Question 1

A logo is a graphical or textual representation of a brand.

Accepted Answer

A) True 
 B)False

Question 2

________ are particular brands that the buyer especially wants and will seek out.

Accepted Answer

A)  Specialty products 
B)  Expense items 
C)  Capital items 
D)  Convenience products 
E)  Shopping products 
A)  Specialty products 
B)  Expense items 
C)  Capital items 
D)  Convenience products 
E)  Shopping products

Question 3

Compare and contrast cost-based pricing and value-based pricing.

Accepted Answer

Some companies simplify the pricing task

Question 4

Skim pricing is used during the ________ stage of a product.

Accepted Answer

A)  introductory 
B)  maturity 
C)  decline 
D)  growth 
E)  saturation 
A)  introductory 
B)  maturity 
C)  decline 
D)  growth 
E)  saturation

Question 5

In ________,the seller doesn't set a firm price but allows buyers to competitively propose the prices that they are willing to pay.

Accepted Answer

A)  cost-based pricing 
B)  value-based pricing 
C)  optimal pricing 
D)  auction pricing 
E)  freemium pricing 
A)  cost-based pricing 
B)  value-based pricing 
C)  optimal pricing 
D)  auction pricing 
E)  freemium pricing

Question 6

Commercialization refers to the large-scale production and distribution of products that have survived the testing process.

Accepted Answer

A) True 
 B)False

Question 7

________ are expensive organizational products with a long useful life.

Accepted Answer

A)  Shopping products 
B)  Capital items 
C)  Expense items 
D)  Specialty products 
E)  Convenience products 
A)  Shopping products 
B)  Capital items 
C)  Expense items 
D)  Specialty products 
E)  Convenience products

Question 8

Explain loss-leader pricing.

Accepted Answer

Loss-leader pricing refers to selling on

Question 9

Products such as cosmetics are often sold together.The price offered for a set of products is usually lower than the overall price of individual units.This practice refers to ________.

Accepted Answer

A)  freemium pricing 
B)  discounting 
C)  bundling 
D)  balanced pricing 
E)  dynamic pricing 
A)  freemium pricing 
B)  discounting 
C)  bundling 
D)  balanced pricing 
E)  dynamic pricing

Question 10

________ is a product development stage in which a product is sold on a limited basis to gauge its market appeal.

Accepted Answer

A)  Business analysis 
B)  Test marketing 
C)  Crowdsourcing 
D)  Prototyping 
E)  Commercialization 
A)  Business analysis 
B)  Test marketing 
C)  Crowdsourcing 
D)  Prototyping 
E)  Commercialization

Question 11

Which of the following is an example of a fixed cost that businesses have to incur?

Accepted Answer

A)  cost of raw materials 
B)  cost of supplies 
C)  shipping costs 
D)  sales commissions 
E)  cost of building plants 
A)  cost of raw materials 
B)  cost of supplies 
C)  shipping costs 
D)  sales commissions 
E)  cost of building plants

Question 12

Prototypes are ________.

Accepted Answer

A)  layouts used in the design of a product 
B)  analysts who screen product ideas 
C)  tools used to design a new product 
D)  preproduction samples of products 
E)  networks used in the commercialization of products 
A)  layouts used in the design of a product 
B)  analysts who screen product ideas 
C)  tools used to design a new product 
D)  preproduction samples of products 
E)  networks used in the commercialization of products

Question 13

Explain the concept of price elasticity.

Accepted Answer

Market demand usually fluctuates as pric

Question 14

________ is an agreement to produce and market another company's product in exchange for a royalty or fee.

Accepted Answer

A)  Trademark 
B)  License 
C)  Patent 
D)  Copyright 
E)  Co-branding 
A)  Trademark 
B)  License 
C)  Patent 
D)  Copyright 
E)  Co-branding

Question 15

Choose a business that you want to launch.Construct an investment plan and estimate the break-even point for the business.

Accepted Answer

The students should identify possible fi

Question 16

Break-even analysis is a method of ________.

Accepted Answer

A)  calculating the minimum sales needed to cover all costs 
B)  classifying the variable costs incurred by a firm 
C)  classifying the fixed costs incurred by a firm 
D)  balancing the costs and risks of a business 
E)  estimating the fixed costs required to minimize the operational costs 
A)  calculating the minimum sales needed to cover all costs 
B)  classifying the variable costs incurred by a firm 
C)  classifying the fixed costs incurred by a firm 
D)  balancing the costs and risks of a business 
E)  estimating the fixed costs required to minimize the operational costs

Question 17

Which of the following pricing methods is characterized by charging a high price for a new product during the introductory stage and lowering the price later?

