Question 1

After a product has been in the maturity stage for a few years,marketers must accept that the product will begin to decline.

Accepted Answer

A) True 
 B)False

Question 2

If a company offers several products that are similar in nature,how could the company increase sales while saving the consumer money?

Accepted Answer

A)  Use a bundling strategy 
B)  Incorporate dynamic pricing 
C)  Sell at a reverse auction 
D)  Use a penetration pricing strategy 
E)  Incorporate a price skimming option 
A)  Use a bundling strategy 
B)  Incorporate dynamic pricing 
C)  Sell at a reverse auction 
D)  Use a penetration pricing strategy 
E)  Incorporate a price skimming option

Question 3

Which of the following represents the group of products that are closely related or are sold to the same customer group?

Accepted Answer

A)  Product line 
B)  Specialty product 
C)  Product mix 
D)  Convenience mix 
E)  Production mix 
A)  Product line 
B)  Specialty product 
C)  Product mix 
D)  Convenience mix 
E)  Production mix

Question 4

Why do firms conduct product testing?

Accepted Answer

A)  To determine potential profitability of the product 
B)  To allow for gradual commercialization over time 
C)  To ensure the prototype meets performance requirements 
D)  To determine how well the product fits in with the goals of the organization 
E)  To determine the potential mesh with the firm's objectives 
A)  To determine potential profitability of the product 
B)  To allow for gradual commercialization over time 
C)  To ensure the prototype meets performance requirements 
D)  To determine how well the product fits in with the goals of the organization 
E)  To determine the potential mesh with the firm's objectives

Question 5

Why would a firm want to set its price above competitors' prices?

Accepted Answer

Firms set prices above the market price

Question 6

Which of the following best describes pricing objectives?

Accepted Answer

A)  The need for the company to compete 
B)  An indication of the company's social and ethical concerns 
C)  A reflection of the company's image 
D)  The ability of a firm to generate revenue 
E)  The goals of the seller achieved by pricing products 
A)  The need for the company to compete 
B)  An indication of the company's social and ethical concerns 
C)  A reflection of the company's image 
D)  The ability of a firm to generate revenue 
E)  The goals of the seller achieved by pricing products

Question 7

Which of the following costs refers specifically to those that change with 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 8

Why is speed to market critical to market demand?

Accepted Answer

A)  It reduces overall cost of product development. 
B)  It allows more time for product recalls. 
C)  It allows the company to conduct more concept testing. 
D)  It produces stronger outcomes on the business analysis process. 
E)  It allows the company to become entrenched in the marketplace. 
A)  It reduces overall cost of product development. 
B)  It allows more time for product recalls. 
C)  It allows the company to conduct more concept testing. 
D)  It produces stronger outcomes on the business analysis process. 
E)  It allows the company to become entrenched in the marketplace.

Question 9

Which of the following scenarios would allow a firm to price below prevailing market price and still succeed?

Accepted Answer

A)  The public does not learn that the firm's product is indeed inferior. 
B)  The firm can offer a product of acceptable quality. 
C)  The firm can offer an entirely new product. 
D)  The firm can effectively copy competitors' promotional tactics and marketing strategies. 
E)  The firm can effectively criticize its competitors' products and quality. 
A)  The public does not learn that the firm's product is indeed inferior. 
B)  The firm can offer a product of acceptable quality. 
C)  The firm can offer an entirely new product. 
D)  The firm can effectively copy competitors' promotional tactics and marketing strategies. 
E)  The firm can effectively criticize its competitors' products and quality.

Question 10

Which of the following options BEST describes an example of price lining?

Accepted Answer

A)  Having the price of each individual song on an online music store be determined by length of song 
B)  Having the price of each individual song on an online music store be determined by popularity of the band 
C)  Having the price of each individual song on an online music store be determined by user auction 
D)  Having the price of each individual song on an online music store be determined by reverse auction 
E)  Having the price of each individual song on an online music store be determined by which of several categories the song falls into 
A)  Having the price of each individual song on an online music store be determined by length of song 
B)  Having the price of each individual song on an online music store be determined by popularity of the band 
C)  Having the price of each individual song on an online music store be determined by user auction 
D)  Having the price of each individual song on an online music store be determined by reverse auction 
E)  Having the price of each individual song on an online music store be determined by which of several categories the song falls into

After a product has been in the maturity stage for a few years,marketers must accept that the product will begin to decline.

If a company offers several products that are similar in nature,how could the company increase sales while saving the consumer money?

Which of the following represents the group of products that are closely related or are sold to the same customer group?

Why do firms conduct product testing?

Why would a firm want to set its price above competitors' prices?

Which of the following best describes pricing objectives?

Which of the following costs refers specifically to those that change with the quantity of a product sold or produced?

Why is speed to market critical to market demand?

Which of the following scenarios would allow a firm to price below prevailing market price and still succeed?

Which of the following options BEST describes an example of price lining?

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

After a product has been in the maturity stage for a few years,marketers must accept that the product will begin to decline.

If a company offers several products that are similar in nature,how could the company increase sales while saving the consumer money?

Which of the following represents the group of products that are closely related or are sold to the same customer group?

Why do firms conduct product testing?

Why would a firm want to set its price above competitors' prices?

Which of the following best describes pricing objectives?

Which of the following costs refers specifically to those that change with the quantity of a product sold or produced?

Why is speed to market critical to market demand?

Which of the following scenarios would allow a firm to price below prevailing market price and still succeed?

Which of the following options BEST describes an example of price lining?

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