Exam 14: Developing and Pricing Goods and Services

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

As a promotional strategy, advertising is more important in the marketing of industrial goods than it is in the marketing of consumer goods.

The key to demand-oriented pricing is the recognition that not all producers face the same costs of production.

A ________ is a name, symbol, or design (or combination of these) that identifies the goods or services of one seller or group of sellers and distinguishes them from those of competitors.

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

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

While the UPC improves efficiency at the retail checkout counter, it has increased problems in controlling inventory.

Regardless of changes in packaging, the total product offer remains unchanged.

Consumers are best served by providing specialty goods in convenient locations.

In the new-product development process, product analysis is completed prior to the product screening stage.

The characteristics of specialty goods restrict their effective sale online.

While the product life cycle is a good theory, it's not important for marketers to recognize what life cycle stage a product is in.

Equipment maintenance and repair of equipment used by businesses is an industrial support good.

The several product lines that a company offers for sale make up that organization's product mix.

One function of effective packaging is to attract the attention of consumers.

Securitas Financial Services purchased several new computers and laser printers for office use. These items would be correctly classified as accessory equipment.

Brand equity refers to those factors that people associate with a specific brand name, such as awareness, perceived quality, and loyalty.

NoSneeze markets a group of similar products for people suffering from the common cold. The products differ mainly in the strength of the dosage and in whether they also contain additional medications to help the consumer sleep while sick. Sarah, a marketing manager at NoSneeze, is responsible for marketing the company's products and is involved in major decisions concerning the development of new products that will be included in this product line. Sarah serves as a

While service providers offer product lines, they are unable to offer product mixes.

The term product line describes the combination of product mixes offered by a manufacturer.