Question 1

Brand managers are responsible for the marketing of a product after it has been developed and a clear promotional message has been identified.

Accepted Answer

A) True 
 B)False

Question 2

Profits peak during the maturity stage of the product life cycle.

Accepted Answer

A) True 
 B)False

Question 3

Target costing is a cost-based pricing strategy.

Accepted Answer

A) True 
 B)False

Question 4

The ________ pricing strategy maintains low prices and avoids the use of special sales.

Accepted Answer

A)   everyday low pricing (EDLP) 
B)   cost-based
C)   target-based
D)   skimmingE) B) and C)
F) A) and D)

Question 5

While packaging innovations benefit the consumer, they have vastly increased the workload of retailers.

Accepted Answer

A) True 
 B)False

Question 6

Successful marketing of convenience and specialty goods require different marketing mixes.

Accepted Answer

A) True 
 B)False

Question 7

Haruto, owner and operator of a sushi bar, is working on a break-even analysis. His fixed costs would include rent, insurance, and property taxes.

Accepted Answer

A) True 
 B)False

Question 8

Social media and company websites are useful in the commercialization process for new products.

Accepted Answer

A) True 
 B)False

Question 9

A shopping good for one consumer could be a specialty good for another consumer.

Accepted Answer

A) True 
 B)False

Question 10

________ goods and services represent those products that consumers are unaware of or haven't thought of buying.

Accepted Answer

A)   Inferior
B)   Convenience
C)   Shopping
D)   UnsoughtE) A) and B)
F) A) and C)

Question 11

Ultimately, the price of a good is determined by the interaction of supply and demand in the marketplace.

Accepted Answer

A) True 
 B)False

Question 12

The best product development strategy for most firms is to

Accepted Answer

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

Question 13

The number of units of a product that must be sold for total revenue to equal total costs is called the

Accepted Answer

A)   equilibrium volume.
B)   balanced quantity.
C)   contribution margin.
D)   break-even point.E) A) and B)
F) B) and D)

Question 14

The product life cycle model helps marketers realize that

Accepted Answer

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) A) and D)
F) C) and D)

Question 15

While White Glove Cleaners offers home and commercial cleaning services no different from competitors, the company is unable to utilize a product differentiation strategy.

Accepted Answer

A) True 
 B)False

Question 16

The pricing objectives of a firm should be set independently of the other elements of their marketing mix.

Accepted Answer

A) True 
 B)False

Question 17

From a marketing management perspective, what is the meaning of a total product offer? What are the important elements in the total product offer of your college or university?

Accepted Answer

A total product offer consists of everyt...

Question 18

A high-low pricing strategy may condition consumers to avoid paying the regular prices by waiting for sale prices.

Accepted Answer

A) True 
 B)False

Question 19

Products that are used in the production of other goods and services are called ________ goods.

Accepted Answer

A)   specialty
B)   shopping
C)   industrial
D)   sponsoredE) None of the above
F) A) and B)

Question 20

NiceIce Meals designed a new type of packaging that significantly improves taste and texture of food when defrosted. Unfortunately, firms seldom find that improvements in packaging impact market share and profits.

Accepted Answer

A) True 
 B)False

Exam 14: Developing and Pricing Goods and Services

Ultimately, the price of a good is determined by the interaction of supply and demand in the marketplace.

Correct AnswerverifiedShow Answer

Successful marketing of convenience and specialty goods require different marketing mixes.

Correct AnswerverifiedShow Answer

The ________ pricing strategy maintains low prices and avoids the use of special sales.

Correct AnswerverifiedShow Answer

While packaging innovations benefit the consumer, they have vastly increased the workload of retailers.

Correct AnswerverifiedShow Answer

The number of units of a product that must be sold for total revenue to equal total costs is called the

Correct AnswerverifiedShow Answer

Haruto, owner and operator of a sushi bar, is working on a break-even analysis. His fixed costs would include rent, insurance, and property taxes.

Correct AnswerverifiedShow Answer

Target costing is a cost-based pricing strategy.

Correct AnswerverifiedShow Answer

The product life cycle model helps marketers realize that

Correct AnswerverifiedShow Answer

While White Glove Cleaners offers home and commercial cleaning services no different from competitors, the company is unable to utilize a product differentiation strategy.

Correct AnswerverifiedShow Answer

Social media and company websites are useful in the commercialization process for new products.

Correct AnswerverifiedShow Answer

A high-low pricing strategy may condition consumers to avoid paying the regular prices by waiting for sale prices.

Correct AnswerverifiedShow Answer

From a marketing management perspective, what is the meaning of a total product offer? What are the important elements in the total product offer of your college or university?

Correct AnswerverifiedA total product offer consists of everyt...View AnswerShow Answer

A shopping good for one consumer could be a specialty good for another consumer.

Correct AnswerverifiedShow Answer

The pricing objectives of a firm should be set independently of the other elements of their marketing mix.

Correct AnswerverifiedShow Answer

Brand managers are responsible for the marketing of a product after it has been developed and a clear promotional message has been identified.

Correct AnswerverifiedShow Answer

The best product development strategy for most firms is to

Correct AnswerverifiedShow Answer

NiceIce Meals designed a new type of packaging that significantly improves taste and texture of food when defrosted. Unfortunately, firms seldom find that improvements in packaging impact market share and profits.

Correct AnswerverifiedShow Answer

________ goods and services represent those products that consumers are unaware of or haven't thought of buying.

Correct AnswerverifiedShow Answer

Profits peak during the maturity stage of the product life cycle.

Correct AnswerverifiedShow Answer

Products that are used in the production of other goods and services are called ________ goods.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified
A total product offer consists of everyt...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified