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Exam 14: Developing and Pricing Goods and Services

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Question 31

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While service providers offer product lines,they are unable to offer product mixes.

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Question 32

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"If you create a better mouse trap,the world will beat a path to your door." This statement ignores the need for which step in the new-product development process?

A) Commercialization
B) Screening
C) Idea generation
D) Development

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Question 33

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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:

As the Internet grows in popularity,it is likely that more firms will adopt a high-low pricing strategy.

The benefits provided by a brand name for a buyer include reduced search time,prestige,and quality assurance.

At Isuzu's Appliance Store,all new products are offered with an extended service contract,as well as free delivery and installation.By offering these value enhancers,Isuzu's has added to their total product offer.

The job performed by brand managers:

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?

Mini-Case Gourmet Pets is an innovative competitor in the billion-dollar pet food industry.In fact,two of its products,Kitty Sirloin and McDog T-bone,each claim over a 30% share in their market segments.The company has done detailed research and discovered that,for a growing number of pet owners,the family pet serves as a "baby substitute." These owners tend to pamper their pets,and are very discriminating in what they purchase.With this in mind,the company has put a great deal of effort into developing a new dog food: Prime Cuts.The new product is packaged in a resealable,microwaveable container and can be purchased in a variety of flavors (including Western BBQ,Teriyaki,Australian Outback,and Hickory Smoked. ) Gourmet Pets promotes the product as far superior to "average" dog foods,even though the quality of meat and nutrient content of the food is virtually identical to many other brands.The company faces no competition in this market segment so it plans to charge a high price for the product. -The company currently markets McDog T-bone,Lapdog Lunchtreats,Rover's Potroast,and Puppy Porterhouse in the dog food market.Prime Cuts will be an addition to the company's ___________ in the dog food market.

Anheuser-Busch/In Bev Company,Inc.has been given the exclusive right to the name Budweiser and is legally protected from others using this name by the __________ they hold.

As a promotional strategy,advertising is more important in the marketing of industrial goods than it is in the marketing of consumer goods.

Virtual Electronics is considering a strategy to charge a very high introductory price for their automobile video theater.After identifying that their rival firms did not carry this new product,they chose this pricing strategy to achieve maximum profits.Virtual Electronics has chosen a ________ strategy.

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

Paper clips,stationery,and other office supplies used by businesses are types of industrial support goods.

The rent a firm pays each month for office space is an example of a(n) :

Whole grain breads,bagels,bread sticks,sandwiches,soup,and pastries are products that would be included in the product mix of El Trovodor's Bread Company.

While the Universal Product Code (UPC)improves efficiency at the retail check-out counter,it has increased problems in controlling inventory.

The purpose of a brand name is to establish an image of generic goods or services.

Which of the following is a potential problem with a high-low pricing strategy?

A competition-based pricing strategy called __________ involves one or more dominant firms establishing the pricing practices that all competitors in an industry follow.