Question 1

Which of the following products would most likely be classified as a specialty good or service?

Accepted Answer

a limited-edition print signed by the artist

Question 2

Once a good or service nears the end of its product life cycle, the firm recognizes that:

Accepted Answer

it can return to an earlier stage through creative marketing

Question 3

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

Accepted Answer

knockoff

Question 4

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

penetration strategy

Question 5

_________ is an important part of the total product offer for a product.

Accepted Answer

Packaging

Question 6

As firms develop their marketing mix, it is important to remember that:

Accepted Answer

regardless of the strategy used, prices ultimately reflect the forces of supply and demand.

Question 7

From the buyer\'s perspective, which of the following is a benefit of a product with a well known brand name?

Accepted Answer

quality assurance

Question 8

Firms utilize ________ when they attempt to add value to their product by offering service after the sale, product demonstrations, or interactive customer Web sites.

Accepted Answer

nonprice competition

Question 9

__________ presents an idea for a new product to potential customers to test their reactions.

Accepted Answer

Concept testing

Question 10

Soprano 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

an installation.

Question 11

The number of units of a product that must be sold for total revenue to equal total costs is called the:

Accepted Answer

break-even point.

Question 12

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

product line.

Question 13

Which of the following is consistent with the introduction stage of the product life cycle?

Accepted Answer

low profit levels or a potential loss

Question 14

The formula for break-even analysis includes which of the following components?

Accepted Answer

variable cost per unit of output

Question 15

According to the product life cycle model, sales are expected to peak in the _________ stage.

Accepted Answer

maturity

Question 16

Products that are used in the production of other goods and services are called ________ goods.

Accepted Answer

industrial

Question 17

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

Accepted Answer

a different marketing strategy

Question 18

One of the reasons marketers emphasize non-price differences in their competitive strategies is because:

Accepted Answer

relatively similar products can be enhanced

Question 19

Which of the following statements regarding convenience goods and services is accurate?

Accepted Answer

Brand awareness and image are important in marketing these products.

Question 20

A competition-based pricing strategy called __________ involves one or more dominant firms establishing the pricing practices that all competitors in an industry follow.

Accepted Answer

price leadership

Question 21

Many supermarkets carry plain packages that only identify the name of the product that is inside. For example, a label may read simply \"peaches\" or \"green beans.\" These goods represent:

Accepted Answer

generic goods

Question 22

When people consider purchasing a good, they:

Accepted Answer

may evaluate and compare a variety of factors.

Question 23

The evaluation of packaging as a marketing function indicates that:

Accepted Answer

packaging carries more of the promotional burden of the product.

Question 24

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

Accepted Answer

have greater control over new-product development and promotion.

Question 25

Which of the following products would normally be classified as a shopping good or service?

Accepted Answer

laptop computers

Question 26

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

Accepted Answer

manufacturers\' brands

Question 27

Department stores often use _________ pricing in which they have regular prices which are relatively high, but offer special sales where prices are set lower than competitors.

Accepted Answer

high-low

Question 28

__________ is the process used to determine the profitability of a product at various levels of sales.

Accepted Answer

Break-even analysis

Question 29

Location is very important in the marketing of ________ because consumers desire to purchase these goods with a minimum of shopping effort.

Accepted Answer

convenience goods

Question 30

The strategy of charging prices based on consumer demand rather than cost or a predetermined profit margin represents:

Accepted Answer

demand-oriented pricing

Into to Business Chapter 14 – Flashcards

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