Into to Business Chapter 14 – Flashcards

Unlock all answers in this set

Unlock answers
question
Which of the following products would most likely be classified as a specialty good or service?
answer
a limited-edition print signed by the artist
question
Once a good or service nears the end of its product life cycle, the firm recognizes that:
answer
it can return to an earlier stage through creative marketing
question
A street vendor selling Rolex watches at ridiculously low prices approached Ted. Ted, however, was suspicious that the watches were illegal ________ brands.
answer
knockoff
question
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?
answer
penetration strategy
question
_________ is an important part of the total product offer for a product.
answer
Packaging
question
As firms develop their marketing mix, it is important to remember that:
answer
regardless of the strategy used, prices ultimately reflect the forces of supply and demand.
question
From the buyer's perspective, which of the following is a benefit of a product with a well known brand name?
answer
quality assurance
question
Firms utilize ________ when they attempt to add value to their product by offering service after the sale, product demonstrations, or interactive customer Web sites.
answer
nonprice competition
question
__________ presents an idea for a new product to potential customers to test their reactions.
answer
Concept testing
question
Soprano Manufacturing acquired several pieces of expensive heavy machinery it intends to use in its operations. As an industrial good, this heavy machinery represents:
answer
an installation.
question
The number of units of a product that must be sold for total revenue to equal total costs is called the:
answer
break-even point.
question
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:
answer
product line.
question
Which of the following is consistent with the introduction stage of the product life cycle?
answer
low profit levels or a potential loss
question
The formula for break-even analysis includes which of the following components?
answer
variable cost per unit of output
question
According to the product life cycle model, sales are expected to peak in the _________ stage.
answer
maturity
question
Products that are used in the production of other goods and services are called ________ goods.
answer
industrial
question
As a product progresses through each stage of the product life cycle, successful marketers recognize that each stage requires:
answer
a different marketing strategy
question
One of the reasons marketers emphasize non-price differences in their competitive strategies is because:
answer
relatively similar products can be enhanced
question
Which of the following statements regarding convenience goods and services is accurate?
answer
Brand awareness and image are important in marketing these products.
question
A competition-based pricing strategy called __________ involves one or more dominant firms establishing the pricing practices that all competitors in an industry follow.
answer
price leadership
question
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:
answer
generic goods
question
When people consider purchasing a good, they:
answer
may evaluate and compare a variety of factors.
question
The evaluation of packaging as a marketing function indicates that:
answer
packaging carries more of the promotional burden of the product.
question
One of the reasons why companies create the position of brand manager is to:
answer
have greater control over new-product development and promotion.
question
Which of the following products would normally be classified as a shopping good or service?
answer
laptop computers
question
Green Giant Green Beans, Chevy Corvette, Coca Cola, Dole Pineapple, and Peter Pan Peanut Butter are all examples of:
answer
manufacturers' brands
question
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.
answer
high-low
question
__________ is the process used to determine the profitability of a product at various levels of sales.
answer
Break-even analysis
question
Location is very important in the marketing of ________ because consumers desire to purchase these goods with a minimum of shopping effort.
answer
convenience goods
question
The strategy of charging prices based on consumer demand rather than cost or a predetermined profit margin represents:
answer
demand-oriented pricing
Get an explanation on any task
Get unstuck with the help of our AI assistant in seconds
New