Question 1

Gourmet Pets hopes to use its special packaging and extensive advertising to create a perception in the minds of consumers that Prime Cuts is a superior product, even though the actual quality of meat used in the product is virtually no different from competing brands. The company is attempting to develop

Accepted Answer

A)   differential segmentation.
B)   cognitive dissonance.
C)   product differentiation.
D)   pioneer marketing.E) All of the above
F) None of the above

Question 2

Which of the following are products consumers buy after comparing quality, price, and style from a variety of sellers?

Accepted Answer

A)   shopping goods
B)   specialty goods
C)   convenience goods
D)   unsought goodsE) None of the above
F) All of the above

Question 3

Successful marketers attempt to think like consumers and evaluate the total product offer as a collection of impressions created by all parts of the value package.

Accepted Answer

A) True 
 B)False

Question 4

Product screening is designed to

Accepted Answer

A)   shorten the product life cycle.
B)   reduce the number of new-product ideas being worked on at any one time.
C)   reduce the time involved in new-product development.
D)   move production to low-wage countries.E) A) and D)
F) B) and C)

Question 5

Successful firms maintain consistency in their marketing mix strategies throughout the product life cycle.

Accepted Answer

A) True 
 B)False

Question 6

Marshall Manufacturing acquired several pieces of expensive heavy machinery it intends to use in its operations. As an industrial good, this heavy machinery represents

Accepted Answer

A)   an installation.
B)   accessory equipment.
C)   an intermediate good.
D)   a shopping good.E) A) and C)
F) A) and D)

Question 7

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 B)
F) C) and D)

Question 8

Prime Cuts was the brainchild of Karen Terrier who guided all the marketing efforts of the product. She selected each element of the marketing mix such as the package, brand name, pricing, promotion, and placement decisions. Karen obviously serves in the job of

Accepted Answer

A)   marketing consultant.
B)   brand manager.
C)   operations analyst.
D)   marketing intermediary.E) C) and D)
F) None of the above

Question 9

Firms should listen to their suppliers for new-product ideas.

Accepted Answer

A) True 
 B)False

Question 10

Brand names help sellers with new-product introductions and create an opportunity for higher prices.

Accepted Answer

A) True 
 B)False

Question 11

Attracting attention, describing contents, explaining benefits, and identifying the uses of a product are all functions of

Accepted Answer

A)   target marketing.
B)   UPCs.
C)   packaging.
D)   market segmentation.E) C) and D)
F) B) and C)

Question 12

Computers, copiers, and fax machines used by businesses would be classified as

Accepted Answer

A)   installations.
B)   shopping goods.
C)   specialty goods.
D)   accessory equipment.E) C) and D)
F) A) and B)

Question 13

Which of the following is a relevant criterion for the product screening process?

Accepted Answer

A)   sales forecasts for the product
B)   production capacity of competitors
C)   profit potential
D)   the stage of the product life cycleE) None of the above
F) All of the above

Question 14

Which of the following statements about nonprice competition is most accurate?

Accepted Answer

A)   While still important, nonprice competition is becoming less critical as a result of the Internet.
B)   Marketers often rely on nonprice differences in their competitive strategy to enhance a relatively homogeneous product.
C)   Nonprice competition is much more important to large firms than it is to small firms.
D)   As microeconomic theory suggests, firms have found that nonprice competition plays a secondary role that supplements the more important competition based on price.E) B) and D)
F) None of the above

Question 15

Today, the packaging of products has been given a greater role in product promotion.

Accepted Answer

A) True 
 B)False

Question 16

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

Accepted Answer

A)   product matrix
B)   product line
C)   product mix
D)   total product offerE) A) and B)
F) A) and C)

Question 17

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

Accepted Answer

A)   association.
B)   tie-ins.
C)   insistence.
D)   preference.E) A) and B)
F) B) and D)

Question 18

When consumers reach the point of brand ________, the product becomes a specialty good.

Accepted Answer

A)   association
B)   desire
C)   awareness
D)   insistenceE) None of the above
F) B) and D)

Question 19

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) None of the above
F) A) and B)

Question 20

Most consumers view specialty goods as having a variety of acceptable substitutes.

