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Exam 14: Developing and Pricing Goods and Services

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Question 51

True/False

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Successful businesses develop a mix of price,product,place,and promotion that is consistently applied throughout a product's life cycle.

A) True
B) False

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Question 52

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

A) brand equity
B) brand association
C) brand awareness
D) marketing parity

E) None of the above
F) A) and B)

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Question 53

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Gabe intends to visit a variety of retailers of sound equipment comparing features,quality,and prices of different brands at each store.This behavior indicates that for Gabe a sound system is a shopping good.

A competition-based pricing strategy in which all the competitors in an industry follow the pricing practices of one or more dominant firms is known as:

Employees,not the firm's research and development department,are the number one source of ideas for new industrial products.

Consumer goods and services are generally classified into four specific categories.What are the four categories,and how do they differ? Illustrate by giving examples of products that are often included in each category.

John needed transportation.Now that his new marketing job was "in the bag," it was time to go shopping."New" was probably going to be out of the question.He wasn't planning on going into debt with a fancy car! As he reviewed his options,he listed the kinds of things he wanted in a vehicle: 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 __________________.

Knowledge of the product life cycle model can help firms develop marketing strategies and anticipate market changes.

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

Which of the following would a firm most likely use to differentiate its product?

Successful marketers attempt to think like consumers and evaluate the total product offer as a collection of impressions created by all parts of the value package.

The pricing objectives of a firm should be set independently of the other elements of their marketing mix.

Successful marketing of convenience and specialty goods require different marketing mixes.

Brand association is the linking of a brand to other favorable images such as a celebrity or geographic location.

While packaging innovations benefit the consumer,they have vastly increased the workload of retailers.

Department stores often use _________ pricing in which they have regular prices which are relatively high,but offer special sales where prices are set lower than competitors.

Event sponsorship like the FedEx Orange Bowl football game helps improve brand awareness.

Dutch owns and operates a small pizzeria that competes with a variety of other restaurants offering pizza on their menus.His largest competitors are large nationally known organizations.The small size of Dutch's business prevents him from successfully utilizing a product differentiation strategy.

Which of the following statements about non-price competition is most accurate?

Knockoff brands are ________ copies of national brand-name goods.