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Exam 14: Developing and Pricing Goods and Services

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Question 101

Multiple Choice

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The Spotlight on Small Business box showed us that as time passes, marketing plans should be reevaluated and:

A) successful products need a complete redesign.
B) no product changes should occur.
C) product lines should be abandoned.
D) product mixes expanded.

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Question 102

Multiple Choice

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Shopping online allows customers to compare prices of many goods and services. This technology will likely:

A) cause businesses to increase their focus on nonprice aspects of their promotional message.
B) bring about more emphasis on demand-oriented pricing.
C) diminish in importance as quickly as other fads.
D) focus government attention on the collusive pricing practices of firms in specific industries.

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Question 103

Multiple Choice

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At the break-even point:

Comet Computer Company will make a splash with psychedelic laptop cover designs scheduled for release next year. The computers do not reveal any other feature differences from what Comet currently offers. This effort is an example of using ______________ to differentiate a product as new.

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

The degree to which customers are satisfied and are committed to future purchases of a desired brand is called:

A self-portrait of a celebrated photographer sold at a Christie's auction for about $4 million dollars. According to Christie's, this was the highest price ever received for a photograph in the history of the auction business. As a student of marketing, you would classify this photo and other rare items sold through Christie's as____________.

Marketers use pricing, advertising, and packaging to differentiate their products from competitors' products even when actual differences are quite small.

In the new-product development process, product analysis is completed prior to the product screening stage.

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

A leading cause of new-product failure is:

Successful firms coordinate pricing objective strategies with decisions regarding product design, packaging, branding, distribution, and promotion.

Which of the following represents a pricing strategy that establishes a low price in hopes of attracting a great number of customers and discouraging competitors?

Price, store surroundings, service, and brand name are all elements that consumers evaluate in a total product offer.

From a strategic marketing viewpoint, a total product offer includes all of the tangible attributes of a good or service, and excludes any intangible attributes.

Thigpen Equipment Company sells used heavy construction equipment such as bulldozers and cranes. Thigpen's products represent examples of an accessory equipment industrial good.

Miranda is a marketing manager for a large manufacturer. Her boss has asked her to evaluate a new-product idea. One of the things Miranda wants to determine is how much of this product her firm would have to sell in order to break even. In order to compute this break-even level of sales, she will need to know the price of the good, the total fixed costs, and variable cost of producing each unit.

Interactive websites are useful in the commercialization process for new products.

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?

Unsought goods and services are purchased on impulse and provide no added value to consumers.