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Exam 14: Developing and Pricing Goods and Services

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Question 141

Multiple Choice

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The use of the Folgers's allows customers to easily identify this product from other coffee products.

A) patent
B) trade symbol
C) brand name
D) brand equity

E) A) and B)
F) A) and D)

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Question 142

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Despite the fact that microeconomic theory places a great deal of emphasis on price, marketers often try to find ways to compete on product attributes other than price.

A) True
B) False

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Question 143

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is an important part of the total product offer for a product.

A skimming price strategy involves a low pricing policy intended to attract price-sensitive customers from competitors.

The product life cycle presents a theoretical model describing what happens to sales and profits for a class of products over time.

Brand names can significantly impact consumer perceptions of a product.

goods appeal to consumers who are willing to make an extra shopping effort to acquire them.

"I Can't Believe That It's Medicine" is an advertising slogan for a new antacid. The manufacturer claims that their antacid works faster and tastes better than any competing brand. These claims are part of the firm's strategy to achieve:

Which of the following would be included in evaluating the total product offer of benefits that consumers consider when buying a good or service?

Rather than having frequent special sales, Walt's Warehouse has a pricing strategy that maintains lower prices than competitors all the time. Walt's pricing strategy is known as everyday low prices (EDLP).

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

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

Successful firms maintain consistency in their marketing mix strategies throughout the product life cycle.

The "Spotlight on Small Business" box in Chapter 14 suggests the product offered by Dream Dinners is the:

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

After several years as a brand manager for an established product, Pete has taken a job with a microbrewery. He is responsible for different stages of the product life cycle, the marketing strategies will be essentially the same.

The "Spotlight on Small Business" box in Chapter 14 mentions Dream Dinners as a company that has succeeded by finding an unmet need and creating a satisfying total product offer.

Healthy Pick designed a new type of packaging that significantly improves taste and texture of food when defrosted. Unfortunately, firms seldom find that improvements in packaging impact market share and profits.

Buccaneer Industries manufactures and markets expensive industrial cranes. This long lasting heavy equipment would be classified as a(n) good.