Question 1

Accessory equipment consists of capital items that cost less and are shorter lived than installation items.

Accepted Answer

A) True 
 B)False

Question 2

The two types of industrial goods are production goods and unsought goods.

Accepted Answer

A) True 
 B)False

Question 3

The brand names that are used by producers that distribute products nationally are called:

Accepted Answer

A)  manufacturers' brand names.
B)  product category brands.
C)  generic brand names.
D)  universal brand names.E) A) and B)
F) A) and D)

Question 4

The evaluation of packaging as a marketing function indicates that:

Accepted Answer

A)  the package is less important as the Internet provides consumers with easily obtained information.
B)  packaging carries more of the promotional burden of the product.
C)  consumers are influenced less by packaging.
D)  the primary purpose of packaging is to limit the product liability of businesses.E) A) and D)
F) A) and B)

Question 5

Capital items are industrial goods that are expensive and last a long time.

Accepted Answer

A) True 
 B)False

Question 6

The cost of raw materials used to produce a good or service represent the firm's ________ costs.

Accepted Answer

A)  fixed
B)  variable
C)  mixed
D)  uncontrollableE) A) and B)
F) A) and C)

Question 7

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?

Accepted Answer

A total product offer consists of everyt...

Question 8

The purpose of break-even analysis is to determine the lowest price a firm can charge and still be able to cover its costs of production.

Accepted Answer

A) True 
 B)False

Question 9

Despite the fact that microeconomic theory places a great deal of emphasis on price,marketers often try to find ways to compete on product attributes other than price.

Accepted Answer

A) True 
 B)False

Question 10

Total fixed costs are those costs that change when the volume of production changes.

Accepted Answer

A) True 
 B)False

Question 11

Webster Industries is one of the first producers of a unique consumer product.The company has chosen a low price strategy,hoping this will enable them to quickly attract many customers while discouraging potential competitors from entering the market.Webster's approach to pricing is a classic example of the skimming strategy.

Accepted Answer

A) True 
 B)False

Question 12

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

Accepted Answer

A)  consumers aren't concerned about prices.
B)  these methods have no impact on the cost of production.
C)  non-price differences are tax deductible.
D)  relatively similar products can be enhanced.E) A) and C)
F) A) and D)

Question 13

Buccaneer Industries manufactures and markets expensive industrial cranes.This long lasting heavy equipment would be classified as a(n) __________ good.

Accepted Answer

A)  specialty
B)  capital
C)  accessory
D)  consumerE) A) and B)
F) A) and C)

Question 14

Which of the following strategies establishes a price based on the actions of rival firms?

Accepted Answer

A)  competition-based pricing
B)  cost-based pricing
C)  demand collection system
D)  bundlingE) All of the above
F) B) and D)

Question 15

Sales of generic products are decreasing because consumers prefer the higher quality of the nationally known brands.

Accepted Answer

A) True 
 B)False

Question 16

For most firms,price competition is the most important way to gain a competitive advantage over rivals.

Accepted Answer

A) True 
 B)False

Question 17

Angie owns a small company that markets high quality office supplies to businesses.Angie faces stiff competition from some much larger firms like Office Depot.Which of the following competitive strategies would probably work best for Angie?

Accepted Answer

A)  Keep costs as low as possible by offering a no frills approach with little or no extra services.
B)  Develop a skimming pricing strategy.
C)  Utilize a high-low approach to pricing with a higher break-even point.
D)  Focus on non-price competition by offering better service with customers and work on building good customer relationships.E) B) and D)
F) B) and C)

Question 18

Currently,which of the following products would most likely be considered in the growth stage of the product life cycle?

Accepted Answer

A)  VCRs
B)  Welch's grape jelly
C)  HDTV (High-Definition TV) 
D)  Camel filtered cigarettesE) A) and D)
F) A) and B)

Question 19

Once an organization surveys the consumer's wants and needs,has designed a group of products to meet those needs,and begun to market them in stores,the organization is assured of success.

Accepted Answer

A) True 
 B)False

Question 20

Changes in packaging can transform the product in the minds of consumers and open larger market opportunities.

Accepted Answer

A) True 
 B)False

Exam 14: Developing and Pricing Goods and Services

The two types of industrial goods are production goods and unsought goods.

