Question 1

The first stage of the product life-cycle is the ____ stage.

Accepted Answer

A) inventive 
B) launching 
C) discovery 
D) introduction 
E) growth 
A) inventive 
B) launching 
C) discovery 
D) introduction 
E) growth

Question 2

Philip James asks you to calculate the breakeven point for him. You need which information from him to do so?

Accepted Answer

A) Dollar values for all assets and owners' equity 
B) Fixed costs, operating expenses, and net income 
C) Dollar values for all assets and all liabilities 
D) Unit costs and fixed costs 
E) Variable costs per unit, fixed costs, and unit selling price 
A) Dollar values for all assets and owners' equity 
B) Fixed costs, operating expenses, and net income 
C) Dollar values for all assets and all liabilities 
D) Unit costs and fixed costs 
E) Variable costs per unit, fixed costs, and unit selling price

Question 3

If the manager at Best Buy puts a sign up next to a Pioneer stereo that reads, "Only $199.99! $58.01 less than Circuit City," this is an example of what type of pricing strategy?

Accepted Answer

A) Random discounting 
B) Periodic discounting 
C) Comparison discounting 
D) Penetration discounting 
E) Everyday low prices 
A) Random discounting 
B) Periodic discounting 
C) Comparison discounting 
D) Penetration discounting 
E) Everyday low prices

Question 4

The part of the package that contains the presentation of information on a product is called a

Accepted Answer

A) brand. 
B) trademark. 
C) label. 
D) Universal Product Code. 
E) warranty statement. 
A) brand. 
B) trademark. 
C) label. 
D) Universal Product Code. 
E) warranty statement.

Question 5

A name, term, symbol, design, or any combination of these that identifies a product and distinguishes it from a competitor's product is called packaging.

Accepted Answer

A) True 
 B)False

Question 6

Developing new products is risky, time consuming, and expensive with a high rate of failure. Nevertheless, "failing to introduce new products can be just as hazardous." What is meant by this quote?

Accepted Answer

Answers will vary. If a company and thei

Question 7

Car Tunes, a national car stereo retailer, markets stereos and speakers. The company will soon sell car alarms and cellular phones to ____ its product mix.

Accepted Answer

A) modify 
B) broaden 
C) narrow 
D) customize 
E) adapt 
A) modify 
B) broaden 
C) narrow 
D) customize 
E) adapt

Question 8

If Tiger Mart advertises a 2-liter bottle of Pepsi for 89 cents to generate store traffic that will increase the purchasing of other items at regular prices, the grocer is using

Accepted Answer

A) reference pricing. 
B) a price leader. 
C) special-event pricing. 
D) comparison discounting. 
E) professional pricing. 
A) reference pricing. 
B) a price leader. 
C) special-event pricing. 
D) comparison discounting. 
E) professional pricing.

Question 9

If Macy's department store managers looked at Dillard's department store prices for identical national brands and, based on that information, decided to advertise a sale on those products, they would be exercising which pricing method?

Accepted Answer

A) Competition-based 
B) Demand-based 
C) Cost-based 
D) Premium 
E) Penetration 
A) Competition-based 
B) Demand-based 
C) Cost-based 
D) Premium 
E) Penetration

Question 10

A new product should be left in a test market long enough to

Accepted Answer

A) stimulate normal quarterly sales. 
B) sell every prototype produced. 
C) allow buyers a chance to repurchase the item. 
D) establish brand loyalty. 
E) reveal any major design "bugs." 
A) stimulate normal quarterly sales. 
B) sell every prototype produced. 
C) allow buyers a chance to repurchase the item. 
D) establish brand loyalty. 
E) reveal any major design "bugs."

The first stage of the product life-cycle is the ____ stage.

Philip James asks you to calculate the breakeven point for him. You need which information from him to do so?

If the manager at Best Buy puts a sign up next to a Pioneer stereo that reads, "Only $199.99! $58.01 less than Circuit City," this is an example of what type of pricing strategy?

The part of the package that contains the presentation of information on a product is called a

A name, term, symbol, design, or any combination of these that identifies a product and distinguishes it from a competitor's product is called packaging.

Developing new products is risky, time consuming, and expensive with a high rate of failure. Nevertheless, "failing to introduce new products can be just as hazardous." What is meant by this quote?

Car Tunes, a national car stereo retailer, markets stereos and speakers. The company will soon sell car alarms and cellular phones to ____ its product mix.

If Tiger Mart advertises a 2-liter bottle of Pepsi for 89 cents to generate store traffic that will increase the purchasing of other items at regular prices, the grocer is using

If Macy's department store managers looked at Dillard's department store prices for identical national brands and, based on that information, decided to advertise a sale on those products, they would be exercising which pricing method?

A new product should be left in a test market long enough to

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

The first stage of the product life-cycle is the ____ stage.

Philip James asks you to calculate the breakeven point for him. You need which information from him to do so?

If the manager at Best Buy puts a sign up next to a Pioneer stereo that reads, "Only $199.99! $58.01 less than Circuit City," this is an example of what type of pricing strategy?

The part of the package that contains the presentation of information on a product is called a

A name, term, symbol, design, or any combination of these that identifies a product and distinguishes it from a competitor's product is called packaging.

Developing new products is risky, time consuming, and expensive with a high rate of failure. Nevertheless, "failing to introduce new products can be just as hazardous." What is meant by this quote?

Car Tunes, a national car stereo retailer, markets stereos and speakers. The company will soon sell car alarms and cellular phones to ____ its product mix.

If Tiger Mart advertises a 2-liter bottle of Pepsi for 89 cents to generate store traffic that will increase the purchasing of other items at regular prices, the grocer is using

If Macy's department store managers looked at Dillard's department store prices for identical national brands and, based on that information, decided to advertise a sale on those products, they would be exercising which pricing method?

A new product should be left in a test market long enough to

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