
A)  Specialty products 
B)  Expense items 
C)  Capital items 
D)  Convenience products 
E)  Shopping products

Question 16

Which of the following refers to a graphical representation of a brand?

Accepted Answer

A)  brand equity 
B)  brand name 
C)  trademark 
D)  logo 
E)  prototype 
A)  brand equity 
B)  brand name 
C)  trademark 
D)  logo 
E)  prototype

Question 17

A survey revealed that a product has good brand awareness.This means that ________.

Accepted Answer

A)  buyers will not accept substitutes of the brand 
B)  the brand does not have many substitutes 
C)  people are familiar with the brand 
D)  the brand represents a specialty product 
E)  majority considered the brand as a preferred one 
A)  buyers will not accept substitutes of the brand 
B)  the brand does not have many substitutes 
C)  people are familiar with the brand 
D)  the brand represents a specialty product 
E)  majority considered the brand as a preferred one

Question 18

Brand preference means that people ________.

Accepted Answer

A)  are not willing to accept substitutes for the product 
B)  will purchase the product if it is available 
C)  are willing to wait long for the product 
D)  are not willing to experiment with other brands 
E)  will buy the product only if it is availed in small numbers 
A)  are not willing to accept substitutes for the product 
B)  will purchase the product if it is available 
C)  are willing to wait long for the product 
D)  are not willing to experiment with other brands 
E)  will buy the product only if it is availed in small numbers

Question 19

Which of the following is an example of a variable cost that businesses have to incur?

Accepted Answer

A)  insurance premiums 
B)  real estate taxes 
C)  unit-based incentives 
D)  employee salaries 
E)  mortgage payments 
A)  insurance premiums 
B)  real estate taxes 
C)  unit-based incentives 
D)  employee salaries 
E)  mortgage payments

Question 20

Price elasticity is a measure of the sensitivity of demand to changes in price.

Accepted Answer

A) True 
 B)False

A product line comprises all products from a single manufacturer.

Variable costs are not dependent on the magnitude of production.

Expense items are inexpensive products that organizations generally use within a year of purchase.

Five college graduates decide to open a laundry service company.They import six commercial washing machines from Italy to set up a factory.In this case,the commercial washing machines are best referred to as a(n)________.

What is a product line?

Products such as cosmetics are often sold together.The price offered for a set of products is usually lower than the overall price of individual units.This practice refers to ________.

________ are temporary price reductions to stimulate sales or lower prices to encourage certain behaviors such as paying with cash.

An organization decides to use crowdsourcing in its new-product development process.Crowdsourcing will be used during the ________ stage of product development.

Crowdsourcing is a technique that companies use to generate new product ideas.

A logo is a graphical or textual representation of a brand.

When a new product enters the commercialization phase of the product development process,it's guaranteed to succeed,if it has gone through rigorous risk-reduction procedures.

People who monitor social media to spot shifts in consumer tastes are called ________.

Choose ten different products from ten different industries.Classify each of these products according to its product life cycle stage.

________ are particular brands that the buyer especially wants and will seek out.

Which of the following refers to a graphical representation of a brand?

A survey revealed that a product has good brand awareness.This means that ________.

Brand preference means that people ________.

Which of the following is an example of a variable cost that businesses have to incur?

Price elasticity is a measure of the sensitivity of demand to changes in price.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters

Exam 14: Product and Pricing Strategies

A product line comprises all products from a single manufacturer.

Variable costs are not dependent on the magnitude of production.

Expense items are inexpensive products that organizations generally use within a year of purchase.

Five college graduates decide to open a laundry service company.They import six commercial washing machines from Italy to set up a factory.In this case,the commercial washing machines are best referred to as a(n)________.

What is a product line?

Products such as cosmetics are often sold together.The price offered for a set of products is usually lower than the overall price of individual units.This practice refers to ________.

________ are temporary price reductions to stimulate sales or lower prices to encourage certain behaviors such as paying with cash.

An organization decides to use crowdsourcing in its new-product development process.Crowdsourcing will be used during the ________ stage of product development.

Crowdsourcing is a technique that companies use to generate new product ideas.

A logo is a graphical or textual representation of a brand.

When a new product enters the commercialization phase of the product development process,it's guaranteed to succeed,if it has gone through rigorous risk-reduction procedures.

People who monitor social media to spot shifts in consumer tastes are called ________.

Choose ten different products from ten different industries.Classify each of these products according to its product life cycle stage.

________ are particular brands that the buyer especially wants and will seek out.

Which of the following refers to a graphical representation of a brand?

A survey revealed that a product has good brand awareness.This means that ________.

Brand preference means that people ________.

Which of the following is an example of a variable cost that businesses have to incur?

Price elasticity is a measure of the sensitivity of demand to changes in price.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters