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

A) True
B) False

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The critical component of a total product offer is always a low price.

A) True
B) False

Correct Answer

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Event sponsorship like the FedEx Orange Bowl football game helps improve brand awareness.

A) True
B) False

Correct Answer

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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.


A) penetration
B) non-price competition
C) industry leader
D) bundled package

E) B) and D)
F) C) and D)

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


A) competition-based pricing.
B) cost-based pricing.
C) target orientation.
D) demand-oriented pricing.

E) C) and D)
F) None of the above

Correct Answer

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A trademark is a brand that has been given exclusive legal protection for both the brand name and the pictorial design.

A) True
B) False

Correct Answer

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Green Giant Green Beans,Chevy Corvette,Coca Cola,Dole Pineapple,and Peter Pan Peanut Butter are all examples of:


A) private brands.
B) wholesaler brands.
C) manufacturers' brands.
D) registered generic brands.

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

Correct Answer

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The key to success for U.S.firms operating internationally is to increase their efforts to maintain high quality while decreasing expenditures on new-product development.

A) True
B) False

Correct Answer

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Which of the following represents a pricing strategy that establishes a low price in hopes of attracting a great number of customers and attempts to discourage competitors?


A) penetration strategy
B) odd-even pricing strategy
C) skimming strategy
D) price lining strategy

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

Correct Answer

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The best strategy for brand name manufacturers to respond to the challenge of generic goods is to use price discounts and coupons to price their products more aggressively.

A) True
B) False

Correct Answer

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The target costing strategy establishes a selling price that consumers are willing to pay for a product,and then subtracts a desired profit margin to determine a target cost of production.

A) True
B) False

Correct Answer

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It now takes about seven ideas to generate one commercial new product.

A) True
B) False

Correct Answer

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Sometimes a firm will lower prices below their costs in order to build a customer base.

A) True
B) False

Correct Answer

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Which of the following statements regarding convenience goods and services is accurate?


A) Shoppers will exert lots of effort to obtain the product.
B) Consumers purchase the product on an infrequent basis.
C) Consumers buy only after carefully comparing quality and value.
D) Brand awareness and image are important in marketing these products.

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

Correct Answer

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The uniqueness of convenience goods and services stimulate consumers to make an extra effort to purchase them.

A) True
B) False

Correct Answer

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

A) True
B) False

Correct Answer

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Mini-Case Gourmet Pets is an innovative competitor in the billion-dollar pet food industry.In fact,two of its products,Kitty Sirloin and McDog T-bone,each claim over a 30% share in their market segments.The company has done detailed research and discovered that,for a growing number of pet owners,the family pet serves as a "baby substitute." These owners tend to pamper their pets,and are very discriminating in what they purchase.With this in mind,the company has put a great deal of effort into developing a new dog food: Prime Cuts.The new product is packaged in a resealable,microwaveable container and can be purchased in a variety of flavors (including Western BBQ,Teriyaki,Australian Outback,and Hickory Smoked. ) Gourmet Pets promotes the product as far superior to "average" dog foods,even though the quality of meat and nutrient content of the food is virtually identical to many other brands.The company faces no competition in this market segment so it plans to charge a high price for the product. -Gourmet Pets hopes to use its special packaging and extensive advertising to create a perception in the minds of consumers that Prime Cuts is a superior product,even though the actual quality of meat used in the product is virtually no different from competing brands.The company is attempting to develop:


A) differential segmentation.
B) cognitive dissonance.
C) product differentiation.
D) pioneer marketing.

E) B) and C)
F) None of the above

Correct Answer

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Which of the following product attributes is least emphasized on television ads?


A) style
B) brand names
C) benefits
D) price

E) B) and D)
F) B) and C)

Correct Answer

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Federal legislation requires that the brand name of a product clearly identify the manufacturer of that product.

A) True
B) False

Correct Answer

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_________ is an important part of the total product offer for a product.


A) Consumer income
B) Management style
C) Employee personality
D) Packaging

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

Correct Answer

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