Exam 12: Creating and Pricing Products That Satisfy Customers

If Nordstrom sales associates are there to greet you as soon as you walk through the door, to assist you personally in finding the merchandise you are looking for, and to inform you about the store's events and services, the company is striving to compete on

Screening ideas for feasibility is the first stage of the new product development process.

Generic brands are becoming more popular with today's price-conscious shoppers.

Pricing strategies act as guides for achieving pricing objectives.

A brand that is owned by a producer is called a

A pricing strategy in which a manufacturer pays for the shipping cost of its merchandise to the wholesaler is called ____ pricing.

A trade discount is the price producers set to draw the public's attention to new products.

Give the characteristics of shopping products, specialty products, and convenience products. Illustrate those characteristics with examples of products that fit the categories.

Packages have marketing value but no functional value.

A trademark is legally protected from use by anyone except its owner.

All of the following are stages in the evolution of new products except

The strategy of setting a single price for two or more units is known as

A wrench used to make adjustments to machinery that produces copper wire is classified as

Competition-based pricing is

The Glo-Brite Company is considering development of a new children's toothpaste in fun-shaped dispensers. Before performing any business analysis on the product, Glo-Brite would like an initial response from potential customers to determine interest in a toothpaste of this type. Glo-Brite will begin ____ to gather the information.

Markup pricing is easy to apply, although it is difficult to determine an effective markup percentage.

Odd-number pricing is limited to low-priced items.

Texaco, Exxon, and Ford are examples of a store brand.

One of the major dangers of competition-based pricing is that it often results in price wars.

Fixed costs are costs that depend on the number of units produced.