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Exam 14: Developing and Pricing Goods and Services

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Question 171

Multiple Choice

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__________ involves designing a product so that it satisfies customers and meets the profit margins desired by the firm.

A) Price discrimination
B) Price leadership
C) Target costing
D) Cost-based pricing

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

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Question 172

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Shuichi owns and operates his own sushi bar.His fixed costs would include rent,insurance,and property taxes.

A) True
B) False

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Question 173

Multiple Choice

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At the break-even point:

Price leadership is a demand based pricing strategy.

As a graphic artist,Nate has just finished producing a new calendar.Nathan's calendar cost him $1.00 for the shiny paper,$2.00 for the six color production,and $.25 for the plastic wire that holds it together at the top.The labor in developing the design was 4 hours of work @ $50/hour,and labor is being added to the rest of the fixed costs of $400.00.At a price of $12.00 per calendar,how many calendars will Nathan need to produce and sell in order to break even (cover all his costs,but not make a profit) ?

As reported on NPR online feed: A 1981 self-portrait of celebrated photographer Cindy Sherman sold at a Christie's auction in 2011 for just short of $4 million dollars.According to Christie's,this was the highest price ever received for a photograph in the history of the auction business.As a student of marketing,you would classify this photo and other rare items sold through Christie's as ___________.

Which of the following is consistent with the growth stage of the product life cycle?

Unsought goods and services fail to provide the benefits consumers expect.

The exclusive goal companies expect of packaging is to protect the product from damage in transit.

In recent years,the packaging of products has been given a greater role in product promotion.

Changes in packaging can transform the product in the minds of consumers and open larger market opportunities.

Some goods have a product life cycle that is completed in a shorter amount of time than other goods.

Products that carry the name of a distributor or a retailer instead of the manufacturer's name are called:

Travelwell manufactures and sells luggage and briefcases.Their marketing research indicates that durability is the attribute that consumers most desire in their luggage and briefcases.Travelwell now emphasizes durability in all of their promotional efforts.This strategy is intended to build brand equity.

___________ 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.

Which of the following is expected during the maturity stage of a product life cycle?

One of the reasons why companies create the position of brand manager is to:

Fast-food organizations must constantly monitor all sources of information for new product ideas.

The purpose of __________ is to create real or perceived product differences.

The formula for break-even analysis includes which of the following components?