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Exam 14: Developing and Pricing Goods and Services

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Question 41

True/False

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At the concept testing stage, factors such as packaging, branding, ingredients, etc. should be tested to ensure that a product is acceptable to potential consumers.

A) True
B) False

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Question 42

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The New Era Cap Company understands the importance of _______________. In the mid-1990s, the company's products became very popular when film director Spike Lee requested a red Yankees cap, instead of the traditional blue cap. It did not take long for Yankees' fans who were also fans of Spike Lee to want to wear a similar cap.

A) brand equity
B) viral marketing
C) brand association
D) marketing parity

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

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Question 43

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Price leadership occurs when one or more dominant firms set pricing practices that other firms in the market follow.

While service providers offer product lines, they are unable to offer product mixes.

Successful firms always try to maintain consistency in their short-run and long-run pricing objectives.

Which of the following statements is the most accurate assessment of the role packaging plays in product offerings?

Product screening is designed to:

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

_______ costs are those costs that increase as the level of production increases.

Certain brand names, such as Kleenex and Xerox, fear they could become _________, because they are so commonly identified with a specific product category that consumers use these names to refer to any product in that category regardless of the manufacturer.

Felicia wants to know how many units she must sell to cover all of her costs. She indicates to you that her selling price is $20 per unit, her fixed costs are $6,000, and the variable costs per unit are $15. What is her break-even point?

Karen is a collector of fine art, particularly paintings. She has been looking for an original Christina Hendry painting for months and has said that she is willing to go to extraordinary efforts to acquire this painting for her collection. Clearly this painting represents a __________ good for Karen.

Specialty goods are often marketed through specialty magazines.

Brand __________ refers to the linking of a brand to other favorable images, such as a celebrity.

The several product lines that a company offers for sale make up that organization's product mix.

Beyonce Financial Services purchased several new computers and a sophisticated printer for office use. These items would be correctly classified as accessory equipment.

Having completed the first stages of product development of its new low-calorie frozen yogurt breakfast bars, the YaYa Yogurt Company took its product directly to consumers. Marketers partnered with a large theme park in Orlando, FL, to perform ________________. The YaYa marketing department wanted to know if consumers found this product to be a quick way to eat breakfast on the road. Subsequently, they also wanted to determine what customers would be willing to pay for the breakfast bar.

Currently, which of the following products would most likely be considered in the growth stage of the product life cycle?

A bank's product line may include safety deposit boxes, car loans, and traveler's checks.

Dealer (private) brands are products that do not carry the manufacturer's name, but rather carry the name of a distributor or retailer.