Question 1

Which of the following best describes a private label brand?

Accepted Answer

A)  A retailer uses packaging as a form of advertising. 
B)  A retailer develops a brand name and has a manufacturer put it on a product. 
C)  A manufacturer puts its name on an unrelated product for a fee. 
D)  A brand name is used throughout a series of products made by the same manufacturer. 
E)  A brand is reintroduced in a new, often global, market. 
A)  A retailer uses packaging as a form of advertising. 
B)  A retailer develops a brand name and has a manufacturer put it on a product. 
C)  A manufacturer puts its name on an unrelated product for a fee. 
D)  A brand name is used throughout a series of products made by the same manufacturer. 
E)  A brand is reintroduced in a new, often global, market. B

Question 2

Products priced above the market play on the common assumption that a higher price means higher quality.

Accepted Answer

A) True 
 B)False  True

Question 3

Odd-even pricing falls under the category of which of the following?

Accepted Answer

A)  Price fixing 
B)  Psychological pricing 
C)  Market pricing 
D)  Price lining 
E)  Price skimming 
A)  Price fixing 
B)  Psychological pricing 
C)  Market pricing 
D)  Price lining 
E)  Price skimming B

Question 4

Why is speed to market so important?

Accepted Answer

According to the textbook,one study repo

Question 5

Packaging can serve as an in-store advertisement that makes the product attractive,displays the brand name,and identifies features and benefits.

Accepted Answer

A) True 
 B)False

Question 6

Which of the following activities describes the development stage of commercialization?

Accepted Answer

A)  Building a prototype 
B)  Testing the product to see if it meets performance requirements 
C)  Selling the product on a trial basis in limited areas 
D)  Beginning full-scale production and marketing 
E)  Testing consumer reaction to the product in limited areas 
A)  Building a prototype 
B)  Testing the product to see if it meets performance requirements 
C)  Selling the product on a trial basis in limited areas 
D)  Beginning full-scale production and marketing 
E)  Testing consumer reaction to the product in limited areas

Question 7

A product's features may be intangible.

Accepted Answer

A) True 
 B)False

Question 8

Which of the following pricing strategies BEST describes price lining?

Accepted Answer

A)  Setting an initial low price to establish a new product in the market 
B)  Setting an initial high price to cover new product costs and generate a profit 
C)  Setting individually negotiated prices for certain categories of products 
D)  Setting a limited number of prices for certain categories of products 
E)  Setting individually negotiated prices for all categories of products 
A)  Setting an initial low price to establish a new product in the market 
B)  Setting an initial high price to cover new product costs and generate a profit 
C)  Setting individually negotiated prices for certain categories of products 
D)  Setting a limited number of prices for certain categories of products 
E)  Setting individually negotiated prices for all categories of products

Question 9

What is cost-oriented pricing?

Accepted Answer

Cost-oriented pricing considers the firm

Question 10

One advantage to marketers of selling online is that it is easier for sellers to hide prices and enjoy a large markup.

Accepted Answer

A) True 
 B)False

Question 11

What is one of the key benefits to successful branding?

Accepted Answer

A)  Brand extension 
B)  Brand loyalty 
C)  Preferred product placement 
D)  Ease of licensing 
E)  Ease in adaptation 
A)  Brand extension 
B)  Brand loyalty 
C)  Preferred product placement 
D)  Ease of licensing 
E)  Ease in adaptation

Question 12

Product X is just beginning to generate a profit for the first time as the manufacturer lowers prices slightly and sees a significant increase in sales.At what stage in the product life cycle is Product X,and how is this stage identified?

Accepted Answer

Product X is entering the grow

Question 13

Describe three ways to extend a product's life as it nears the end of the maturity stage.

Accepted Answer

With product extension,the marketer offe

Question 14

What is the amount added by a retailer to an item's purchase cost needed to make a profit?

Accepted Answer

A)  Gross 
B)  Variable cost 
C)  Breakeven 
D)  Markup 
E)  Fixed cost 
A)  Gross 
B)  Variable cost 
C)  Breakeven 
D)  Markup 
E)  Fixed cost

Question 15

What is the grouping of products available for sale by a company called?

Accepted Answer

A)  Product line 
B)  Capital mix 
C)  Goods and services 
D)  Specialty goods 
E)  Product mix 
A)  Product line 
B)  Capital mix 
C)  Goods and services 
D)  Specialty goods 
E)  Product mix

Question 16

During what step of the product development stage does the firm consider how well a product or idea supports the firm's objectives?

