Exam 14: Developing and Pricing Goods and Services

Which of the following refers to how quickly or easily a given brand name comes to mind when a product category is mentioned?

Gabe intends to visit a variety of retailers of sound equipment comparing features,quality,and prices of different brands at each store.This behavior indicates that for Gabe a sound system is a shopping good.

As a manager at Excitement Foods,Mark is responsible for the firm's Kool'nKreamy brand of ice cream.Recently,he approved a proposal to test market new ice cream flavors.He is also considering the possibility of lowering the price of the ice cream and initiating a new advertising campaign.Mark appears to be a:

Brand names help sellers with new-product introductions and create an opportunity for higher prices.

Travelwell manufactures and sells luggage and briefcases.Their marketing research indicates that durability is the attribute that consumers most desire in their luggage and briefcases.Travelwell now emphasizes durability in all of their promotional efforts.This strategy is intended to build brand equity.

Operating in the southwestern states,Lancer Airlines hopes to avoid entering the price war that currently is taking place between several airlines on the east coast.The best strategy to avoid severe price competition is to:

Unsought goods and services are products consumers do not actively seek out for purchase on a regular basis.

The degree to which customers are satisfied and are committed to future purchases of a desired brand is called:

Brand managers have direct responsibility for all the elements of the marketing mix for a particular brand or product line.

Store surroundings are an important part of the total product value package.

A high-low pricing strategy may condition consumers to avoid paying the regular prices by waiting for sale prices.

Brand __________ refers to the loyalty,perceived quality,and emotions people associate with a given brand name.

Brand names can significantly impact consumer perceptions of a product.

Kathy works as a manager at Fantastic Fabricators.The innovative staff at the company is regularly encouraged to suggest ideas for new products.Since Cathy works in product screening,she:

In order to achieve a social objective,firms use low prices to enable people with low incomes to buy their product.

Computers,copiers,and fax machines used by businesses would be classified as:

A long-run pricing objective of almost all firms is to optimize profit.

In the long run,the price of a product is determined by the cost of production and the length of the firm's supply chain.

When a brand becomes commonplace and identified with a category of goods rather than the unique product of a specific manufacturer,the brand may become a:

Thigpen Equipment Company sells used heavy construction equipment such as bulldozers and cranes.Thigpen's products represent examples of an accessory equipment industrial good.