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From the buyer's perspective,which of the following is a benefit of a product with a well known brand name?


A) quality assurance
B) helps in promotional efforts
C) adds to repeat purchases
D) differentiates products so that prices can be set higher

E) A) and B)
F) B) and D)

Correct Answer

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The product life cycle consists of __________ stages.


A) 3
B) 4
C) 5
D) 6

E) B) and D)
F) C) and D)

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Brand equity refers to those factors that people associate with a specific brand name,such as awareness,perceived quality,and loyalty.

A) True
B) False

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The brand names that are used by producers that distribute products nationally are called:


A) manufacturers' brands.
B) product category brands.
C) generic brand names.
D) universal brand names.

E) A) and B)
F) All of the above

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Shopping goods and services are purchased only after consumers compare value,quality,style,and price of competing goods and services.

A) True
B) False

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Product testing is designed to reduce the number of new product ideas that a firm works on at any one time.

A) True
B) False

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The best product development strategy for most firms is to:


A) develop a small number of products that achieve market success and stick with them,because constantly changing old products or introducing new ones) can confuse and frustrate customers.
B) maintain one product line while adding regularly to that product line over time to sustain customer interest.
C) constantly monitor consumer wants and needs and be willing to develop new products and adapt policies and services as those consumer needs begin to change.
D) focus on the actual product or service and don't worry too much about factors such as image,price,and service.

E) All of the above
F) B) and C)

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Federated Grocery Stores operates a large chain of stores across several mid western states.While Federated doesn't actually produce any canned foods,it markets a line of foods under its own brand name that were actually produced by another company.Federated canned foods represent a:


A) manufacturers' brand.
B) generic brand.
C) knockoff brand.
D) dealer private) brand.

E) B) and D)
F) A) and B)

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Total fixed costs are those costs that change when the volume of production changes.

A) True
B) False

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Suits for Success is a men's clothing store in a large suburban shopping mall.The managers of the store know that their customers usually comparison shop,looking carefully at quality and price before deciding to buy.Armed with this information,Suits for Success carries quality clothing,offers competitive pricing,and friendly,helpful service.The target customers apparently view men's suits as a:


A) specialty good.
B) convenience good.
C) shopping good.
D) unsought good.

E) A) and D)
F) B) and C)

Correct Answer

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Which of the following is a stage in the product life cycle?


A) commercialization
B) decline
C) peak
D) acceptance

E) B) and D)
F) A) and B)

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Fast-food organizations must constantly monitor all sources of information for new product ideas.

A) True
B) False

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The product life cycle model helps marketers realize that:


A) consumers are always ready to try a new product if it is priced correctly.
B) different stages in the life cycle call for different marketing strategies.
C) sales and profit levels can be forecasted accurately.
D) careful product screening will increase profits over the life of a product.

E) None of the above
F) B) and D)

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The ____________ is a theoretical model that describes the sales and profit performance of a product class over time.


A) product life cycle
B) marketing template
C) market stages model
D) commercialization time line

E) A) and D)
F) All of the above

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A long-run pricing objective of almost all firms is to optimize profit.

A) True
B) False

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In evaluating colleges,students and parents are likely to judge a school:


A) strictly on the basis of major curriculums offered.
B) based on the tuition.
C) by the collection of benefits offered by the school.
D) on the anticipated rate of return on their tuition investment.

E) C) and D)
F) A) and B)

Correct Answer

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As restaurant chains that specialize in Mexican cuisine,Fernando's and Carmelita's offer similar items on their menus.However,Fernando's restaurants are positioned in the market as elegant establishments with high prices.Carmelita's restaurants,on the other hand,are located in middle-class neighborhoods,with a casual atmosphere that welcomes families with young children.The prices at Carmelita's are in the moderate range.When evaluating the marketing strategies used by these restaurants,we can conclude that:


A) both practice product mix effectiveness.
B) they utilize product differentiation.
C) Fernando's has chosen a shopping good strategy.
D) their target markets differ,with one intended to appeal to the industrial market,and the other designed to attract the consumer market.

E) None of the above
F) All of the above

Correct Answer

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Borden,Inc.makes pasta,dairy items,and adhesives.These different types of products are referred to as Borden's:


A) product line.
B) product mix.
C) product differentiation.
D) product life cycle.

E) All of the above
F) A) and C)

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Industrial goods are sold in the B2B market.

A) True
B) False

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SneezeNoMore markets a group of similar products for people suffering from the common cold.The products in this line are sold under the brand name SneezeNoMore.The products differ mainly in the strength of the dosage and in whether they also contain additional medications to help the consumer sleep.As an employee of SneezeNoMore,Jill is responsible for the marketing mix for the company's products.She is also involved in any major decisions concerning the development of new products that will be included in this product line.Jill serves as an) :


A) brand manager.
B) market mix specialist.
C) target market manager.
D) product line specialist.

E) A) and D)
F) B) and C)

Correct Answer

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