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Exam 14: Developing and Pricing Goods and Services

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Question 21

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One of the reasons marketers emphasize nonprice differences in their competitive strategies is because

A) consumers aren't concerned about prices.
B) these methods have no impact on the cost of production.
C) nonprice differences are tax deductible.
D) relatively similar products can be enhanced.

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

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Question 22

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Producers often use ________ as a primary basis for setting prices on the goods and services they offer the public.

A) tariffs
B) costs
C) market share
D) quotas

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

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Question 23

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Manufacturers' brands carry the brand name of the producers that distribute the products nationally.

________ is the stage of new-product development that involves promoting a product to distributors, and developing advertising and sales campaigns in order to generate and maintain consumer interest.

The product life cycle presents a theoretical model describing what happens to sales and profits for a class of products over time.

Event sponsorship like the Tostito's Fiesta Bowl football game helps improve brand awareness.

Donavan spent the day talking with a packaging company in Guam, a lighting specialist in Japan, a touchpad expert in the U.S., a prototype design firm in Malaysia, as well as a shipping firm in China. Each of these firms provided expertise in the development of his company's latest product, a back-lighted eReader. The strategy that Donavan's firm used to develop its latest product is

When consumers calculate the value of a product, they

When reviewing the product life cycle model, it is important to remember that

One common way of classifying consumer goods is based on consumer purchasing behavior.

Land Movers Equipment Company sells used heavy construction equipment such as bulldozers and cranes. Land Movers products represent examples of an accessory equipment industrial good.

While the packaging of services has not yet captured the attention of businesses, technological improvements will likely create new opportunities.

The target costing strategy establishes a selling price that consumers are willing to pay for a product, and then subtracts a desired profit margin to determine a target cost of production.

A competition-based pricing strategy in which all the competitors in an industry follow the pricing practices of one or more dominant firms is known as

Once a good or service nears the end of its product life cycle, the firm recognizes that

According to the product life cycle model, sales are expected to peak in the ________ stage.

What is a brand? What is a brand name? What is meant by brand equity?

Anheuser-Busch/InBev Company, Inc., has been given the exclusive right to the name Budweiser and is legally protected from others using this name by the ________ they hold.

Bennett has entered into a contract with the federal government to design a computer simulation model for training helicopter pilots. The contract calls for the final price to be set at a fixed percentage profit over and above her cost of production. This seems to represent a

Lily's Floral Creations is located in a large town that has several other florists. Lily is likely to find that the presence of many larger competitors means that the only way she can survive is to charge rock-bottom prices.