Question 1

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

Accepted Answer

A) True 
 B)False

Question 2

A knockoff brand is a brand name that has lost its exclusive legal protection.

Accepted Answer

A) True 
 B)False

Question 3

What does a break-even point of 100 units mean to a firm?

Accepted Answer

A)  The firm must sell 100 units to maximize its profits.
B)   Fixed costs plus variable costs equals 100 units.
C)   By producing 100 units, the firm can ensure that variable costs completely cancel its fixed costs.
D)  If the firm sells 100 units, its total revenues will equal its total costs.E) B) and C)
F) B) and D)

Question 4

SnackAttack has found that an effective technique to generate ideas for new consumer products is to carefully listen to employees and suppliers.

Accepted Answer

A) True 
 B)False

Question 5

Interactive Web sites are useful in the commercialization process for new products.

Accepted Answer

A) True 
 B)False

Question 6

Store surroundings are an important part of the total product value package.

Accepted Answer

A) True 
 B)False

Question 7

Paper clips, stationery, and other office supplies used by businesses are types of industrial support goods.

Accepted Answer

A) True 
 B)False

Question 8

A street vendor selling Rolex watches at ridiculously low prices approached Ted. Ted, however, was suspicious that the watches were illegal brands.

Accepted Answer

A)  knockoff
B)   private
C)   generic
D)  look alikeE) A) and D)
F) All of the above

Question 9

The Coca Cola Company produces Diet Coke, Diet Coke with Splenda, and Coke Zero along with a number of other flavors. These products are part of Coke's:

Accepted Answer

A)  product line.
B)   product mix.
C)   product position.
D)  product collection.E) All of the above
F) None of the above

Question 10

The on packages were intended to improve inventory control for businesses.

Accepted Answer

A)  stars and stripes
B)  Universal Product Codes
C)   lightweight adhesives
D)  Unit Standard Inventory barsE) A) and D)
F) B) and C)

Question 11

The combination of product lines offered by a manufacturer is called the firm's:

Accepted Answer

A)  product matrix.
B)  product mix.
C)   total product offer.
D)  product portfolio.E) B) and C)
F) A) and B)

Question 12

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.

Accepted Answer

A)  penetration
B)  non-price competition
C)   industry leader
D)  bundled packageE) None of the above
F) A) and D)

Question 13

From a strategic marketing viewpoint, a total product offer includes all of the tangible attributes of a good or service, and excludes any intangible attributes.

Accepted Answer

A) True 
 B)False

Question 14

Break-even analysis determines profitability of a firm at various levels of sales.

Accepted Answer

A) True 
 B)False

Question 15

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

Accepted Answer

A) True 
 B)False

Question 16

The key to demand-oriented pricing is the recognition that not all producers face the same costs of production.

Accepted Answer

A) True 
 B)False

Question 17

Which of the following refers to how quickly or easily a given brand name comes to mind when a product category is mentioned?

Accepted Answer

A)  brand equity
B)   brand loyalty
C)  brand awareness
D)  brand insistenceE) B) and D)
F) A) and D)

Question 18

One of the reasons why companies create the position of brand manager is to:

Accepted Answer

A)  have greater control over new-product development and promotion.
B)   cut expenses associated with the marketing of products.
C)   limit the amount of market research expenses products required.
D)  identify and prosecute firms that violate trademark protection.E) A) and B)
F) B) and C)

Question 19

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

Accepted Answer

A) True 
 B)False

Question 20

LoRider Wheels sells high quality bicycles and accessories. The store is known for a pleasant environment, friendly salespeople and an excellent service department. All of these elements are part of the offered by LoRider.

Accepted Answer

A)  total product offer
B)   product line
C)   competitive environment
D)  marginal utility packageE) C) and D)
F) A) and D)

Exam 14: Developing and Pricing Goods and Services

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

Correct AnswerverifiedShow Answer

Break-even analysis determines profitability of a firm at various levels of sales.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Interactive Web sites are useful in the commercialization process for new products.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

A knockoff brand is a brand name that has lost its exclusive legal protection.

Correct AnswerverifiedShow Answer

The on packages were intended to improve inventory control for businesses.

Correct AnswerverifiedShow Answer

Which of the following refers to how quickly or easily a given brand name comes to mind when a product category is mentioned?

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

Paper clips, stationery, and other office supplies used by businesses are types of industrial support goods.

Correct AnswerverifiedShow Answer

From a strategic marketing viewpoint, a total product offer includes all of the tangible attributes of a good or service, and excludes any intangible attributes.

Correct AnswerverifiedShow Answer

LoRider Wheels sells high quality bicycles and accessories. The store is known for a pleasant environment, friendly salespeople and an excellent service department. All of these elements are part of the offered by LoRider.

Correct AnswerverifiedShow Answer

Store surroundings are an important part of the total product value package.

Correct AnswerverifiedShow Answer

What does a break-even point of 100 units mean to a firm?

Correct AnswerverifiedShow Answer

The key to demand-oriented pricing is the recognition that not all producers face the same costs of production.

Correct AnswerverifiedShow Answer

SnackAttack has found that an effective technique to generate ideas for new consumer products is to carefully listen to employees and suppliers.

Correct AnswerverifiedShow Answer

One of the reasons why companies create the position of brand manager is to:

Correct AnswerverifiedShow Answer

The Coca Cola Company produces Diet Coke, Diet Coke with Splenda, and Coke Zero along with a number of other flavors. These products are part of Coke's:

Correct AnswerverifiedShow Answer

The combination of product lines offered by a manufacturer is called the firm's:

Correct AnswerverifiedShow Answer

A street vendor selling Rolex watches at ridiculously low prices approached Ted. Ted, however, was suspicious that the watches were illegal brands.

Correct AnswerverifiedShow Answer

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