Question 1

"Create a better mousetrap and the world will beat a path to your door." This statement is consistent with the idea behind the commercialization of products.

Accepted Answer

A) True 
 B)False

Question 2

Dealer (private)brands are products that do not carry the manufacturer's name,but rather carry the name of a distributor or retailer.

Accepted Answer

A) True 
 B)False

Question 3

A __________ is a name,symbol,or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.

Accepted Answer

A)  trademark
B)  brand
C)  logo
D)  copyrightE) A) and B)
F) B) and D)

Question 4

Brand __________ refers to the linking of a brand to other favorable images,such as a celebrity.

Accepted Answer

A)  association
B)  loyalty
C)  awareness
D)  insistenceE) All of the above
F) B) and D)

Question 5

Sears sells batteries under its own Diehard brand name even though another company actually produces these batteries.This is an example of a:

Accepted Answer

A)  knockoff brand.
B)  generic brand.
C)  dealer (private) brand.
D)  brand association.E) None of the above
F) A) and C)

Question 6

Which of the following statements is the most accurate assessment of the role packaging plays in product offerings?

Accepted Answer

A)  The importance of packaging has diminished as the use of the Internet has grown.
B)  While packaging plays an important role in marketing goods,it is not relevant to the marketing of services.
C)  Effective packaging eliminates the potential of product liability suits.
D)  The importance of packaging is greater now than ever.E) A) and D)
F) A) and C)

Question 7

A brand that has been given exclusive legal protection,such as the McDonald's golden arches is a:

Accepted Answer

A)  private brand.
B)  promotional mark.
C)  dealer brand.
D)  trademark.E) C) and D)
F) All of the above

Question 8

A skimming price strategy involves a low pricing policy intended to attract price-sensitive customers from competitors.

Accepted Answer

A) True 
 B)False

Question 9

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

Question 10

As a brand manager,Ellen has proposed an aggressive advertising campaign that exaggerates the benefits of their newest product.While Ellen is convinced that this strategy will encourage consumers to try the product,her assistant strongly opposes the idea.Which of the following presents the best explanation for the assistant's opposition to Ellen's proposal?

Accepted Answer

A)  If a firm produces a quality product,the best advertising is word-of-mouth to generate excitement for a new product.
B)  The best way to promote new consumer products is with personal selling.
C)  Exaggerating the benefits of a product may backfire and injure the product's potential for success.
D)  Effective advertising for new consumer products should be subtle and low key.Ellen's proposal is more appropriate for the B2B market.E) A) and D)
F) A) and C)

Question 11

Which of the following is the best example of a product line?

Accepted Answer

A)  General Motors offers passenger cars,small trucks,and tractor trailers.
B)  Sony offers DVD players,compact disk players,and video games.
C)  Kellogg offers Special K,Raisin Bran,Corn Flakes,and a variety of other cold ready-to-eat cereals.
D)  Hewlett Packard offers scanners,printers and personal computers.E) B) and D)
F) A) and D)

Question 12

Which of the following is expected during the maturity stage of a product life cycle?

Accepted Answer

A)  a rapid increase in profits
B)  a rapid increase in the number of competitors
C)  peak sales
D)  reduced emphasis on promoting the product's brand nameE) None of the above
F) All of the above

Question 13

A traditional McDonald's and a McCafe (the outlet that sells premium coffee and pastries similar to a Starbucks)are examples of the McDonald's Corporation product mix.

Accepted Answer

A) True 
 B)False

Question 14

While service providers offer product lines,they are unable to offer product mixes.

Accepted Answer

A) True 
 B)False

Question 15

According to the Spotlight on Small Business box in Chapter 14,Let's Dish and Dream Dinners have become successful in their market by:

Accepted Answer

A)  offering their dinner menus at a price that no other retailers,caterers,or restaurants can match.
B)  successfully targeting the top one percent of earners in each market in which they compete.
C)  offering their customers low-rate financing as a value enhancement if they agree to a full year dinner plan.
D)  creating a service that allows them to meet others,saves them time in preparing meals,and lessens stress.E) A) and D)
F) A) and C)

Question 16

Concept testing involves taking a product idea to consumers to test their reactions.

