Question 1

The process of product development begins with concept testing.

Accepted Answer

A) True 
 B)False

Question 2

Which of the following pricing strategies has stimulation of sales as a higher priority than maximization of profits?

Accepted Answer

A)  Price fixing 
B)  Penetration pricing 
C)  Price skimming 
D)  Price pointing 
E)  Price lining 
A)  Price fixing 
B)  Penetration pricing 
C)  Price skimming 
D)  Price pointing 
E)  Price lining

Question 3

In which of the following ways is product development different for services than for physical goods?

Accepted Answer

A)  Instead of gathering product ideas, the company goes immediately to the testing phase. 
B)  Instead of screening ideas, the company tests all of them, since no prototype is needed. 
C)  Instead of creating a prototype, the company develops a service process design. 
D)  The business analysis step is not needed, since there are no production costs with services. 
E)  The commercialization step is gradual for services, but rapid for physical goods. 
A)  Instead of gathering product ideas, the company goes immediately to the testing phase. 
B)  Instead of screening ideas, the company tests all of them, since no prototype is needed. 
C)  Instead of creating a prototype, the company develops a service process design. 
D)  The business analysis step is not needed, since there are no production costs with services. 
E)  The commercialization step is gradual for services, but rapid for physical goods.

Question 4

A value package consists of an in-store advertisement that makes the product attractive and identifies features and benefits.

Accepted Answer

A) True 
 B)False

Question 5

After a new product is developed,about 9 out of 10 fail for what reason?

Accepted Answer

A)  Cost 
B)  Minimal marketing efforts 
C)  Lack of significant difference 
D)  The product is too regional 
E)  Failure in FDA testing 
A)  Cost 
B)  Minimal marketing efforts 
C)  Lack of significant difference 
D)  The product is too regional 
E)  Failure in FDA testing

Question 6

With product adaptation,the product is modified for greater appeal in different countries.

Accepted Answer

A) True 
 B)False

Question 7

Which of the following indicates a firm sold the rights to put their name on a product not produced by them?

Accepted Answer

A)  Asset brands 
B)  National brands 
C)  Licensed brands 
D)  Private brands 
E)  Private labels 
A)  Asset brands 
B)  National brands 
C)  Licensed brands 
D)  Private brands 
E)  Private labels

Question 8

In additional to social networking and viral marketing,how do firms successfully increase brand awareness?

Accepted Answer

A)  Reintroduction 
B)  Globalization 
C)  Rebranding 
D)  Product placement 
E)  Product extensions 
A)  Reintroduction 
B)  Globalization 
C)  Rebranding 
D)  Product placement 
E)  Product extensions

Question 9

What is the next step in the product development process when test marketing is positive for a product?

Accepted Answer

A)  Prototype development 
B)  Business analysis 
C)  Concept testing 
D)  Commercialization 
E)  Product diversification 
A)  Prototype development 
B)  Business analysis 
C)  Concept testing 
D)  Commercialization 
E)  Product diversification

Question 10

Sears' Craftsman Tools is an example of a private brand.

Accepted Answer

A) True 
 B)False

Question 11

Describe the three types of brand names and give an example of each.

Accepted Answer

Brand names may be national brands,licen

Question 12

Companies using price lining offer all items in certain categories at a limited number of prices.

Accepted Answer

A) True 
 B)False

Question 13

In addition to cost,how are industrial products divided into product categories?

Accepted Answer

A)  What area of the organization will use them 
B)  Competitive nature of acquiring the item 
C)  Availability 
D)  How they will be used 
E)  How easily the item can be turned into a consumable good 
A)  What area of the organization will use them 
B)  Competitive nature of acquiring the item 
C)  Availability 
D)  How they will be used 
E)  How easily the item can be turned into a consumable good

Question 14

Which of the following includes the tangible and intangible features that characterize a service?

Accepted Answer

A)  Process selection 
B)  Service process design 
C)  Product life cycle 
D)  Benefits 
E)  Service value package 
A)  Process selection 
B)  Service process design 
C)  Product life cycle 
D)  Benefits 
E)  Service value package

Question 15

How can a good or service provider stimulate demand during off-peak seasons?

