Question 1

Which of the following is a primary advantage for the consumer when using the internet for shopping?

Accepted Answer

A)  Objective customer reviews 
B)  Faster delivery 
C)  Elimination of added costs of wholesalers and retailers 
D)  Efficient use of corporate resources 
E)  Cost-oriented pricing 
A)  Objective customer reviews 
B)  Faster delivery 
C)  Elimination of added costs of wholesalers and retailers 
D)  Efficient use of corporate resources 
E)  Cost-oriented pricing

Question 2

Which of the following BEST describes product features?

Accepted Answer

A)  All attributes and benefits of the product taken together 
B)  Tangible and intangible qualities built into the product 
C)  Intangible benefits that increase customer satisfaction 
D)  Speed and convenience of a buyer interaction 
E)  Benefits that are used directly in the conversion of a process 
A)  All attributes and benefits of the product taken together 
B)  Tangible and intangible qualities built into the product 
C)  Intangible benefits that increase customer satisfaction 
D)  Speed and convenience of a buyer interaction 
E)  Benefits that are used directly in the conversion of a process

Question 3

Which of the following pricing strategies is used by many e-tailers in order to provide flexibility between buyers and sellers in setting a price?

Accepted Answer

A)  Penetration pricing 
B)  Psychological pricing 
C)  Breakeven pricing 
D)  Fixed pricing 
E)  Dynamic pricing 
A)  Penetration pricing 
B)  Psychological pricing 
C)  Breakeven pricing 
D)  Fixed pricing 
E)  Dynamic pricing

Question 4

What is branding? Explain what branding is and give an example of branding.

Accepted Answer

Branding is the process of using names a

Question 5

Which of the following terms refers to the monetary amount added to a product's cost to the seller in order to sell it at a target profit?

Accepted Answer

A)  Profit margin 
B)  Breakeven cost 
C)  Revenue 
D)  Revenue margin 
E)  Markup 
A)  Profit margin 
B)  Breakeven cost 
C)  Revenue 
D)  Revenue margin 
E)  Markup

Question 6

If prices are set too high,the company will make a large profit on each item,but will sell fewer units.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following best describes product placement?

Accepted Answer

A)  Placing products on the shelf where they receive the most attention 
B)  Identifying specific products for viral marketing campaigns 
C)  Placing products in movies and television shows 
D)  Placing a national brand next to a store brand for better comparison 
E)  Determining if a product should be sold only online or only in brick and mortar shops 
A)  Placing products on the shelf where they receive the most attention 
B)  Identifying specific products for viral marketing campaigns 
C)  Placing products in movies and television shows 
D)  Placing a national brand next to a store brand for better comparison 
E)  Determining if a product should be sold only online or only in brick and mortar shops

Question 8

What is selling the rights to place a brand name on products such as t-shirts referred to as?

Accepted Answer

A)  International branding 
B)  National branding 
C)  Private branding 
D)  Regional branding 
E)  Licensed branding 
A)  International branding 
B)  National branding 
C)  Private branding 
D)  Regional branding 
E)  Licensed branding

Question 9

What is frequently the most time-consuming stage of product development?

Accepted Answer

A)  Testing 
B)  Market analysis 
C)  Design 
D)  Speed to market 
E)  Product idea 
A)  Testing 
B)  Market analysis 
C)  Design 
D)  Speed to market 
E)  Product idea

Question 10

Variable costs of a product are those costs that change with the quantity of a product produced and sold.

Accepted Answer

A) True 
 B)False

Question 11

The product life cycle describes the commercial life of services as well as goods.

Accepted Answer

A) True 
 B)False

Question 12

When a consumer knows what they want to buy and is not willing to accept a substitute,what type of consumer product is being sought?

Accepted Answer

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

Question 13

Which of the following strategies is involved with penetration pricing?

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.

Question 14

A doctor's office buys a multifunction printer.This purchase is an example of a capital item.

Accepted Answer

A) True 
 B)False

Question 15

Which of the following costs refers specifically to those that are unaffected by the quantity of a product sold or produced?

