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Exam 14: Developing and Pricing Goods and Services

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Question 1

True/False

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Gill's Gadgets establishes the price it charges for its products by determining the cost of production and then adding on a desired profit margin.Gill's strategy is known as target costing.

A) True
B) False

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verified

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Question 2

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Convenience goods are products that the consumer wants to purchase frequently and with a minimum of effort.

A) True
B) False

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True

Question 3

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

McDonald's prides itself on offering precisely the same menu around the world so that customers know exactly what to expect when they eat at a McDonald's.

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.

Shopping goods and services are purchased only after consumers compare value,quality,style,and price of competing goods and services.

The image created by advertising is part of the total product offer of a product.

The benefits provided by a brand name for a buyer include reduced search time,prestige,and quality assurance.

__________ consists of major capital equipment such as new factories and heavy machinery.

Budd's Floral Shoppe is located in a large town that has several other florists.The owner,Rose Budd,is likely to find that the presence of many larger competitors means that the only way she can survive is to charge rock bottom prices.

Which of the following statements about non-price competition is most accurate?

Virtual Electronics is considering a strategy to charge a very high introductory price for their automobile video theater.After identifying that their rival firms did not carry this new product,they chose this pricing strategy to achieve maximum profits.Virtual Electronics has chosen a ________ strategy.

Some businesses use nostalgic ads to rekindle the memories and emotions of consumers to an earlier time and place.This technique of linking a brand name to a pleasant memory or favorable image is the goal of brand:

The Pillsbury Doughboy is an example of a:

Admiral Motors is the dominant firm in the auto market.When Admiral announces an increase in the prices of its automobiles,Chord and Frysler,the smaller firms in the market,usually quickly announce similar price increases for their own cars.This situation is an example of demand-oriented pricing.

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

Which of the following statements about packaging is the most accurate?

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

The number of units of a product that must be sold for total revenue to equal total costs is called the:

What is a brand? What is a brand name? What is meant by brand equity?