Accepted Answer

A)  Price lining 
B)  Discounts 
C)  Skimming 
D)  Odd-even pricing 
E)  Bundling 
A)  Price lining 
B)  Discounts 
C)  Skimming 
D)  Odd-even pricing 
E)  Bundling

Question 16

A company that buys products to use in the production or creation of other goods or services is a(n)

Accepted Answer

A)  convenience buyer. 
B)  consumer. 
C)  industrial buyer. 
D)  capital buyer. 
E)  rebrander. 
A)  convenience buyer. 
B)  consumer. 
C)  industrial buyer. 
D)  capital buyer. 
E)  rebrander.

Question 17

Consumers often spend a great deal of time and money doing research to purchase a specific service.These consumer services are referred to as

Accepted Answer

A)  production services. 
B)  specialty services. 
C)  convenience services. 
D)  industrial services. 
E)  shopping services. 
A)  production services. 
B)  specialty services. 
C)  convenience services. 
D)  industrial services. 
E)  shopping services.

Question 18

During the product life cycle,when do sales begin to slow down even though profit levels are high?

Accepted Answer

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

Question 19

Why is new product development expensive?

Accepted Answer

Mortality rates for new ideas are high,s

Question 20

What type of consumer good is more expensive and therefore receives more evaluation of alternatives before the purchase is made?

Accepted Answer

A)  Convenience goods 
B)  Production items 
C)  Shopping goods 
D)  Expense items 
E)  Capital items 
A)  Convenience goods 
B)  Production items 
C)  Shopping goods 
D)  Expense items 
E)  Capital items

The process of product development begins with concept testing.

Which of the following pricing strategies has stimulation of sales as a higher priority than maximization of profits?

In which of the following ways is product development different for services than for physical goods?

A value package consists of an in-store advertisement that makes the product attractive and identifies features and benefits.

After a new product is developed,about 9 out of 10 fail for what reason?

With product adaptation,the product is modified for greater appeal in different countries.

Which of the following indicates a firm sold the rights to put their name on a product not produced by them?

In additional to social networking and viral marketing,how do firms successfully increase brand awareness?

What is the next step in the product development process when test marketing is positive for a product?

Sears' Craftsman Tools is an example of a private brand.

Describe the three types of brand names and give an example of each.

Companies using price lining offer all items in certain categories at a limited number of prices.

In addition to cost,how are industrial products divided into product categories?

Which of the following includes the tangible and intangible features that characterize a service?

How can a good or service provider stimulate demand during off-peak seasons?

A company that buys products to use in the production or creation of other goods or services is a(n)

Consumers often spend a great deal of time and money doing research to purchase a specific service.These consumer services are referred to as

During the product life cycle,when do sales begin to slow down even though profit levels are high?

Why is new product development expensive?

What type of consumer good is more expensive and therefore receives more evaluation of alternatives before the purchase is made?

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

The process of product development begins with concept testing.

Which of the following pricing strategies has stimulation of sales as a higher priority than maximization of profits?

In which of the following ways is product development different for services than for physical goods?

A value package consists of an in-store advertisement that makes the product attractive and identifies features and benefits.

After a new product is developed,about 9 out of 10 fail for what reason?

With product adaptation,the product is modified for greater appeal in different countries.

Which of the following indicates a firm sold the rights to put their name on a product not produced by them?

In additional to social networking and viral marketing,how do firms successfully increase brand awareness?

What is the next step in the product development process when test marketing is positive for a product?

Sears' Craftsman Tools is an example of a private brand.

Describe the three types of brand names and give an example of each.

Companies using price lining offer all items in certain categories at a limited number of prices.

In addition to cost,how are industrial products divided into product categories?

Which of the following includes the tangible and intangible features that characterize a service?

How can a good or service provider stimulate demand during off-peak seasons?

A company that buys products to use in the production or creation of other goods or services is a(n)

Consumers often spend a great deal of time and money doing research to purchase a specific service.These consumer services are referred to as

During the product life cycle,when do sales begin to slow down even though profit levels are high?

Why is new product development expensive?

What type of consumer good is more expensive and therefore receives more evaluation of alternatives before the purchase is made?

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