Question 1

Packaging is an important part of the total product offer.

Accepted Answer

A) True 
 B)False

Question 2

A high-low pricing strategy may condition consumers to avoid paying the regular prices by waiting for sale prices.

Accepted Answer

A) True 
 B)False

Question 3

One function of effective packaging is to protect the goods inside during handling and storage,as well as deter product tampering and theft.

Accepted Answer

A) True 
 B)False

Question 4

A long-run pricing objective of almost all firms is to optimize profit.

Accepted Answer

A) True 
 B)False

Question 5

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

Question 6

Target costing is a cost-based pricing strategy.

Accepted Answer

A) True 
 B)False

Question 7

One function of effective packaging is to attract the attention of consumers.

Accepted Answer

A) True 
 B)False

Question 8

From a marketing management perspective,what is the meaning of a total product offer? What are the important elements in the total product offer of your college or university?

Accepted Answer

A total product offer consists of everyt...

Question 9

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

Accepted Answer

A) True 
 B)False

Question 10

Price,appearance,and reputation can influence a consumer's perceptions of quality.

Accepted Answer

A) True 
 B)False

Question 11

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 12

Phil asks you to calculate the break-even point for his firm.You respond that you will need the following information:

Accepted Answer

A)   the values for all assets and liabilities.
B)   total fixed costs,selling price per unit,and variable costs per unit.
C)   forecasted sales volume,operating expenses,and asset values.
D)   sales revenue and total liabilities.E) All of the above
F) None of the above

Question 13

When people consider purchasing a good,they:

Accepted Answer

A)   are responding to the market forces of supply and demand.
B)   are most influenced by the price of the product or service.
C)   will not consider goods that require them to make a special effort to purchase.
D)   may evaluate and compare a variety of factors.E) B) and D)
F) A) and D)

Question 14

The product life cycle presents a theoretical model describing what happens to sales and profits for a class of products over time.

Accepted Answer

A) True 
 B)False

Question 15

Karen is a collector of fine art,particularly paintings.She has been looking for an original Lady Molly painting for months and has said that she is willing to go to extraordinary efforts to acquire this painting for her collection.Clearly this painting represents a __________ good for Karen.

Accepted Answer

A)   shopping
B)   specialty
C)   unsought
D)   luxuryE) A) and B)
F) A) and C)

Question 16

Nailerman's Hardware is a large chain of hardware stores that sells a line of tools under the Nailerman brand even though they were actually produced by another firm.Since the products are actually produced by another firm,using the Nailerman brand is an example of a knockoff brand.

Accepted Answer

A) True 
 B)False

Question 17

Which stage of the product life cycle is characterized by rapidly rising sales,very high profit levels,and a growing number of competitors?

Accepted Answer

A)   Growth
B)   Maturity
C)   Saturation
D)   DeclineE) C) and D)
F) B) and D)

Question 18

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 D)
F) None of the above

Question 19

One common way of classifying consumer goods is based on consumer purchasing behavior.

Accepted Answer

A) True 
 B)False

Question 20

Which of the following represents a pricing strategy that establishes a low price in hopes of attracting a great number of customers and attempts to discourage competitors?

Accepted Answer

A)   penetration strategy
B)   odd-even pricing strategy
C)   skimming strategy
D)   price lining strategyE) All of the above
F) None of the above

Exam 14: Developing and Pricing Goods and Services

Karen is a collector of fine art,particularly paintings.She has been looking for an original Lady Molly painting for months and has said that she is willing to go to extraordinary efforts to acquire this painting for her collection.Clearly this painting represents a __________ good for Karen.

Correct AnswerverifiedShow Answer

One common way of classifying consumer goods is based on consumer purchasing behavior.

Correct AnswerverifiedShow Answer

Which stage of the product life cycle is characterized by rapidly rising sales,very high profit levels,and a growing number of competitors?

Correct AnswerverifiedShow Answer

One function of effective packaging is to attract the attention of consumers.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Price,appearance,and reputation can influence a consumer's perceptions of quality.

Correct AnswerverifiedShow Answer

The greatest source of ideas for new products is:

Correct AnswerverifiedShow Answer

A high-low pricing strategy may condition consumers to avoid paying the regular prices by waiting for sale prices.

Correct AnswerverifiedShow Answer

Target costing is a cost-based pricing strategy.

Correct AnswerverifiedShow Answer

Phil asks you to calculate the break-even point for his firm.You respond that you will need the following information:

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

From a marketing management perspective,what is the meaning of a total product offer? What are the important elements in the total product offer of your college or university?

Correct AnswerverifiedA total product offer consists of everyt...View AnswerShow Answer

The product life cycle presents a theoretical model describing what happens to sales and profits for a class of products over time.

Correct AnswerverifiedShow Answer

Which of the following represents a pricing strategy that establishes a low price in hopes of attracting a great number of customers and attempts to discourage competitors?

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

One function of effective packaging is to protect the goods inside during handling and storage,as well as deter product tampering and theft.

Correct AnswerverifiedShow Answer

When people consider purchasing a good,they:

Correct AnswerverifiedShow Answer

Nailerman's Hardware is a large chain of hardware stores that sells a line of tools under the Nailerman brand even though they were actually produced by another firm.Since the products are actually produced by another firm,using the Nailerman brand is an example of a knockoff brand.

Correct AnswerverifiedShow Answer

A long-run pricing objective of almost all firms is to optimize profit.

Correct AnswerverifiedShow Answer

Packaging is an important part of the total product offer.

Correct AnswerverifiedShow Answer

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A total product offer consists of everyt...
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