Question 1

Under what circumstances might a firm use survival pricing objectives? How would a firm implement such a strategy?

Accepted Answer

Survival pricing would be used only when

Question 2

In the decline life-cycle stage of a product, less profitable versions of the product are sold at reduced rates to cut losses.

Accepted Answer

A) True 
 B)False

Question 3

A branding strategy in which a firm uses the same brand for all or most of its products is called ____ branding.

Accepted Answer

A) producer 
B) individual 
C) unity 
D) family 
E) promotion 
A) producer 
B) individual 
C) unity 
D) family 
E) promotion

Question 4

Which business product classification is most appropriate for the wire used inside a stereo system?

Accepted Answer

A) Raw material 
B) Major equipment 
C) Accessory equipment 
D) Component part 
E) Process material 
A) Raw material 
B) Major equipment 
C) Accessory equipment 
D) Component part 
E) Process material

Question 5

The product life-cycle stage in which there is a rapid sales increase, other firms have begun to market competing products, and lower unit costs and an overall tendency toward increased profit prevail is called

Accepted Answer

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

Question 6

Manufacturers, wholesalers, and retailers do not use negotiated pricing strategies.

Accepted Answer

A) True 
 B)False

Question 7

The depth of a product mix is a measure of the average number of individual products within each line.

Accepted Answer

A) True 
 B)False

Question 8

Some pricing objectives include surviving, maximizing profit, obtaining market-share goals, and maintaining status quo.

Accepted Answer

A) True 
 B)False

Question 9

The label on a bag of Fritos is not required to describe the

Accepted Answer

A) number of servings it contains. 
B) number of calories derived from fat. 
C) safety precautions. 
D) number of calories per serving. 
E) serving size.Click It, Inc. 
A) number of servings it contains. 
B) number of calories derived from fat. 
C) safety precautions. 
D) number of calories per serving. 
E) serving size.Click It, Inc.

Question 10

What is brand equity? Describe the major factors that make up brand equity.

Accepted Answer

Brand equity is the marketing and financ

Question 11

Your Way, Inc.
Eric buys companies that are small or companies in financial troubl
After looking over the different products available, Eric realized that the company's previous owner was not aware of the product life-cycle because the company kept items that were obviously too old and out-of-dat
-Refer to Your Way, Inc. The sewing machines are considered ____ for Your Way.

Accepted Answer

A) raw materials 
B) accessory equipment 
C) component parts 
D) process material 
E) major equipment 
A) raw materials 
B) accessory equipment 
C) component parts 
D) process material 
E) major equipment

Question 12

Toyota was recently able to endure challenging times that required massive recalls affecting several million of its vehicles. Toyota has relied on its ___ to survive and continue to prosper.

Accepted Answer

A) brand extension 
B) family branding 
C) individual branding 
D) brand equity 
E) brand loyalty 
A) brand extension 
B) family branding 
C) individual branding 
D) brand equity 
E) brand loyalty

Question 13

Product ideas are transformed into prototypes during which stage of the product development process?

Accepted Answer

A) Business analysis 
B) Test marketing 
C) Commercialization 
D) Product development 
E) Concept testing 
A) Business analysis 
B) Test marketing 
C) Commercialization 
D) Product development 
E) Concept testing

Question 14

Mama Mia restaurant purchased two large ovens for its kitchen. These ovens are an example of which type of business product?

Accepted Answer

A) Convenience product 
B) Accessory equipment 
C) Major equipment 
D) Component parts 
E) Process material 
A) Convenience product 
B) Accessory equipment 
C) Major equipment 
D) Component parts 
E) Process material

Question 15

Which of the following is not a phase in the new product development process?

Accepted Answer

A) Business analysis 
B) Test marketing 
C) Development 
D) Screening 
E) Modification 
A) Business analysis 
B) Test marketing 
C) Development 
D) Screening 
E) Modification

Question 16

Demand-based pricing, unlike cost-based pricing, places firms in a better position to

Accepted Answer

A) attain higher profit levels. 
B) estimate demand easily and accurately. 
C) perform breakeven analysis. 
D) calculate price based on intangible benefits. 
E) penetrate the market quickly. 
A) attain higher profit levels. 
B) estimate demand easily and accurately. 
C) perform breakeven analysis. 
D) calculate price based on intangible benefits. 
E) penetrate the market quickly.