Accepted Answer

A)  Screening 
B)  Concept testing 
C)  Prototype development 
D)  Benefits analysis 
E)  Product idea 
A)  Screening 
B)  Concept testing 
C)  Prototype development 
D)  Benefits analysis 
E)  Product idea

Question 17

What are products that are consumed rapidly and regularly classified as?

Accepted Answer

A)  Industrial goods 
B)  Shopping goods 
C)  Specialty goods 
D)  Convenience goods 
E)  Production goods 
A)  Industrial goods 
B)  Shopping goods 
C)  Specialty goods 
D)  Convenience goods 
E)  Production goods

Question 18

How do expense items differ from capital items?

Accepted Answer

Expense items are goods or services that

Question 19

The breakeven point is the price at which a company earns the maximum profits.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following strategies is involved with price skimming?

Accepted Answer

A)  Setting an initial low price to establish a new product in the market 
B)  Setting an initial low price to cover new product costs and still generate a profit 
C)  Setting a limited number of prices for certain categories or products 
D)  Setting an initial high price to establish a new product in the market 
E)  Setting an initial high price to cover new product costs and still generate a profit 
A)  Setting an initial low price to establish a new product in the market 
B)  Setting an initial low price to cover new product costs and still generate a profit 
C)  Setting a limited number of prices for certain categories or products 
D)  Setting an initial high price to establish a new product in the market 
E)  Setting an initial high price to cover new product costs and still generate a profit

Which of the following best describes a private label brand?

Products priced above the market play on the common assumption that a higher price means higher quality.

Odd-even pricing falls under the category of which of the following?

Why is speed to market so important?

Packaging can serve as an in-store advertisement that makes the product attractive,displays the brand name,and identifies features and benefits.

Which of the following activities describes the development stage of commercialization?

A product's features may be intangible.

Which of the following pricing strategies BEST describes price lining?

What is cost-oriented pricing?

One advantage to marketers of selling online is that it is easier for sellers to hide prices and enjoy a large markup.

What is one of the key benefits to successful branding?

Product X is just beginning to generate a profit for the first time as the manufacturer lowers prices slightly and sees a significant increase in sales.At what stage in the product life cycle is Product X,and how is this stage identified?

Describe three ways to extend a product's life as it nears the end of the maturity stage.

What is the amount added by a retailer to an item's purchase cost needed to make a profit?

What is the grouping of products available for sale by a company called?

During what step of the product development stage does the firm consider how well a product or idea supports the firm's objectives?

What are products that are consumed rapidly and regularly classified as?

How do expense items differ from capital items?

The breakeven point is the price at which a company earns the maximum profits.

Which of the following strategies is involved with price skimming?

The US Business Environment

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Distributing and Promoting Products

Information Technology Itfor Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters

Exam 12: Developing and Pricing Products

Which of the following best describes a private label brand?

Products priced above the market play on the common assumption that a higher price means higher quality.

Odd-even pricing falls under the category of which of the following?

Why is speed to market so important?

Packaging can serve as an in-store advertisement that makes the product attractive,displays the brand name,and identifies features and benefits.

Which of the following activities describes the development stage of commercialization?

A product's features may be intangible.

Which of the following pricing strategies BEST describes price lining?

What is cost-oriented pricing?

One advantage to marketers of selling online is that it is easier for sellers to hide prices and enjoy a large markup.

What is one of the key benefits to successful branding?

Product X is just beginning to generate a profit for the first time as the manufacturer lowers prices slightly and sees a significant increase in sales.At what stage in the product life cycle is Product X,and how is this stage identified?

Describe three ways to extend a product's life as it nears the end of the maturity stage.

What is the amount added by a retailer to an item's purchase cost needed to make a profit?

What is the grouping of products available for sale by a company called?

During what step of the product development stage does the firm consider how well a product or idea supports the firm's objectives?

What are products that are consumed rapidly and regularly classified as?

How do expense items differ from capital items?

The breakeven point is the price at which a company earns the maximum profits.

Which of the following strategies is involved with price skimming?

The US Business Environment

Understanding Business Ethics and Social Responsibility

Entrepreneurship, New Ventures, and Business Ownership

Understanding the Global Context of Business

Managing the Business

Organizing the Business

Operations Management and Quality

Employee Behavior and Motivation

Leadership and Decision Making

Human Resource Management and Labor Relations

Marketing Processes and Consumer Behavior

Distributing and Promoting Products

Information Technology Itfor Business

The Role of Accountants and Accounting Information

Understanding Money and the Role of Banking

Managing Business Finances

Filters