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Exam 14: Developing and Pricing Goods and Services

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Question 131

Multiple Choice

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__________ involves designing a product so that it satisfies customers and meets the profit margins desired by the firm.

A) Price discrimination
B) Price leadership
C) Target costing
D) Cost-based pricing

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

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Question 132

Multiple Choice

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Non-branded products that sell below the price of national brands,have very basic packaging,and are backed with little or no advertising are called:

A) universal goods.
B) distributor brands.
C) house brands.
D) generic goods.

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

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Question 133

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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:

Which of the following products would most likely be classified as a specialty good or service?

Fashion experts readily understand the power of ________________.Shortly after Kate Middleton married Prince William,heir to the British throne,throngs of soon-to-be-brides scrambled to find copies of her bridal gown,and also that of her sister Pippa's bridesmaid gown.

Brand names can significantly impact consumer perceptions of a product.

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

The two types of industrial goods are production goods and unsought goods.

Brand loyalty refers to the degree to which customers are satisfied with a brand and are committed to further purchases.

In the new-product development process,product analysis is completed prior to the product screening stage.

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

As reported on NPR online feed: A 1981 self-portrait of celebrated photographer Cindy Sherman sold at a Christie's auction in 2011 for just short of $4 million dollars.According to Christie's,this was the highest price ever received for a photograph in the history of the auction business.As a student of marketing,you would classify this photo and other rare items sold through Christie's as____________.

Since Kazam Cleaners offers home and office cleaning services no different from competitors,the company can not utilize a product differentiation strategy.

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

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.

As a result of increased advertising and well-trained salespeople,packaging is less important than in the past.

Capital items are industrial goods that are expensive and last a long time.

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a:

Chevrolet is an example of a generic name in the automobile market.

Travelwell manufactures and sells luggage and briefcases.Their marketing research indicates that durability is the attribute that consumers most desire in their luggage and briefcases.Travelwell now emphasizes durability in all of their promotional efforts.This strategy is intended to build brand equity.