Question 1

In the Thinking Green box in the chapter,one of the problems companies are facing is informing consumers about their commitment to environmental awareness in the labeling of their products.

Accepted Answer

A) True 
 B)False

Question 2

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

Question 3

Unsought goods and services are purchased on impulse and provide no added value to consumers.

Accepted Answer

A) True 
 B)False

Question 4

Which of the following is a potential problem with a high-low pricing strategy?

Accepted Answer

A)  It confuses and frustrates customers.
B)  It places too much emphasis on non-price competition.
C)  It teaches customers to wait for sales,and therefore reduces profits.
D)  It is difficult to implement.E) None of the above
F) C) and D)

Question 5

Which of the following products would be considered an unsought good or service by a typical college student?

Accepted Answer

A)  college textbook
B)  pizza
C)  car towing
D)  Internet service providerE) All of the above
F) B) and C)

Question 6

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 7

The greatest source of ideas for new products is:

Accepted Answer

A)  consumer suggestions.
B)  suggestions from competitors.
C)  employee ideas.
D)  research and development.E) A) and B)
F) B) and C)

Question 8

As restaurant chains that specialize in Mexican cuisine,Fernando's and Carmelita's offer similar items on their menus.However,Fernando's restaurants are positioned in the market as elegant establishments with high prices.Carmelita's restaurants,on the other hand,are located in middle-class neighborhoods,with a casual atmosphere that welcomes families with young children.The prices at Carmelita's are in the moderate range.When evaluating the marketing strategies used by these restaurants,we can conclude that:

Accepted Answer

A)  both practice product mix effectiveness.
B)  they utilize product differentiation.
C)  Fernando's has chosen a shopping good strategy.
D)  their target markets differ,with one intended to appeal to the industrial market,and the other designed to attract the consumer market.E) B) and C)
F) A) and D)

Question 9

The use of the Folgers's ________ allows customers to easily identify this product from other coffee products.

Accepted Answer

A)  patent
B)  trade symbol
C)  brand name
D)  brand equityE) A) and C)
F) A) and B)

Question 10

The combination of product lines offered by a manufacturer is called the firm's:

Accepted Answer

A)  product matrix.
B)  product mix.
C)  total product offer.
D)  product portfolio.E) All of the above
F) A) and C)

Question 11

The Coca Cola Company produces Diet Coke,Diet Coke with Splenda,and Coke Zero along with a number of other flavors.These products are part of Coke's:

Accepted Answer

A)  product line.
B)  product mix.
C)  product position.
D)  product collection.E) None of the above
F) A) and C)

Question 12

__________ goods appeal to consumers who are willing to make an extra shopping effort to acquire them.

Accepted Answer

A)  Specialty
B)  Shopping
C)  Convenience
D)  ConsumerE) A) and C)
F) B) and D)

Question 13

Which of the following is a relevant criterion for the product screening process?

Accepted Answer

A)  sales forecasts for the product
B)  production capacity of competitors
C)  profit potential
D)  the stage of the product life cycleE) All of the above
F) None of the above

Question 14

A skimming pricing strategy:

Accepted Answer

A)  allows low income households the ability to purchase a particular good or service.
B)  drives competitors out of business in order to achieve a monopoly position in the market.
C)  creates a "common man" image to reach a larger market.
D)  establishes a high price in order to earn the highest possible profit while there is little competition.E) All of the above
F) A) and D)

Question 15

Consumers are best served by providing specialty goods in convenient locations.

Accepted Answer

A) True 
 B)False

Question 16

The U.S.legal system does not offer trademark protection.

Accepted Answer

A) True 
 B)False

Question 17

The product analysis stage of the new-product development process considers the sales forecasts and cost estimates of a new-product idea.

Accepted Answer

A) True 
 B)False

Question 18

When consumers calculate the value of a product,they:

Accepted Answer

A)  subtract the cost of production from the market price.
B)  eliminate all nontangible elements that might affect their perception of the product.
C)  look at the benefits the product provides then subtract the cost.
D)  identify the variable and the fixed components of the product's benefits.E) A) and D)
F) A) and C)

Question 19

A penetration strategy calls for a firm to charge low prices with the intent of attracting a large number of customers and discouraging competition.

