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Exam 14: Developing and Pricing Goods and Services

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Question 21

Multiple Choice

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"I Can't Believe That It's Medicine" is an advertising slogan for a new antacid.The manufacturer claims that their antacid works faster and tastes better than any competing brand.These claims are part of the firm's strategy to achieve:

A) deceptive marketing recognition.
B) the creation of knockoff products.
C) new-product development.
D) product differentiation.

E) None of the above
F) A) and B)

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Question 22

Multiple Choice

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In evaluating colleges,students and parents are likely to judge a school:

A) strictly on the basis of major curriculums offered.
B) based on the tuition.
C) by the collection of benefits offered by the school.
D) on the anticipated rate of return on their tuition investment.

E) B) and C)
F) None of the above

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Question 23

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Firms should listen to their suppliers for new-product ideas.

In the Reaching beyond Our Borders box in the chapter,Don Johnson,owner of gourmet chocolate company Choco-Logo,found out that in his market:

Knowledge of the product life cycle model can help firms develop marketing strategies and anticipate market changes.

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

_______ costs are those costs that increase as the level of production increases.

The Procter & Gamble Company is a major producer of bar soaps.In fact,Procter & Gamble produces Ivory,Camay,Lava,Safeguard,Zest,and Coast bar soaps that all claim a variety of benefits.These products are part of Procter & Gamble's __________ in bar soaps.

Nailerman's Hardware is a large chain of hardware stores that sells a line of tools under the Nailerman brand even though they were actually produced by another firm.Since the products are actually produced by another firm,using the Nailerman brand is an example of a knockoff brand.

Some goods can be classified as either consumer goods or as industrial goods.

The characteristics of specialty goods restrict their effective sale over the Internet.

While some products remain in the introductory stage of the product life cycle for years,other products may go through the entire cycle in a few months.

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

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.

Packaging is an important part of the total product offer.

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

One function of effective packaging is to protect the goods inside during handling and storage,as well as deter product tampering and theft.

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

Soprano Manufacturing acquired several pieces of expensive heavy machinery it intends to use in its operations.As an industrial good,this heavy machinery represents:

New-product commercialization includes promoting the product to distributors and retailers as well as developing strong advertising and sales campaigns.