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Exam 14: Developing and Pricing Goods and Services

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Question 111

True/False

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

A) True
B) False

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Question 112

Multiple Choice

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

A) association
B) loyalty
C) awareness
D) insistence

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

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Question 113

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The cost of raw materials used to produce a good or service represent the firm's costs.

Borden, Inc. makes pasta, dairy items, and adhesives. These different types of products are referred to as Borden's:

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

Webster Industries is one of the first producers of a unique consumer product. The company has chosen a low price strategy, hoping this will enable them to quickly attract many customers while discouraging potential competitors from entering the market. Webster's approach to pricing is a classic example of the skimming strategy.

New-product commercialization includes promoting the product to distributors and retailers as well as developing strong advertising and sales campaigns.

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

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

Knowledge of the product life cycle model can help firms develop marketing strategies and anticipate market changes.

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

Whole grain breads, bagels, bread sticks, sandwiches, soup, and pastries are products that would be included in the product mix of El Trovodor's Bread Company.

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.

During the stage of the product life cycle sales reach a peak, profits are declining, and the number of competitors starts to decrease.

Successful firms coordinate pricing objective strategies with decisions regarding product design, packaging, branding, distribution, and promotion.

Brand refers to the loyalty, perceived quality, and emotions people associate with a given brand name.

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

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

is the stage of new product development that involves promoting a product to distributors, and developing advertising and sales campaigns in order to generate and maintain consumer interest.

Felicia wants to know how many units she must sell to cover all of her costs. She indicates to you that her selling price is $20 per unit, her fixed costs are $6,000, and the variable costs per unit are $15. What is her break-even point?