Question 1

One function of effective packaging is to provide information regarding warranties,benefits,and uses of the good inside the package.

Accepted Answer

A) True 
 B)False

Question 2

Manufacturers' brands carry the brand name of the producers that distribute the products nationally.

Accepted Answer

A) True 
 B)False

Question 3

Many products are promoted by emphasizing their key benefits,rather than setting the price lower than that of competitive goods.This emphasis on the product's benefits illustrates a(n) _______ strategy.

Accepted Answer

A)   penetration
B)   non-price competition
C)   industry leader
D)   bundled packageE) A) and B)
F) C) and D)

Question 4

The Pillsbury Doughboy is an example of a:

Accepted Answer

A)   patent.
B)   trademark.
C)   private brand.
D)   generic label.E) A) and B)
F) A) and C)

Question 5

Which of the following is a popular pricing objective?

Accepted Answer

A)   Increasing sales
B)   Increasing brand awareness
C)   Fixing prices among competitors
D)   Achieving less market shareE) A) and B)
F) All of the above

Question 6

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.

Accepted Answer

A)   family brands
B)   generic names
C)   universal products
D)   knockoff namesE) A) and B)
F) A) and D)

Question 7

Sales levels of Armstrong mountain bikes are rising rapidly,profits are very high,and a growing number of competitors are taking aim at Armstrong's market lead.Based on this information,Armstrong mountain bikes are in which stage of the product life cycle?

Accepted Answer

A)   introduction
B)   growth
C)   maturity
D)   declineE) C) and D)
F) A) and D)

Question 8

As firms develop their marketing mix,it is important to remember that:

Accepted Answer

A)   prices must be linked directly to the cost of production.
B)   instincts and past history are the best guides in determining price.
C)   regardless of the strategy used,prices ultimately reflect the forces of supply and demand.
D)   firms are often restricted in creating pricing strategies by relevant government rules and guidelines.E) None of the above
F) All of the above

Question 9

Brand managers have direct responsibility for all the elements of the marketing mix for a particular brand or product line.

Accepted Answer

A) True 
 B)False

Question 10

New products often fail because they don't deliver to consumers their promised benefits.

Accepted Answer

A) True 
 B)False

Question 11

Which of the following are products consumers buy after comparing quality,price,and style from a variety of sellers?

Accepted Answer

A)   Shopping goods
B)   Specialty goods
C)   Convenience goods
D)   Unsought goodsE) A) and B)
F) A) and C)

Question 12

Kathy works as a manager at Fantastic Fabricators.The innovative staff at the company is regularly encouraged to suggest ideas for new products.Since Cathy works in product screening,she:

Accepted Answer

A)   gives the final approval for the commercialization of new products.
B)   reduces the number of new products being worked on at any one time.
C)   market tests the product ideas that originate with the staff.
D)   develops the concept testing to establish the personnel required for each new project.E) A) and D)
F) C) and D)

Question 13

Firms utilize ________ when they attempt to add value to their product by offering service after the sale,product demonstrations,or interactive customer Web sites.

Accepted Answer

A)   nonprice competition
B)   relationship branding
C)   niche marketing
D)   break-even segmentationE) All of the above
F) None of the above

Question 14

Which of the following is considered a stage of the new-product development process?

Accepted Answer

A)   Automation
B)   Media screening
C)   Commercialization
D)   Selective perceptionE) B) and D)
F) A) and B)

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

Beth works for Champion Industries overseeing the marketing mix for the firm's line of calculators.Beth serves as a brand manager for Champion Industries.

Accepted Answer

A) True 
 B)False

Question 17

American Building Products is the largest cement company in the Midwest.When the firm raised its prices by 8 percent,all of its competitors soon announced they too were raising their prices by 8 percent.It appears this industry is influenced by a ________ strategy.

Accepted Answer

A)   price skimming
B)   price leadership
C)   market pricing
D)   price discriminationE) A) and B)
F) A) and C)

Question 18

Successful product differentiation:

Accepted Answer

A)   of consumer goods is determined exclusively by price.
B)   can be based on either real or perceived differences in products.
C)   is prohibited if it restricts price competition and market access.
D)   is less important due to the growth of the Internet.E) C) and D)
F) All of the above

Question 19

The four stages in the product life cycle are introduction,market,exchange,and disposal.

Accepted Answer

A) True 
 B)False

Question 20

Brand names can significantly impact consumer perceptions of a product.

Accepted Answer

A) True 
 B)False

Exam 14: Developing and Pricing Goods and Services

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

Correct AnswerverifiedShow Answer

Which of the following are products consumers buy after comparing quality,price,and style from a variety of sellers?

Correct AnswerverifiedShow Answer

As firms develop their marketing mix,it is important to remember that:

Correct AnswerverifiedShow Answer

One function of effective packaging is to provide information regarding warranties,benefits,and uses of the good inside the package.

Correct AnswerverifiedShow Answer

Brand managers have direct responsibility for all the elements of the marketing mix for a particular brand or product line.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Brand names can significantly impact consumer perceptions of a product.

Correct AnswerverifiedShow Answer

The Pillsbury Doughboy is an example of a:

Correct AnswerverifiedShow Answer

Manufacturers' brands carry the brand name of the producers that distribute the products nationally.

Correct AnswerverifiedShow Answer

Many products are promoted by emphasizing their key benefits,rather than setting the price lower than that of competitive goods.This emphasis on the product's benefits illustrates a(n) _______ strategy.

Correct AnswerverifiedShow Answer

Firms utilize ________ when they attempt to add value to their product by offering service after the sale,product demonstrations,or interactive customer Web sites.

Correct AnswerverifiedShow Answer

American Building Products is the largest cement company in the Midwest.When the firm raised its prices by 8 percent,all of its competitors soon announced they too were raising their prices by 8 percent.It appears this industry is influenced by a ________ strategy.

Correct AnswerverifiedShow Answer

The four stages in the product life cycle are introduction,market,exchange,and disposal.

Correct AnswerverifiedShow Answer

Kathy works as a manager at Fantastic Fabricators.The innovative staff at the company is regularly encouraged to suggest ideas for new products.Since Cathy works in product screening,she:

Correct AnswerverifiedShow Answer

Successful product differentiation:

Correct AnswerverifiedShow Answer

Sales levels of Armstrong mountain bikes are rising rapidly,profits are very high,and a growing number of competitors are taking aim at Armstrong's market lead.Based on this information,Armstrong mountain bikes are in which stage of the product life cycle?

Correct AnswerverifiedShow Answer

Beth works for Champion Industries overseeing the marketing mix for the firm's line of calculators.Beth serves as a brand manager for Champion Industries.

Correct AnswerverifiedShow Answer

Which of the following is a popular pricing objective?

Correct AnswerverifiedShow Answer

Which of the following is considered a stage of the new-product development process?

Correct AnswerverifiedShow Answer

New products often fail because they don't deliver to consumers their promised benefits.

Correct AnswerverifiedShow Answer

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