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Exam 14: Developing and Pricing Goods and Services

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Question 161

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The four stages in the product life cycle are introduction, market, exchange, and disposal.

A) True
B) False

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Question 162

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Nicola works as a manager at Marshall Manufacturing. The innovative staff at the company is regularly encouraged to suggest ideas for new products. Since Nicola works in product screening, she

A) gives the final approval for the commercialization of new products.
B) reduces the number of new products being worked on at any one time.
C) market tests the product ideas that originate with the staff.
D) develops the concept testing to establish the personnel required for each new project.

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

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Question 163

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Admiral Motors is the dominant firm in the auto market. When Admiral announces an increase in the prices of its automobiles, Chord and Frysler, the smaller firms in the market usually quickly announce similar price increases for their own cars. This situation is an example of demand-oriented pricing.

Gourmet Pets feels its target market is more concerned with perceived quality than actual product cost. They also feel that the newness of this concept offers an opportunity to make high profits since they are the first firm to enter this market, so they face no direct competition. Their decision to charge a high price is consistent with the ________ strategy.

Industrial goods and services are used to produce other products.

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

Convenience goods are products that the consumer wants to purchase frequently and with minimal effort.

Jackson is the owner of a small pizzeria and draws a variety of competition-from other local restaurants offering pizza to the large national chains. The small size of Jackson's business prevents him from successfully utilizing a product differentiation strategy.

Associated Supermarkets operates a large chain of stores across several midwestern states. While Associated doesn't actually produce any canned foods, it markets a line of foods under its own brand name that were actually produced by another company. Associated canned foods represent a

The strategy of charging prices based on consumer demand rather than cost or a predetermined profit margin represents

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

Having just graduated college and about to start a new marketing job, Terry needed transportation. He listed the kinds of things he wanted in a car: the ability to carry some large things; a comfortable back seat for his two dogs; 4-wheel drive for snow and ice; and economical on gas. Marketers know that today's consumers

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?

Eddie has just taken a job with a local microbrewery after several years working as a brand manager for an established product. Now, he is responsible for managing the marketing mix for a new product introduction. In his new job, Eddie will find that while the products may be at different stages of the product life cycle, the marketing strategies will be essentially the same.

A product line is a group of products that are physically similar or are intended for a similar market.

Creative product differentiation can enable a small business to increase market share.

While the time in each stage may vary, all products progress through each stage of the product life cycle.

According to the Adapting to Change box, social celebrity-driven mobile games are not making as much money as app developers expected.

Epic Electronics' promotional efforts are intended to increase the public's awareness of its new product's benefits and uses. This effort is consistent with the ________ stage of the product life cycle model.

Location is very important in the marketing of ________ because consumers desire to purchase these goods with a minimum of shopping effort.