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Exam 14: Developing and Pricing Goods and Services

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Question 81

Multiple Choice

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Epic Electronics' promotional efforts are intended to increase the public's awareness of its new product's benefits and uses. This effort is consistent with the ________ stage of the product life cycle model.

A) introduction
B) growth
C) maturity
D) decline

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

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Question 82

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A penetration strategy calls for a firm to charge low prices with the intent of attracting a large number of customers and discouraging competition.

A) True
B) False

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Question 83

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Small firms often rely on nonprice competition when competing against larger firms.

Once an organization surveys the consumer's wants and needs, has designed a group of products to meet those needs, and begun to market them in stores, the organization is assured of success.

Admiral Motors is the dominant firm in the auto market. When Admiral announces an increase in the prices of its automobiles, Chord and Frysler, the smaller firms in the market usually quickly announce similar price increases for their own cars. This situation is an example of demand-oriented pricing.

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

Many products are promoted by emphasizing their key benefits, rather than setting the price lower than that of competitive goods. This emphasis on the product's benefits illustrates a(n) ________ strategy.

The purpose of a brand name is to establish an image of generic goods or services.

As more sales move to online retailers, it is likely that firms will adopt a high-low pricing strategy.

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

Haruto, owner and operator of a sushi bar, is working on a break-even analysis. His fixed costs would include rent, insurance, and property taxes.

The greatest source of ideas for new products is

A single product line may contain several competing brands.

Brand managers are responsible for the marketing of a product after it has been developed and a clear promotional message has been identified.

The term product line describes the combination of product mixes offered by a manufacturer.

Jackson is the owner of a small pizzeria and draws a variety of competition-from other local restaurants offering pizza to the large national chains. The small size of Jackson's business prevents him from successfully utilizing a product differentiation strategy.

A firm's product line refers to all of the different geographic markets in which it sells the same good or service.

As a product progresses through each stage of the product life cycle, successful marketers recognize that each stage requires

Industrial goods and services are used to produce other products.

Successful marketing of convenience and specialty goods require different marketing mixes.