Accepted Answer

A) True 
 B)False

Question 17

__________ is the process used to determine the profitability of a product at various levels of sales.

Accepted Answer

A)  Cost-based pricing
B)  Break-even analysis
C)  Demand-based pricing
D)  Competition-based pricingE) None of the above
F) A) and C)

Question 18

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 19

Competition-based pricing is a strategy based on what all the other competitors are doing.

Accepted Answer

A) True 
 B)False

Question 20

The product life cycle consists of __________ stages.

Accepted Answer

A)  3
B)  4
C)  5
D)  6E) B) and C)
F) B) and D)

Exam 14: Developing and Pricing Goods and Services

Concept testing involves taking a product idea to consumers to test their reactions.

Correct Answer
verified

A skimming price strategy involves a low pricing policy intended to attract price-sensitive customers from competitors.

Correct Answer
verified

According to the Spotlight on Small Business box in Chapter 14,Let's Dish and Dream Dinners have become successful in their market by:

Correct Answer
verified

Brand __________ refers to the linking of a brand to other favorable images,such as a celebrity.

Correct Answer
verified

Sears sells batteries under its own Diehard brand name even though another company actually produces these batteries.This is an example of a:

Correct Answer
verified

Which of the following is the best example of a product line?

Correct Answer
verified

Which of the following statements is the most accurate assessment of the role packaging plays in product offerings?

Correct Answer
verified

Dealer (private)brands are products that do not carry the manufacturer's name,but rather carry the name of a distributor or retailer.

Correct Answer
verified

A __________ is a name,symbol,or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.

Correct Answer
verified

__________ is the process used to determine the profitability of a product at various levels of sales.

Correct Answer
verified

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 Answer
verified

"Create a better mousetrap and the world will beat a path to your door." This statement is consistent with the idea behind the commercialization of products.

Correct Answer
verified

The product life cycle consists of __________ stages.

Correct Answer
verified

A traditional McDonald's and a McCafe (the outlet that sells premium coffee and pastries similar to a Starbucks)are examples of the McDonald's Corporation product mix.

Correct Answer
verified

Competition-based pricing is a strategy based on what all the other competitors are doing.

Correct Answer
verified

A brand that has been given exclusive legal protection,such as the McDonald's golden arches is a:

Correct Answer
verified

Correct Answer
verified

While service providers offer product lines,they are unable to offer product mixes.

Correct Answer
verified

Which of the following is expected during the maturity stage of a product life cycle?

Correct Answer
verified

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 Answer
verified

Exam 14: Developing and Pricing Goods and Services

Concept testing involves taking a product idea to consumers to test their reactions.

Correct AnswerverifiedShow Answer

A skimming price strategy involves a low pricing policy intended to attract price-sensitive customers from competitors.

Correct AnswerverifiedShow Answer

According to the Spotlight on Small Business box in Chapter 14,Let's Dish and Dream Dinners have become successful in their market by:

Correct AnswerverifiedShow Answer

Brand __________ refers to the linking of a brand to other favorable images,such as a celebrity.

Correct AnswerverifiedShow Answer

Sears sells batteries under its own Diehard brand name even though another company actually produces these batteries.This is an example of a:

Correct AnswerverifiedShow Answer

Which of the following is the best example of a product line?

Correct AnswerverifiedShow Answer

Which of the following statements is the most accurate assessment of the role packaging plays in product offerings?

Correct AnswerverifiedShow Answer

Dealer (private)brands are products that do not carry the manufacturer's name,but rather carry the name of a distributor or retailer.

Correct AnswerverifiedShow Answer

A __________ is a name,symbol,or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.

Correct AnswerverifiedShow Answer

__________ is the process used to determine the profitability of a product at various levels of sales.

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

"Create a better mousetrap and the world will beat a path to your door." This statement is consistent with the idea behind the commercialization of products.

Correct AnswerverifiedShow Answer

The product life cycle consists of __________ stages.

Correct AnswerverifiedShow Answer

A traditional McDonald's and a McCafe (the outlet that sells premium coffee and pastries similar to a Starbucks)are examples of the McDonald's Corporation product mix.

Correct AnswerverifiedShow Answer

Competition-based pricing is a strategy based on what all the other competitors are doing.

Correct AnswerverifiedShow Answer

A brand that has been given exclusive legal protection,such as the McDonald's golden arches is a:

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

While service providers offer product lines,they are unable to offer product mixes.

Correct AnswerverifiedShow Answer

Which of the following is expected during the maturity stage of a product life cycle?

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

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified