Exam 14: Developing and Pricing Goods and Services

"If you create a better mouse trap,the world will beat a path to your door." This statement ignores the need for which step in the new-product development process?

As a promotional strategy,advertising is more important in the marketing of industrial goods than it is in the marketing of consumer goods.

Successful firms maintain consistency in their marketing mix strategies throughout the product life cycle.

Brand managers are responsible for the marketing of a product after it has been developed and a clear promotional message has been identified.

Products that are used in the production of other goods and services are called ________ goods.

The trend away from personal salespeople to self-service in many retail outlets has caused firms to:

The break-even point is that level of sales where total revenues equals total costs.

Which of the following products would normally be classified as a shopping good or service?

Federated Grocery Stores operates a large chain of stores across several mid western states.While Federated doesn't actually produce any canned foods,it markets a line of foods under its own brand name that were actually produced by another company.Federated canned foods represent a:

Cost-based pricing adds a desired profit margin to the cost of producing a product.

American Building Products is the largest cement company in the Midwest.When the firm raised its prices by 8 percent,all of its competitors soon announced they too were raising their prices by 8 percent.It appears this industry is influenced by a ________ strategy.

Rather than having frequent special sales,Walt's Warehouse has a pricing strategy that maintains lower prices than competitors all the time.Walt's pricing strategy is known as everyday low prices (EDLP).

Which of the following is a popular pricing objective?

Brand loyalty refers to the degree to which customers are satisfied with a brand and are committed to further purchases.

Business sponsorship of events,such as the Winston-Salem stock car races or NASCAR's Nextel Cup Series,is intended to increase:

An advertisement for the Xerox Corporation encourages customers to say,"Copy it" rather than "Xerox it".This indicates that Xerox is fearful that its brand name might become a(n):

The Spotlight on Small Business box in Chapter 14 mentions Dream Dinners as a company that has succeeded by finding an unmet need and creating a satisfying total product offer.

The ____________ is a theoretical model that describes the sales and profit performance of a product class over time.

A competition-based pricing strategy called __________ involves one or more dominant firms establishing the pricing practices that all competitors in an industry follow.

Which of the following would be included in evaluating the total product offer of benefits that consumers consider when buying a good or service?