Question 1

Entirely new products are called

Accepted Answer

A) innovations. 
B) generics. 
C) imitations. 
D) house brands. 
E) adaptations. 
A) innovations. 
B) generics. 
C) imitations. 
D) house brands. 
E) adaptations.

Question 2

New products are often immediate successes.

Accepted Answer

A) True 
 B)False

Question 3

Which of the following types of brands are the least commonly purchased at grocery stores?

Accepted Answer

A) Producer 
B) Store 
C) Generic 
D) Manufacturer 
E) Private 
A) Producer 
B) Store 
C) Generic 
D) Manufacturer 
E) Private

Question 4

Management must set pricing objectives based on the primary objective of making a profit.

Accepted Answer

A) True 
 B)False

Question 5

A consumer product for which buyers will not accept a substitute, for which purchasers do not compare alternatives, and that is purchased infrequently and with extra effort on the buyer's part is a ____ product.

Accepted Answer

A) luxury 
B) business 
C) specialty 
D) shopping 
E) convenience 
A) luxury 
B) business 
C) specialty 
D) shopping 
E) convenience

Question 6

Competition-based pricing is important if competing products are similar and the organization is serving markets in which price is the crucial variable of the marketing strategy.

Accepted Answer

A) True 
 B)False

Question 7

Price competition occurs when a seller makes its product stand out from the competition by distinctive product quality and customer service.

Accepted Answer

A) True 
 B)False

Question 8

Arm & Hammer launches a campaign to extend the life of its baking soda products through improved packaging and new uses in products such as toothpaste and cat litter. These new uses of products and other modifications are generally created during the ____ phase of the product life-cycle.

Accepted Answer

A) growth 
B) introduction 
C) maturity 
D) extension 
E) decline 
A) growth 
B) introduction 
C) maturity 
D) extension 
E) decline

Question 9

Iron ore in a steel plant is an example of

Accepted Answer

A) supplies. 
B) component parts. 
C) raw materials. 
D) process materials. 
E) accessory equipment. 
A) supplies. 
B) component parts. 
C) raw materials. 
D) process materials. 
E) accessory equipment.

Question 10

The same price will be charged no matter what pricing objective is used.

Accepted Answer

A) True 
 B)False

Question 11

The strategy of setting a low price for a new product to gain a large market share for the product quickly is called

Accepted Answer

A) penetration pricing. 
B) price skimming. 
C) sample pricing. 
D) introductory pricing. 
E) odd pricing. 
A) penetration pricing. 
B) price skimming. 
C) sample pricing. 
D) introductory pricing. 
E) odd pricing.

Question 12

Even if a grocery item is a generic product, a consumer can tell who produced it by examining the package carefully.

Accepted Answer

A) True 
 B)False

Question 13

A good or service intended primarily for use in producing other goods or services is a ____ product.

Accepted Answer

A) production 
B) business 
C) specialty 
D) component 
E) supply 
A) production 
B) business 
C) specialty 
D) component 
E) supply

Question 14

Walgreens advertises the fact that Bayer aspirin may cost more but works no better than Walgreens' own brand of aspirin. In this example, Walgreens is competing on the basis of

Accepted Answer

A) selection. 
B) packaging. 
C) service. 
D) price. 
E) market share. 
A) selection. 
B) packaging. 
C) service. 
D) price. 
E) market share.

Question 15

Because markup pricing is difficult to use, few retailers and wholesalers use it.

Accepted Answer

A) True 
 B)False

Question 16

Timothy is experimenting with boosting the sales of the goods in his store by using odd-even pricing, multiple-unit pricing, and reference pricing. These are all examples of ___ pricing strategies.​

Accepted Answer

A) ​psychological 
B) ​status 
C) ​luxury 
D) ​exemplary 
A) ​psychological 
B) ​status 
C) ​luxury 
D) ​exemplary

Question 17

Three types of product-line pricing are price leaders, special-event pricing, and comparison discounting.

Accepted Answer

A) True 
 B)False

Question 18

Hallmark cards develops a new line of cards that have a total cost of $200,000 and a price of $3 each. If it sells 20,000 cards the first month, what is its total revenue?

Accepted Answer

A) $60,000 
B) $600,000 
C) $400,000 
D) $140,000 
E) −$140,000 
A) $60,000 
B) $600,000 
C) $400,000 
D) $140,000 
E) −$140,000

Question 19

A good or service that is intended primarily for personal or household use is called a(n) ____ product.

Accepted Answer

A) convenience 
B) business 
C) specialty 
D) consumer 
E) organizational 
A) convenience 
B) business 
C) specialty 
D) consumer 
E) organizational

Question 20

Aspirin, yo-yo, and escalator were all brand names at one time.

Accepted Answer

A) True 
 B)False

Entirely new products are called

New products are often immediate successes.