Question 17

The sum of the fixed costs and the variable costs of producing a certain number of units is called the

Accepted Answer

A) cost of goods sold. 
B) equilibrium cost. 
C) total cost. 
D) breakeven cost. 
E) total operating expense. 
A) cost of goods sold. 
B) equilibrium cost. 
C) total cost. 
D) breakeven cost. 
E) total operating expense.

Question 18

What are the major phases involved in the new product development process?

Accepted Answer

The phases of new-product deve

Question 19

Everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits, is called a

Accepted Answer

A) package. 
B) contract. 
C) product. 
D) trade. 
E) warranty. 
A) package. 
B) contract. 
C) product. 
D) trade. 
E) warranty.

Question 20

Describe non-price competition. When might it be used?

Accepted Answer

Non-price competition is competition bas

Under what circumstances might a firm use survival pricing objectives? How would a firm implement such a strategy?

In the decline life-cycle stage of a product, less profitable versions of the product are sold at reduced rates to cut losses.

A branding strategy in which a firm uses the same brand for all or most of its products is called ____ branding.

Which business product classification is most appropriate for the wire used inside a stereo system?

The product life-cycle stage in which there is a rapid sales increase, other firms have begun to market competing products, and lower unit costs and an overall tendency toward increased profit prevail is called

Manufacturers, wholesalers, and retailers do not use negotiated pricing strategies.

The depth of a product mix is a measure of the average number of individual products within each line.

Some pricing objectives include surviving, maximizing profit, obtaining market-share goals, and maintaining status quo.

The label on a bag of Fritos is not required to describe the

What is brand equity? Describe the major factors that make up brand equity.

Toyota was recently able to endure challenging times that required massive recalls affecting several million of its vehicles. Toyota has relied on its ___ to survive and continue to prosper.

Product ideas are transformed into prototypes during which stage of the product development process?

Mama Mia restaurant purchased two large ovens for its kitchen. These ovens are an example of which type of business product?

Which of the following is not a phase in the new product development process?

Demand-based pricing, unlike cost-based pricing, places firms in a better position to

The sum of the fixed costs and the variable costs of producing a certain number of units is called the

What are the major phases involved in the new product development process?

Everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits, is called a

Describe non-price competition. When might it be used?

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

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Exam 12: Creating and Pricing Products That Satisfy Customers

Under what circumstances might a firm use survival pricing objectives? How would a firm implement such a strategy?

In the decline life-cycle stage of a product, less profitable versions of the product are sold at reduced rates to cut losses.

A branding strategy in which a firm uses the same brand for all or most of its products is called ____ branding.

Which business product classification is most appropriate for the wire used inside a stereo system?

The product life-cycle stage in which there is a rapid sales increase, other firms have begun to market competing products, and lower unit costs and an overall tendency toward increased profit prevail is called

Manufacturers, wholesalers, and retailers do not use negotiated pricing strategies.

The depth of a product mix is a measure of the average number of individual products within each line.

Some pricing objectives include surviving, maximizing profit, obtaining market-share goals, and maintaining status quo.

The label on a bag of Fritos is not required to describe the

What is brand equity? Describe the major factors that make up brand equity.

Toyota was recently able to endure challenging times that required massive recalls affecting several million of its vehicles. Toyota has relied on its ___ to survive and continue to prosper.

Product ideas are transformed into prototypes during which stage of the product development process?

Mama Mia restaurant purchased two large ovens for its kitchen. These ovens are an example of which type of business product?

Which of the following is not a phase in the new product development process?

Demand-based pricing, unlike cost-based pricing, places firms in a better position to

The sum of the fixed costs and the variable costs of producing a certain number of units is called the

What are the major phases involved in the new product development process?

Everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits, is called a

Describe non-price competition. When might it be used?

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