Accepted Answer

A) True 
 B)False

Question 20

Industrial goods are sold in the B2B market.

Accepted Answer

A) True 
 B)False

Exam 14: Developing and Pricing Goods and Services

Which of the following products would be considered an unsought good or service by a typical college student?

Correct Answer
verified

Consumers are best served by providing specialty goods in convenient locations.

Correct Answer
verified

A penetration strategy calls for a firm to charge low prices with the intent of attracting a large number of customers and discouraging competition.

Correct Answer
verified

__________ goods appeal to consumers who are willing to make an extra shopping effort to acquire them.

Correct Answer
verified

The combination of product lines offered by a manufacturer is called the firm's:

Correct Answer
verified

The greatest source of ideas for new products is:

Correct Answer
verified

The U.S.legal system does not offer trademark protection.

Correct Answer
verified

The use of the Folgers's ________ allows customers to easily identify this product from other coffee products.

Correct Answer
verified

In the Thinking Green box in the chapter,one of the problems companies are facing is informing consumers about their commitment to environmental awareness in the labeling of their products.

Correct Answer
verified

The product analysis stage of the new-product development process considers the sales forecasts and cost estimates of a new-product idea.

Correct Answer
verified

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 Answer
verified

A skimming pricing strategy:

Correct Answer
verified

Unsought goods and services are purchased on impulse and provide no added value to consumers.

Correct Answer
verified

When consumers calculate the value of a product,they:

Correct Answer
verified

Which of the following is a potential problem with a high-low pricing strategy?

Correct Answer
verified

Industrial goods are sold in the B2B market.

Correct Answer
verified

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

Correct Answer
verified

Which of the following is a relevant criterion for the product screening process?

Correct Answer
verified

The Coca Cola Company produces Diet Coke,Diet Coke with Splenda,and Coke Zero along with a number of other flavors.These products are part of Coke's:

Correct Answer
verified

Correct Answer
verified

Exam 14: Developing and Pricing Goods and Services

Which of the following products would be considered an unsought good or service by a typical college student?

Correct AnswerverifiedShow Answer

Consumers are best served by providing specialty goods in convenient locations.

Correct AnswerverifiedShow Answer

A penetration strategy calls for a firm to charge low prices with the intent of attracting a large number of customers and discouraging competition.

Correct AnswerverifiedShow Answer

__________ goods appeal to consumers who are willing to make an extra shopping effort to acquire them.

Correct AnswerverifiedShow Answer

The combination of product lines offered by a manufacturer is called the firm's:

Correct AnswerverifiedShow Answer

The greatest source of ideas for new products is:

Correct AnswerverifiedShow Answer

The U.S.legal system does not offer trademark protection.

Correct AnswerverifiedShow Answer

The use of the Folgers's ________ allows customers to easily identify this product from other coffee products.

Correct AnswerverifiedShow Answer

In the Thinking Green box in the chapter,one of the problems companies are facing is informing consumers about their commitment to environmental awareness in the labeling of their products.

Correct AnswerverifiedShow Answer

The product analysis stage of the new-product development process considers the sales forecasts and cost estimates of a new-product idea.

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

A skimming pricing strategy:

Correct AnswerverifiedShow Answer

Unsought goods and services are purchased on impulse and provide no added value to consumers.

Correct AnswerverifiedShow Answer

When consumers calculate the value of a product,they:

Correct AnswerverifiedShow Answer

Which of the following is a potential problem with a high-low pricing strategy?

Correct AnswerverifiedShow Answer

Industrial goods are sold in the B2B market.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Which of the following is a relevant criterion for the product screening process?

Correct AnswerverifiedShow Answer

The Coca Cola Company produces Diet Coke,Diet Coke with Splenda,and Coke Zero along with a number of other flavors.These products are part of Coke's:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Correct Answer
verified

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