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Exam 14: Developing and Pricing Goods and Services

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Question 31

True/False

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Product development is a key activity in any modern business, anywhere in the world.

A) True
B) False

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Question 32

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As a product progresses through each stage of the product life cycle, successful marketers recognize that each stage requires

A) a different marketing strategy.
B) a consistent application of fundamental marketing practices.
C) an increase in the amount spent on advertising.
D) more emphasis on personal selling.

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

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Question 33

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The combination of product lines offered by a manufacturer is called the firm's

Department stores often use ________ pricing in which they have regular prices which are relatively high, but offer special sales where prices are set lower than competitors.

Firms utilizing an everyday low pricing (EDLP) strategy establish a policy of special sales on a regular basis.

Artisan breads, bagels, sandwiches, soups, and pastries are products that would be included in the product mix of a cafe.

Regina owns and operates the Regal Car Wash. She charges $12 per car wash. Her fixed costs are $850 per month, while her variable costs per car wash amount to $2. Regal Car Wash must service 60 cars to break even.

In evaluating a total product offer, value enhancers such as service, guarantees, reputation of the seller, etc. are as important to customers as the basic product.

Whether a consumer thinks a product provides the best value depends upon

To satisfy consumers managers must learn to listen better than they do now and to adapt constantly to changing market demands.

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

Industrial goods are sold in the B2B market.

Car dealers realize that consumers focus exclusively on price and warranty.

The apple is Apple Computer's

________ is the process used to determine the profitability of a product at various levels of sales.

An advertisement for the Xerox Corporation encourages customers to say, "Copy it" rather than "Xerox it." This indicates that Xerox is fearful that its brand name might become a(n)

Diego's company was bidding on the construction of a new penguin display at a zoo. When putting together his bid, Diego began by determining what the zoo would be willing to pay for the structure, and then subtracting a reasonable profit for the company. The result would be the cost of production. For example: If price to zoo = $8 million, and company profit margin = $3 million, the cost to produce cannot exceed $5 million. [$8 million - $3 million = $5 million.] The demand-based pricing strategy in this example is called

Eric is approached by a street vendor selling Rolex watches at ridiculously low prices. Eric, however, was suspicious that the watches were illegal ________ brands.

In order to achieve a social objective, firms use low prices to enable people with low incomes to buy their product.

At Affordable Appliances stores, all new products are offered with an extended service contract, as well as free delivery and installation. By offering these value enhancers, Isuzu's has added to their total product offer.