Accepted Answer

A)  cost-based pricing 
B)  value-based pricing 
C)  optimal pricing 
D)  skim pricing 
E)  auction pricing 
A)  cost-based pricing 
B)  value-based pricing 
C)  optimal pricing 
D)  skim pricing 
E)  auction pricing

Question 18

Prototypes are diagrammatic representations of a business model.

Accepted Answer

A) True 
 B)False

Question 19

Mr.White is a detergent brand.The brand is owned by Unitech,a company that produces consumer products.Unitech uses the same brand for a new kitchen utensil that the company is launching.Identify the product-line expansion method used in this case.

Accepted Answer

A)  brand extension 
B)  brand stretching 
C)  line filling 
D)  line extension 
E)  line stretching 
A)  brand extension 
B)  brand stretching 
C)  line filling 
D)  line extension 
E)  line stretching

Question 20

The maturity stage of product lifecycle is ________.

Accepted Answer

A)  a stage where a product's price is at a high level 
B)  usually the shortest stage in a product's lifetime 
C)  characterized by steep decline in profits 
D)  typically followed by a growth stage 
E)  a stage where firms have to win sales away from others 
A)  a stage where a product's price is at a high level 
B)  usually the shortest stage in a product's lifetime 
C)  characterized by steep decline in profits 
D)  typically followed by a growth stage 
E)  a stage where firms have to win sales away from others

A logo is a graphical or textual representation of a brand.

________ are particular brands that the buyer especially wants and will seek out.

Compare and contrast cost-based pricing and value-based pricing.

Skim pricing is used during the ________ stage of a product.

In ________,the seller doesn't set a firm price but allows buyers to competitively propose the prices that they are willing to pay.

Commercialization refers to the large-scale production and distribution of products that have survived the testing process.

________ are expensive organizational products with a long useful life.

Explain loss-leader pricing.

Products such as cosmetics are often sold together.The price offered for a set of products is usually lower than the overall price of individual units.This practice refers to ________.

________ is a product development stage in which a product is sold on a limited basis to gauge its market appeal.

Which of the following is an example of a fixed cost that businesses have to incur?

Prototypes are ________.

Explain the concept of price elasticity.

________ is an agreement to produce and market another company's product in exchange for a royalty or fee.

Choose a business that you want to launch.Construct an investment plan and estimate the break-even point for the business.

Break-even analysis is a method of ________.

Which of the following pricing methods is characterized by charging a high price for a new product during the introductory stage and lowering the price later?

Prototypes are diagrammatic representations of a business model.

Mr.White is a detergent brand.The brand is owned by Unitech,a company that produces consumer products.Unitech uses the same brand for a new kitchen utensil that the company is launching.Identify the product-line expansion method used in this case.

The maturity stage of product lifecycle is ________.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters

Exam 14: Product and Pricing Strategies

A logo is a graphical or textual representation of a brand.

________ are particular brands that the buyer especially wants and will seek out.

Compare and contrast cost-based pricing and value-based pricing.

Skim pricing is used during the ________ stage of a product.

In ________,the seller doesn't set a firm price but allows buyers to competitively propose the prices that they are willing to pay.

Commercialization refers to the large-scale production and distribution of products that have survived the testing process.

________ are expensive organizational products with a long useful life.

Explain loss-leader pricing.

Products such as cosmetics are often sold together.The price offered for a set of products is usually lower than the overall price of individual units.This practice refers to ________.

________ is a product development stage in which a product is sold on a limited basis to gauge its market appeal.

Which of the following is an example of a fixed cost that businesses have to incur?

Prototypes are ________.

Explain the concept of price elasticity.

________ is an agreement to produce and market another company's product in exchange for a royalty or fee.

Choose a business that you want to launch.Construct an investment plan and estimate the break-even point for the business.

Break-even analysis is a method of ________.

Which of the following pricing methods is characterized by charging a high price for a new product during the introductory stage and lowering the price later?

Prototypes are diagrammatic representations of a business model.

Mr.White is a detergent brand.The brand is owned by Unitech,a company that produces consumer products.Unitech uses the same brand for a new kitchen utensil that the company is launching.Identify the product-line expansion method used in this case.

The maturity stage of product lifecycle is ________.

Developing a Business Mindset

Understanding Basic Economics

The Global Marketplace

Business Ethics and Corporate Social Responsibility

Forms of Ownership

Entrepreneurship and Small Business Ownership

Management Roles, Functions, and Skills

Organization and Teamwork

Production Systems

Employee Motivation

Human Resources Management

Labor Relations

The Art and Science of Marketing

Distribution and Marketing Logistics

Customer Communication

Financial Information and Accounting Concepts

Financial Management

Financial Markets and Investment Strategies

The Money Supply and Banking Systems

Filters