Accepted Answer

A)  Annual costs 
B)  Variable costs 
C)  Fixed costs 
D)  Marginal costs 
E)  Market-adjusted costs 
A)  Annual costs 
B)  Variable costs 
C)  Fixed costs 
D)  Marginal costs 
E)  Market-adjusted costs

Question 16

Assuming a company has been gathering ideas for new products,what is the next step in the development process?

Accepted Answer

A)  Test marketing 
B)  Prototype development 
C)  Business analysis 
D)  Concept testing 
E)  Screening 
A)  Test marketing 
B)  Prototype development 
C)  Business analysis 
D)  Concept testing 
E)  Screening

Question 17

On average,how many new product ideas are needed to generate one that reaches the consumer market?

Accepted Answer

A)  25 
B)  50 
C)  75 
D)  100 
E)  500 
A)  25 
B)  50 
C)  75 
D)  100 
E)  500

Question 18

A private brand is a brand name developed by a wholesaler or retailer for their product.

Accepted Answer

A) True 
 B)False

Question 19

Describe a situation in which a company might adopt a pricing objective other than profit maximization.

Accepted Answer

Sometimes a firm may value establishing

Question 20

Price skimming occurs when a company sets an initially low price to establish a new product in the market.

Accepted Answer

A) True 
 B)False

Which of the following is a primary advantage for the consumer when using the internet for shopping?

Which of the following BEST describes product features?

Which of the following pricing strategies is used by many e-tailers in order to provide flexibility between buyers and sellers in setting a price?

What is branding? Explain what branding is and give an example of branding.

Which of the following terms refers to the monetary amount added to a product's cost to the seller in order to sell it at a target profit?

If prices are set too high,the company will make a large profit on each item,but will sell fewer units.

Which of the following best describes product placement?

What is selling the rights to place a brand name on products such as t-shirts referred to as?

What is frequently the most time-consuming stage of product development?

Variable costs of a product are those costs that change with the quantity of a product produced and sold.

The product life cycle describes the commercial life of services as well as goods.

When a consumer knows what they want to buy and is not willing to accept a substitute,what type of consumer product is being sought?

Which of the following strategies is involved with penetration pricing?

A doctor's office buys a multifunction printer.This purchase is an example of a capital item.

Which of the following costs refers specifically to those that are unaffected by the quantity of a product sold or produced?

Assuming a company has been gathering ideas for new products,what is the next step in the development process?

On average,how many new product ideas are needed to generate one that reaches the consumer market?

A private brand is a brand name developed by a wholesaler or retailer for their product.

Describe a situation in which a company might adopt a pricing objective other than profit maximization.

Price skimming occurs when a company sets an initially low price to establish a new product in the market.

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

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Exam 12: Developing and Pricing Products

Which of the following is a primary advantage for the consumer when using the internet for shopping?

Which of the following BEST describes product features?

Which of the following pricing strategies is used by many e-tailers in order to provide flexibility between buyers and sellers in setting a price?

What is branding? Explain what branding is and give an example of branding.

Which of the following terms refers to the monetary amount added to a product's cost to the seller in order to sell it at a target profit?

If prices are set too high,the company will make a large profit on each item,but will sell fewer units.

Which of the following best describes product placement?

What is selling the rights to place a brand name on products such as t-shirts referred to as?

What is frequently the most time-consuming stage of product development?

Variable costs of a product are those costs that change with the quantity of a product produced and sold.

The product life cycle describes the commercial life of services as well as goods.

When a consumer knows what they want to buy and is not willing to accept a substitute,what type of consumer product is being sought?

Which of the following strategies is involved with penetration pricing?

A doctor's office buys a multifunction printer.This purchase is an example of a capital item.

Which of the following costs refers specifically to those that are unaffected by the quantity of a product sold or produced?

Assuming a company has been gathering ideas for new products,what is the next step in the development process?

On average,how many new product ideas are needed to generate one that reaches the consumer market?

A private brand is a brand name developed by a wholesaler or retailer for their product.

Describe a situation in which a company might adopt a pricing objective other than profit maximization.

Price skimming occurs when a company sets an initially low price to establish a new product in the market.

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