Correct Answer
verified

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?

Correct Answer
verified
A total product offer consists of everyt...
View Answer

Buccaneer Industries manufactures and markets expensive industrial cranes.This long lasting heavy equipment would be classified as a(n) __________ good.

Correct Answer
verified

Angie owns a small company that markets high quality office supplies to businesses.Angie faces stiff competition from some much larger firms like Office Depot.Which of the following competitive strategies would probably work best for Angie?

Correct Answer
verified

Total fixed costs are those costs that change when the volume of production changes.

Correct Answer
verified

The evaluation of packaging as a marketing function indicates that:

Correct Answer
verified

Changes in packaging can transform the product in the minds of consumers and open larger market opportunities.

Correct Answer
verified

Currently,which of the following products would most likely be considered in the growth stage of the product life cycle?

Correct Answer
verified

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

Correct Answer
verified

The brand names that are used by producers that distribute products nationally are called:

Correct Answer
verified

Accessory equipment consists of capital items that cost less and are shorter lived than installation items.

Correct Answer
verified

Correct Answer
verified

Capital items are industrial goods that are expensive and last a long time.

Correct Answer
verified

For most firms,price competition is the most important way to gain a competitive advantage over rivals.

Correct Answer
verified

Sales of generic products are decreasing because consumers prefer the higher quality of the nationally known brands.

Correct Answer
verified

The purpose of break-even analysis is to determine the lowest price a firm can charge and still be able to cover its costs of production.

Correct Answer
verified

Once an organization surveys the consumer's wants and needs,has designed a group of products to meet those needs,and begun to market them in stores,the organization is assured of success.

Correct Answer
verified

Despite the fact that microeconomic theory places a great deal of emphasis on price,marketers often try to find ways to compete on product attributes other than price.

Correct Answer
verified

The cost of raw materials used to produce a good or service represent the firm's ________ costs.

Correct Answer
verified

Which of the following strategies establishes a price based on the actions of rival firms?

Correct Answer
verified

Exam 14: Developing and Pricing Goods and Services

The two types of industrial goods are production goods and unsought goods.

Correct AnswerverifiedShow Answer

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?

Correct AnswerverifiedA total product offer consists of everyt...View AnswerShow Answer

Buccaneer Industries manufactures and markets expensive industrial cranes.This long lasting heavy equipment would be classified as a(n) __________ good.

Correct AnswerverifiedShow Answer

Angie owns a small company that markets high quality office supplies to businesses.Angie faces stiff competition from some much larger firms like Office Depot.Which of the following competitive strategies would probably work best for Angie?

Correct AnswerverifiedShow Answer

Total fixed costs are those costs that change when the volume of production changes.

Correct AnswerverifiedShow Answer

The evaluation of packaging as a marketing function indicates that:

Correct AnswerverifiedShow Answer

Changes in packaging can transform the product in the minds of consumers and open larger market opportunities.

Correct AnswerverifiedShow Answer

Currently,which of the following products would most likely be considered in the growth stage of the product life cycle?

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The brand names that are used by producers that distribute products nationally are called:

Correct AnswerverifiedShow Answer

Accessory equipment consists of capital items that cost less and are shorter lived than installation items.

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Capital items are industrial goods that are expensive and last a long time.

Correct AnswerverifiedShow Answer

For most firms,price competition is the most important way to gain a competitive advantage over rivals.

Correct AnswerverifiedShow Answer

Sales of generic products are decreasing because consumers prefer the higher quality of the nationally known brands.

Correct AnswerverifiedShow Answer

The purpose of break-even analysis is to determine the lowest price a firm can charge and still be able to cover its costs of production.

Correct AnswerverifiedShow Answer

Once an organization surveys the consumer's wants and needs,has designed a group of products to meet those needs,and begun to market them in stores,the organization is assured of success.

Correct AnswerverifiedShow Answer

Despite the fact that microeconomic theory places a great deal of emphasis on price,marketers often try to find ways to compete on product attributes other than price.

Correct AnswerverifiedShow Answer

The cost of raw materials used to produce a good or service represent the firm's ________ costs.

Correct AnswerverifiedShow Answer

Which of the following strategies establishes a price based on the actions of rival firms?

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified
A total product offer consists of everyt...
View Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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