Exam 12: Creating and Pricing Products That Satisfy Customers

Hillary has a new product idea that aligns well with her company's current organizational resources. She puts together a presentation for potential buyers and requests feedback on their reactions and suggestions. Hillary is

Consumer products can be divided into the following three categories:

Brand names such as Tide, Surf, Biz, and Wisk are effective names because they

In some cases, prices are assigned to goods on the basis of nothing more than customs and traditions.

Consumers would most likely treat candy bars as ____ products.

A company's product mix usually must be changed to stay competitive.

In spite of the rigorous process for developing product ideas, the majority of new products

The marketing challenge of making potential customers aware of the product's existence and its features, benefits, and uses is prevalent in which of the product life-cycle stages?

The strategy of setting prices at uneven amounts that are slightly below an even or whole number of dollars is called

The temporary reduction of prices on a patterned or systematic basis is called

When Duracell came out with a new battery that significantly outlasted the company's earlier product, the battery had undergone a(n) ____ modification.

When a company changes one or more of a product's characteristics to manage its product mix, it is engaging in ____ modification.

Price serves the function of ____ for goods, services, and financial resources.

Martin always chooses Colgate toothpaste at his local drug store. However, when the store occasionally runs out of Colgate, he will purchase Crest or Mentadent. What level of brand loyalty does Martin have to Colgate?

The stage in the evolution of new products in which the product is launched into full-scale manufacturing and marketing is called

A product usually declines because of technological advances or environmental factors or because

Ties 'R' Us sells a variety of ties at many different prices. Often customers are confused about the pricing and have a hard time making a buying decision. Ties 'R' Us should use what type of pricing strategy?

In which order do the stages of the product life-cycle occur?

Click It, Inc. Travis is a salesperson for Click It, Inc. Click It does not sell products with its own brand nam However, because Click It had been concerned about dropping sales, management listened to Travis's concerns about the company's pricing. He suggested using a different pricing strategy. More specifically, he felt that the company should incorporate a multiple-unit pricing strategy because it would then allow Click It to set a single price for multiple units. This had the potential of increasing sales and therefore profits, so management agreed to consider Travis's suggestion. -Refer to Click It, Inc. Because Click It sells its products under different brand names, each product is a

​Lang Industries is introducing a new product and will use price skimming to set the price. Price skimming is