Which of the following types of brands are the least commonly purchased at grocery stores?

Management must set pricing objectives based on the primary objective of making a profit.

A consumer product for which buyers will not accept a substitute, for which purchasers do not compare alternatives, and that is purchased infrequently and with extra effort on the buyer's part is a ____ product.

Competition-based pricing is important if competing products are similar and the organization is serving markets in which price is the crucial variable of the marketing strategy.

Price competition occurs when a seller makes its product stand out from the competition by distinctive product quality and customer service.

Arm & Hammer launches a campaign to extend the life of its baking soda products through improved packaging and new uses in products such as toothpaste and cat litter. These new uses of products and other modifications are generally created during the ____ phase of the product life-cycle.

Iron ore in a steel plant is an example of

The same price will be charged no matter what pricing objective is used.

The strategy of setting a low price for a new product to gain a large market share for the product quickly is called

Even if a grocery item is a generic product, a consumer can tell who produced it by examining the package carefully.

A good or service intended primarily for use in producing other goods or services is a ____ product.

Walgreens advertises the fact that Bayer aspirin may cost more but works no better than Walgreens' own brand of aspirin. In this example, Walgreens is competing on the basis of

Because markup pricing is difficult to use, few retailers and wholesalers use it.

Timothy is experimenting with boosting the sales of the goods in his store by using odd-even pricing, multiple-unit pricing, and reference pricing. These are all examples of ___ pricing strategies.

Three types of product-line pricing are price leaders, special-event pricing, and comparison discounting.

Hallmark cards develops a new line of cards that have a total cost of $200,000 and a price of $3 each. If it sells 20,000 cards the first month, what is its total revenue?

A good or service that is intended primarily for personal or household use is called a(n) ____ product.

Aspirin, yo-yo, and escalator were all brand names at one time.

Exploring the World of Business and Economics

Being Ethical and Socially Responsible

Exploring Global Business

Choosing a Form of Business Ownership

Small Business, Entrepreneurship, and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees and Teams

Building Customer Relationships Through Effective Marketing

Distributing and Promoting Products

Understanding Social Media and E-Business

Using Management Information Systems and Accounting Information

Mastering Financial Management

Filters

Exam 12: Creating and Pricing Products That Satisfy Customers

Entirely new products are called

New products are often immediate successes.

Which of the following types of brands are the least commonly purchased at grocery stores?

Management must set pricing objectives based on the primary objective of making a profit.

A consumer product for which buyers will not accept a substitute, for which purchasers do not compare alternatives, and that is purchased infrequently and with extra effort on the buyer's part is a ____ product.

Competition-based pricing is important if competing products are similar and the organization is serving markets in which price is the crucial variable of the marketing strategy.

Price competition occurs when a seller makes its product stand out from the competition by distinctive product quality and customer service.

Arm & Hammer launches a campaign to extend the life of its baking soda products through improved packaging and new uses in products such as toothpaste and cat litter. These new uses of products and other modifications are generally created during the ____ phase of the product life-cycle.

Iron ore in a steel plant is an example of

The same price will be charged no matter what pricing objective is used.

The strategy of setting a low price for a new product to gain a large market share for the product quickly is called

Even if a grocery item is a generic product, a consumer can tell who produced it by examining the package carefully.

A good or service intended primarily for use in producing other goods or services is a ____ product.

Walgreens advertises the fact that Bayer aspirin may cost more but works no better than Walgreens' own brand of aspirin. In this example, Walgreens is competing on the basis of

Because markup pricing is difficult to use, few retailers and wholesalers use it.

Timothy is experimenting with boosting the sales of the goods in his store by using odd-even pricing, multiple-unit pricing, and reference pricing. These are all examples of ___ pricing strategies.​

Three types of product-line pricing are price leaders, special-event pricing, and comparison discounting.

Hallmark cards develops a new line of cards that have a total cost of $200,000 and a price of $3 each. If it sells 20,000 cards the first month, what is its total revenue?

A good or service that is intended primarily for personal or household use is called a(n) ____ product.

Aspirin, yo-yo, and escalator were all brand names at one time.

Exploring the World of Business and Economics

Being Ethical and Socially Responsible

Exploring Global Business

Choosing a Form of Business Ownership

Small Business, Entrepreneurship, and Franchises

Understanding the Management Process

Creating a Flexible Organization

Producing Quality Goods and Services

Attracting and Retaining the Best Employees

Motivating and Satisfying Employees and Teams

Building Customer Relationships Through Effective Marketing

Distributing and Promoting Products

Understanding Social Media and E-Business

Using Management Information Systems and Accounting Information

Mastering Financial Management

Filters

Timothy is experimenting with boosting the sales of the goods in his store by using odd-even pricing, multiple-unit pricing, and reference pricing. These are all examples of ___ pricing strategies.