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Exam 14: Developing and Pricing Goods and Services

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Question 51

True/False

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Budd's Floral Shoppe is located in a large town that has several other florists. The owner, Rose Budd, is likely to find that the presence of many larger competitors means that the only way she can survive is to charge rock-bottom prices.

A) True
B) False

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Question 52

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In order to achieve a social objective, firms use low prices to enable people with low incomes to buy their product.

A) True
B) False

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Question 53

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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?

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

While packaging innovations benefit the consumer, they have vastly increased the workload of retailers.

The legal protection offered to an established brand name prevents that name from being used as a generic name for a product.

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.

Pricing is:

Although their names are similar, brand loyalty and brand equity are unrelated.

Discuss the role of packaging in a firm's total product offer.

The best strategy for brand name manufacturers to respond to the challenge of generic goods is to use price discounts and coupons to price their products more aggressively.

From a marketing management perspective, what is the meaning of a total product offer? What are the important elements in the total product offer of your college or university?

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:

A high-low pricing strategy may condition consumers to avoid paying the regular prices by waiting for sale prices.

Folgers's ____________ allows customers to easily identify this product from other coffee products.

Most manufacturers hope that their brand names will become a generic name.

Dewy, Cheatem, and Howe's 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.

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.

Stella strongly prefers a specific brand of gourmet coffee. Because there is only one store in her area that sells this brand, she makes an extra effort to purchase this item. Stella's purchasing behavior indicates for her this product is a specialty good.

Manufacturers' brands carry the brand name of the producers that distribute the products nationally.