Question 1

Many supermarkets carry plain packages that only identify the name of the product that is inside. For example, a label may read simply "peaches" or "green beans." These goods represent

Accepted Answer

A)   private labels.
B)   manufacturers' brands.
C)   generic goods.
D)   universal code branding.E) A) and D)
F) None of the above

Question 2

In the long run the market determines what the price will be.

Accepted Answer

A) True 
 B)False

Question 3

The concepts of product lines and product mixes apply to marketers of both products and services.

Accepted Answer

A) True 
 B)False

Question 4

Brand names can significantly impact consumer perceptions of a product.

Accepted Answer

A) True 
 B)False

Question 5

The use of price discounts and coupons may erode the commitment of consumers to brand names.

Accepted Answer

A) True 
 B)False

Question 6

Today, the packaging of products has been given a greater role in product promotion.

Accepted Answer

A) True 
 B)False

Question 7

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

Accepted Answer

A)   an installation.
B)   accessory equipment.
C)   an intermediate good.
D)   a shopping good.E) A) and C)
F) A) and B)

Question 8

Borden, Inc. makes pasta, dairy items, and adhesives. These different types of products are referred to as Borden's

Accepted Answer

A)   product line.
B)   product mix.
C)   product differentiation.
D)   product life cycle.E) C) and D)
F) B) and C)

Question 9

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a

Accepted Answer

A)   total product offer.
B)   product mix.
C)   product differentiation.
D)   product package.E) None of the above
F) All of the above

Question 10

Fashion experts readily understand the power of ________. Shortly after Kate Middleton married Prince William, throngs of soon-to-be-brides scrambled to find copies of her bridal gown, and also that of her sister Pippa's bridesmaid gown.

Accepted Answer

A)   brand equity
B)   brand association
C)   brand awareness
D)   marketing parityE) A) and D)
F) A) and C)

Question 11

Which of the following products would most likely be classified as a specialty good or service?

Accepted Answer

A)   a microwave oven
B)   a limited-edition print signed by the artist
C)   a sports coat, slacks, and tie
D)   a car insurance policyE) A) and B)
F) A) and C)

Question 12

An advertisement for the Xerox Corporation encourages customers to say, "Copy it" rather than "Xerox it." This indicates that Xerox is fearful that its brand name might become a(n)

Accepted Answer

A)   equity name.
B)   generic name.
C)   private brand.
D)   public domain good.E) A) and C)
F) B) and D)

Question 13

Specialty goods are often marketed through specialty magazines.

Accepted Answer

A) True 
 B)False

Question 14

Once a good or service nears the end of its product life cycle, the firm recognizes that

Accepted Answer

A)   it is impossible to revert to an earlier stage of the model.
B)   it can return to an earlier stage through creative marketing.
C)   it will enjoy relatively high profits.
D)   marketing dollars spent now will provide little benefit.E) A) and D)
F) None of the above

Question 15

One of the reasons why companies create the position of brand manager is to

Accepted Answer

A)   have greater control over new-product development and promotion.
B)   cut expenses associated with the marketing of products.
C)   limit the amount of market research expenses products require.
D)   identify and prosecute firms that violate trademark protection.E) None of the above
F) B) and C)

Question 16

________ consist of major capital equipment such as new factories and heavy machinery.

Accepted Answer

A)   Accessory goods
B)   Specialty goods
C)   Installations
D)   Shopping goodsE) All of the above
F) A) and B)

Question 17

Ariel owns a company that markets high-quality office supplies to businesses. She faces stiff competition from larger firms like Staples. Which of the following competitive strategies would probably work best for Ariel?

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 nonprice competition by offering better service with customers and work on building good customer relationships.E) None of the above
F) A) and C)

Question 18

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

Accepted Answer

A) True 
 B)False

Question 19

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.

Accepted Answer

A) True 
 B)False

Question 20

Concept testing involves taking a product idea to consumers to test their reactions.

Accepted Answer

A) True 
 B)False

Exam 14: Developing and Pricing Goods and Services

Specialty goods are often marketed through specialty magazines.

Correct AnswerverifiedShow Answer

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.

Correct AnswerverifiedShow Answer

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a

Correct AnswerverifiedShow Answer

Once a good or service nears the end of its product life cycle, the firm recognizes that

Correct AnswerverifiedShow Answer

One of the reasons why companies create the position of brand manager is to

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

The concepts of product lines and product mixes apply to marketers of both products and services.

Correct AnswerverifiedShow Answer

Brand names can significantly impact consumer perceptions of a product.

Correct AnswerverifiedShow Answer

Which of the following products would most likely be classified as a specialty good or service?

Correct AnswerverifiedShow Answer

Many supermarkets carry plain packages that only identify the name of the product that is inside. For example, a label may read simply "peaches" or "green beans." These goods represent

Correct AnswerverifiedShow Answer

Fashion experts readily understand the power of ________. Shortly after Kate Middleton married Prince William, throngs of soon-to-be-brides scrambled to find copies of her bridal gown, and also that of her sister Pippa's bridesmaid gown.

Correct AnswerverifiedShow Answer

________ consist of major capital equipment such as new factories and heavy machinery.

Correct AnswerverifiedShow Answer

In the long run the market determines what the price will be.

Correct AnswerverifiedShow Answer

Concept testing involves taking a product idea to consumers to test their reactions.

Correct AnswerverifiedShow Answer

An advertisement for the Xerox Corporation encourages customers to say, "Copy it" rather than "Xerox it." This indicates that Xerox is fearful that its brand name might become a(n)

Correct AnswerverifiedShow Answer

Today, the packaging of products has been given a greater role in product promotion.

Correct AnswerverifiedShow Answer

Ariel owns a company that markets high-quality office supplies to businesses. She faces stiff competition from larger firms like Staples. Which of the following competitive strategies would probably work best for Ariel?

Correct AnswerverifiedShow Answer

The use of price discounts and coupons may erode the commitment of consumers to brand names.

Correct AnswerverifiedShow Answer

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

Correct AnswerverifiedShow Answer

Borden, Inc. makes pasta, dairy items, and adhesives. These different types of products are referred to as Borden's

Correct AnswerverifiedShow Answer

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