Question 1

Interactive Web sites are useful in the commercialization process for new products.

Accepted Answer

A) True 
 B)False

Question 2

Many supermarkets carry plain packages that only identify the name of the product that is inside.For example,a label may read simply "peaches" or "green beans." These goods represent:

Accepted Answer

A)   private labels.
B)   manufacturers' brands.
C)   generic goods.
D)   universal code branding.E) A) and B)
F) A) and C)

Question 3

The marketing efforts for convenience and specialty goods are essentially the same.

Accepted Answer

A) True 
 B)False

Question 4

The brand names that are used by producers that distribute products nationally are called:

Accepted Answer

A)   manufacturers' brands.
B)   product category brands.
C)   generic brand names.
D)   universal brand names.E) A) and B)
F) A) and C)

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

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

Accepted Answer

A)   VCRs
B)   Welch's grape jelly
C)   HDTV (High-Definition TV) 
D)   Camel filtered cigarettesE) A) and B)
F) A) and C)

Question 7

The trend towards self-service retailers has increased the importance of packaging.

Accepted Answer

A) True 
 B)False

Question 8

Industrial goods are sold in the B2B market.

Accepted Answer

A) True 
 B)False

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

A single product line may contain several competing brands.

Accepted Answer

A) True 
 B)False

Question 11

When a brand becomes commonplace and identified with a category of goods rather than the unique product of a specific manufacturer,the brand may become a:

Accepted Answer

A)   generic name.
B)   trademark.
C)   universal product code.
D)   product liability issue.E) C) and D)
F) A) and B)

Question 12

The degree to which customers are satisfied and are committed to future purchases of a desired brand is called:

Accepted Answer

A)   brand awareness.
B)   brand relations.
C)   brand loyalty.
D)   brand intensity.E) B) and D)
F) A) and B)

Question 13

For small businesses,product differentiation:

Accepted Answer

A)   is more difficult than it is for larger firms because of the high cost of product research and development.
B)   usually concentrates on the pricing component of the total product offer.
C)   can be an important strategy to gain market share.
D)   is less important than it is for big firms with multiple product lines.E) A) and B)
F) A) and C)

Question 14

Healthy Pick 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

Question 15

Creative product differentiation can enable a small business to increase market share.

Accepted Answer

A) True 
 B)False

Question 16

Jian has entered into a contract with the federal government to design a computer simulation model for training helicopter pilots.The contract calls for the final price to be set at a fixed percentage profit over and above her cost of production.This seems to represent a:

Accepted Answer

A)   cost-based pricing strategy.
B)   supply and demand formula.
C)   demand-based pricing strategy.
D)   price leadership pricing strategy.E) A) and B)
F) B) and C)

Question 17

According to the product life cycle model,profits tend to:

Accepted Answer

A)   remain relatively constant until the decline stage,when they begin to drop.
B)   reach a peak near the end of the maturity stage.
C)   rise rapidly during the market preference stage.
D)   peak before sales reach their highest level.E) None of the above
F) A) and B)

Question 18

A ________ has direct responsibility for all the elements of the marketing mix for one brand or product line.

Accepted Answer

A)   channel specialist
B)   brand manager
C)   product engineer
D)   brand specialistE) A) and D)
F) A) and C)

Question 19

Pricing is:

Accepted Answer

A)   one of the 4 Ps of the marketing mix.
B)   considered to be a part of promotion.
C)   normally a government regulated variable.
D)   totally based on the cost of products.E) C) and D)
F) B) and C)

Question 20

New-product failures are most often caused by excessively high prices.

Accepted Answer

A) True 
 B)False

Exam 14: Developing and Pricing Goods and Services

Many supermarkets carry plain packages that only identify the name of the product that is inside.For example,a label may read simply "peaches" or "green beans." These goods represent:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A ________ has direct responsibility for all the elements of the marketing mix for one brand or product line.

Correct AnswerverifiedShow Answer

New-product failures are most often caused by excessively high prices.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

When a brand becomes commonplace and identified with a category of goods rather than the unique product of a specific manufacturer,the brand may become a:

Correct AnswerverifiedShow Answer

Creative product differentiation can enable a small business to increase market share.

Correct AnswerverifiedShow Answer

Interactive Web sites are useful in the commercialization process for new products.

Correct AnswerverifiedShow Answer

The brand names that are used by producers that distribute products nationally are called:

Correct AnswerverifiedShow Answer

The degree to which customers are satisfied and are committed to future purchases of a desired brand is called:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Pricing is:

Correct AnswerverifiedShow Answer

For small businesses,product differentiation:

Correct AnswerverifiedShow Answer

The trend towards self-service retailers has increased the importance of packaging.

Correct AnswerverifiedShow Answer

Healthy Pick 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

Industrial goods are sold in the B2B market.

Correct AnswerverifiedShow Answer

A single product line may contain several competing brands.

Correct AnswerverifiedShow Answer

Jian has entered into a contract with the federal government to design a computer simulation model for training helicopter pilots.The contract calls for the final price to be set at a fixed percentage profit over and above her cost of production.This seems to represent a:

Correct AnswerverifiedShow Answer

The marketing efforts for convenience and specialty goods are essentially the same.

Correct AnswerverifiedShow Answer

According to the product life cycle model,profits tend to:

Correct AnswerverifiedShow Answer

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