Accepted Answer

A) True 
 B)False

Exam 14: Developing and Pricing Goods and Services

Marshall Manufacturing acquired several pieces of expensive heavy machinery it intends to use in its operations. As an industrial good, this heavy machinery represents

Correct Answer
verified

Successful marketers attempt to think like consumers and evaluate the total product offer as a collection of impressions created by all parts of the value package.

Correct Answer
verified

Which of the following statements about nonprice competition is most accurate?

Correct Answer
verified

Product screening is designed to

Correct Answer
verified

When consumers reach the point of brand ________, the product becomes a specialty good.

Correct Answer
verified

Successful firms maintain consistency in their marketing mix strategies throughout the product life cycle.

Correct Answer
verified

Computers, copiers, and fax machines used by businesses would be classified as

Correct Answer
verified

Prime Cuts was the brainchild of Karen Terrier who guided all the marketing efforts of the product. She selected each element of the marketing mix such as the package, brand name, pricing, promotion, and placement decisions. Karen obviously serves in the job of

Correct Answer
verified

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

Correct Answer
verified

Brand names help sellers with new-product introductions and create an opportunity for higher prices.

Correct Answer
verified

Today, the packaging of products has been given a greater role in product promotion.

Correct Answer
verified

When people consider purchasing a good, they

Correct Answer
verified

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

Correct Answer
verified

Which of the following are products consumers buy after comparing quality, price, and style from a variety of sellers?

Correct Answer
verified

Firms should listen to their suppliers for new-product ideas.

Correct Answer
verified

Most consumers view specialty goods as having a variety of acceptable substitutes.

Correct Answer
verified

Correct Answer
verified

The greatest source of ideas for new products is

Correct Answer
verified

Which of the following is a relevant criterion for the product screening process?

Correct Answer
verified

Attracting attention, describing contents, explaining benefits, and identifying the uses of a product are all functions of

Correct Answer
verified

Exam 14: Developing and Pricing Goods and Services

Marshall Manufacturing acquired several pieces of expensive heavy machinery it intends to use in its operations. As an industrial good, this heavy machinery represents

Correct AnswerverifiedShow Answer

Successful marketers attempt to think like consumers and evaluate the total product offer as a collection of impressions created by all parts of the value package.

Correct AnswerverifiedShow Answer

Which of the following statements about nonprice competition is most accurate?

Correct AnswerverifiedShow Answer

Product screening is designed to

Correct AnswerverifiedShow Answer

When consumers reach the point of brand ________, the product becomes a specialty good.

Correct AnswerverifiedShow Answer

Successful firms maintain consistency in their marketing mix strategies throughout the product life cycle.

Correct AnswerverifiedShow Answer

Computers, copiers, and fax machines used by businesses would be classified as

Correct AnswerverifiedShow Answer

Prime Cuts was the brainchild of Karen Terrier who guided all the marketing efforts of the product. She selected each element of the marketing mix such as the package, brand name, pricing, promotion, and placement decisions. Karen obviously serves in the job of

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Brand names help sellers with new-product introductions and create an opportunity for higher prices.

Correct AnswerverifiedShow Answer

Today, the packaging of products has been given a greater role in product promotion.

Correct AnswerverifiedShow Answer

When people consider purchasing a good, they

Correct AnswerverifiedShow Answer

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market?

Correct AnswerverifiedShow Answer

Which of the following are products consumers buy after comparing quality, price, and style from a variety of sellers?

Correct AnswerverifiedShow Answer

Firms should listen to their suppliers for new-product ideas.

Correct AnswerverifiedShow Answer

Most consumers view specialty goods as having a variety of acceptable substitutes.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

The greatest source of ideas for new products is

Correct AnswerverifiedShow Answer

Which of the following is a relevant criterion for the product screening process?

Correct AnswerverifiedShow Answer

Attracting attention, describing contents, explaining benefits, and identifying the uses of a product are all functions of

Correct AnswerverifiedShow Answer

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