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Exam 14: Developing and Pricing Goods and Services

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Question 111

Multiple Choice

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Sales of cell phones in the United States are still increasing,but the rate of growth has slowed.Sales are expected to peak somewhat soon in the U.S.Based on this information,cellular phones are in what stage of the product life cycle in the U.S.?

A) Introduction
B) Growth
C) Maturity
D) Decline

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

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Question 112

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

A) True
B) False

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Question 113

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As a manager at Excitement Foods,Mark is responsible for the firm's Kool'nKreamy brand of ice cream.Recently,he approved a proposal to test market new ice cream flavors.He is also considering the possibility of lowering the price of the ice cream and initiating a new advertising campaign.Mark appears to be a:

Specialty goods are often marketed through specialty magazines.

The characteristics of specialty goods restrict their effective sale over the Internet.

Target costing adds a profit margin to estimated cost of production to determine the optimal price.

Accessory equipment consists of capital items that cost less and are shorter lived than installation items.

For most firms,price competition is the most important way to gain a competitive advantage over rivals.

During the ________ stage of the product life cycle sales reach a peak,profits are declining,and the number of competitors starts to decrease.

According to the Making the Green Connection box,Americans recycle more plastic than cardboard.That's beneficial because plastic is much easier to process and reuse than cardboard.

In marketing today,packaging carries the added responsibility of:

A skimming pricing strategy:

The strategy of charging prices based on consumer demand rather than cost or a predetermined profit margin represents:

A street vendor selling Rolex watches at ridiculously low prices approached Ted.Ted,however,was suspicious that the watches were illegal ________ brands.

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:

Firms should listen to their suppliers for new-product ideas.

Demand-based pricing is another name for cost-based pricing.

Computers,copiers,and fax machines used by businesses would be classified as:

The use of price discounts and coupons may erode the commitment of consumers to brand names.

Rather than having frequent special sales,Walt's Warehouse has a pricing strategy that maintains lower prices than competitors all the time.Walt's pricing strategy is known as everyday low prices (EDLP).