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Exam 14: Developing and Pricing Goods and Services

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Question 151

True/False

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Brand managers are responsible for the marketing of a product after it has been developed and a clear promotional message has been identified.

A) True
B) False

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Question 152

Multiple Choice

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Which of the following is a relevant criterion for the product screening process?

A) sales forecasts for the product
B) production capacity of competitors
C) profit potential
D) the stage of the product life cycle

E) A) and B)
F) All of the above

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Question 153

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Entice-mint Breath Mints is a new brand of breath fresheners. The company realizes that product location is very important since consumers desire to buy this type product with a minimum of effort. Entice-mint mints represent a:

Cost-based pricing adds a desired profit margin to the cost of producing a product.

Unsought goods and services are purchased on impulse and provide no added value to consumers.

For small businesses, product differentiation:

When a brand becomes commonplace and identified with a category of goods rather than the unique product of a specific manufacturer, the brand may become a:

Once an organization surveys the consumer's wants and needs, has designed a group of products to meet those needs, and begun to market them in stores, the organization is assured of success.

Sales of cell phones in the United States are still increasing, but the rate of growth has slowed. Sales are expected to peak somewhat soon in the U.S. Based on this information, cellular phones are in what stage of the product life cycle in the U.S.?

The formula for break-even analysis includes which of the following components?

Pattie Bunz operates the Zestee Burgers restaurant. The cost of pickles, onions, buns, catsup, and meat patties would all be considered variable costs for her type of business.

Although their names are similar, brand loyalty and brand equity are unrelated.

Mini-Case Gourmet Pets is an innovative competitor in the billion-dollar pet food industry. In fact, two of its products, Kitty Sirloin and McDog Tbone, each claim over a 30% share in their market segments. The company has done detailed research and discovered that, for a growing number of pet owners, the family pet serves as a "baby substitute." These owners tend to pamper their pets, and are very discriminating in what they purchase. With this in mind, the company has put a great deal of effort into developing a new dog food: Prime Cuts. The new product is packaged in a resealable, microwaveable container and can be purchased in a variety of flavors (including Western BBQ, Teriyaki, Australian Outback, and Hickory Smoked.) Gourmet Pets promotes the product as far superior to "average" dog foods, even though the quality of meat and nutrient content of the food is virtually identical to many other brands. The company faces no competition in this market segment so it plans to charge a high price for the product. -The company currently markets McDog T-bone, Lapdog Lunchtreats, Rover's Potroast, and Puppy Porterhouse in the dog food market. Prime Cuts will be an addition to the company's in the dog food market.

The is a theoretical model that describes the sales and profit performance of a product class over time.

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.

Shopping goods and services are purchased only after consumers compare value, quality, style, and price of competing goods and services.

Fast-food organizations must constantly monitor all sources of information for new product ideas.

June lives in the southern part of Alabama where winters are normally fairly mild. Last January, during an unusually cold spell, the water pipes in her house froze and burst. She had to look in the Yellow Pages to find a plumber who was able to come out and repair the pipes the same day. Prior to the frozen pipes, the plumber's services represented a(n) :

According to the "Spotlight on Small Business" box in Chapter 14, Let's Dish and Dream Diners knew that even though its target market valued home-cooked meals and family time spent enjoying them they lacked the time to adequately prepare such meals.

Product screening is designed to: