Question 1

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a

Accepted Answer

A)  total product offer. 
B)  product mix. 
C)  product differentiation. 
D)  product package.

Question 2

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

Accepted Answer

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

Question 3

Unsought goods and services fail to provide the benefits consumers expect.

Accepted Answer

A) True 
 B)False

Question 4

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

Accepted Answer

A) True 
 B)False

Question 5

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

Accepted Answer

A) True 
 B)False

Question 6

The exclusive goal companies expect of packaging is to protect the product from damage in transit.

Accepted Answer

A) True 
 B)False

Question 7

The most common classification of consumer goods and services is based on producer or manufacturer behavior in the market.

Accepted Answer

A) True 
 B)False

Question 8

Unsought goods and services are products consumers do not actively seek out for purchase on a regular basis.

Accepted Answer

A) True 
 B)False

Question 9

Many products are promoted by emphasizing their key benefits, rather than setting the price lower than that of competitive goods. This emphasis on the product's benefits illustrates a(n) ________ strategy.

Accepted Answer

A)  penetration 
B)  nonprice competition 
C)  industry leader 
D)  bundled package

Question 10

Paper clips, stationery, and other office supplies used by businesses are types of industrial support goods.

Accepted Answer

A) True 
 B)False

Question 11

Chevrolet is an example of a generic name in the automobile market.

Accepted Answer

A) True 
 B)False

Question 12

Which of the following products would normally be classified as a shopping good or service?

Accepted Answer

A)  a tablet 
B)  newspapers 
C)  fur coats 
D)  chewing gum

Question 13

Federal legislation requires that the brand name of a product clearly identify the manufacturer of that product.

Accepted Answer

A) True 
 B)False

Question 14

Sears sells batteries under its own Diehard brand name even though another company actually produces these batteries. This is an example of a

Accepted Answer

A)  knockoff brand. 
B)  generic brand. 
C)  dealer (private) brand. 
D)  brand association.

Question 15

Rosalita's and Antonio's are Mexican restaurant chains. Each restaurant offers similar items on their menus. However, Antonio's restaurants are positioned in the market as elegant establishments with high prices. Rosalita's, on the other hand, are located in middle-class neighborhoods, with a casual atmosphere that welcomes families with young children. The prices at Rosalita's are in the moderate range. When evaluating the marketing strategies used by these restaurants, we can conclude that

Accepted Answer

A)  both practice product mix effectiveness. 
B)  they utilize product differentiation. 
C)  Fernando's has chosen a shopping good strategy. 
D)  their target markets differ, with one intended to appeal to the industrial market, and the other designed to attract the consumer market.

Question 16

Which of the following products would be considered an unsought good or service by a typical college student?

Accepted Answer

A)  college textbook 
B)  pizza 
C)  car towing 
D)  cable television

Question 17

Which stage of the product life cycle does rapidly rising sales, very high profit levels, and a growing number of competitors characterize?

Accepted Answer

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

Question 18

The cost of raw materials used to produce a good or service represent the firm's ________ costs.

Accepted Answer

A)  fixed 
B)  variable 
C)  mixed 
D)  uncontrollable

Question 19

Which of the following is consistent with the introduction stage of the product life cycle?

Accepted Answer

A)  decreasing sales volume 
B)  large number of competitors 
C)  low profit levels or a potential loss 
D)  minimum use of advertising

Question 20

Which of the following statements about packaging is the most accurate?

Accepted Answer

A)  Changes in packaging can improve the product itself and open up large new markets. 
B)  Packaging is the least critical element of a firm's promotional strategy. 
C)  Technology has had a very limited role in improving packaging. 
D)  Packaging has avoided federal regulations.

Exam 14: Developing and Pricing Goods and Services

The combination of all the factors that consumers evaluate when deciding whether or not to buy a good or service is called a

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

Unsought goods and services fail to provide the benefits consumers expect.

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

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

The exclusive goal companies expect of packaging is to protect the product from damage in transit.

The most common classification of consumer goods and services is based on producer or manufacturer behavior in the market.

Unsought goods and services are products consumers do not actively seek out for purchase on a regular basis.

Many products are promoted by emphasizing their key benefits, rather than setting the price lower than that of competitive goods. This emphasis on the product's benefits illustrates a(n) ________ strategy.

Paper clips, stationery, and other office supplies used by businesses are types of industrial support goods.

Chevrolet is an example of a generic name in the automobile market.

Which of the following products would normally be classified as a shopping good or service?

Federal legislation requires that the brand name of a product clearly identify the manufacturer of that product.

Sears sells batteries under its own Diehard brand name even though another company actually produces these batteries. This is an example of a

Which of the following products would be considered an unsought good or service by a typical college student?

Which stage of the product life cycle does rapidly rising sales, very high profit levels, and a growing number of competitors characterize?

The cost of raw materials used to produce a good or service represent the firm's ________ costs.

Which of the following is consistent with the introduction stage of the product life cycle?

Which of the following statements about packaging is the most accurate?