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Exam 12: Creating and Pricing Products That Satisfy Customers

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Question 121

Multiple Choice

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Rose is starting to notice some wrinkles around her eyes and mouth. She has decided to purchase some age-defying wrinkle cream but is unfamiliar with available brands. At the store, she picks out a brand because she remembers a clever advertisement about it on television. What level of brand loyalty does this describe?

A) Preference
B) Ignorance
C) Insistence
D) Acceptance
E) Recognition

F) B) and E)
G) None of the above

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Question 122

Multiple Choice

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When Pepsi introduced Mountain Dew Code Red, it was

A) expanding the width of its marketing mix.
B) increasing the depth of a product mix.
C) making minor modifications that did not broaden the marketing mix.
D) narrowing its marketing mix.
E) replacing poorly performing products.

F) A) and D)
G) All of the above

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Question 123

Multiple Choice

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Automobile fenders are an example of

____ become(s) a part of the physical product and consist(s) of either finished items ready for assembly or products that need little processing before assembly.

Price allocates goods and services among those who are willing and able to pay for them.

The strategy of charging the highest possible price for a product during the introduction stage of its life-cycle is known as

Costs that are incurred no matter how many units of a product are produced or sold are called

When might a firm use a price-skimming strategy? When might it use penetration pricing? Describe each strategy.

An early-bird special offered by a restaurant during off-peak hours is an example of a secondary-market pricing strategy.

At a busy intersection in Atlanta, there are four competing gas stations. Each of the stations charges about the same for each gallon of gasoline. The pricing objectives of these firms is

The maker of Oral-B toothbrushes is introducing a new electric plaque remover and expects considerable competition. What pricing strategy would be appropriate for this maker to choose?

Michael is opening a tire store. He intends to set the price of tires based on determining the total cost of his purchase of one tire and then adding an amount to cover additional costs and profits. Michael is using ___ pricing.​

The amount of money that a seller is willing to accept in exchange for a product, at a given time and under given circumstances, is called the

____ competition is competition based on factors such as product quality, promotion, customer service, and packaging.

Chris and Kimberly White decided to buy new furniture for their bedroom. They spent considerable time shopping around, comparing prices and styles. Bedroom furniture is best classified as a ____ product.

The Arizona Jean Co. brand of jeans, owned by JCPenney, is a(n) ____ brand.

The product life-cycle stage in which consumer awareness and acceptance of the product are low, there are few competitors, and there is a gradual rise in sales because of promotion is called

A major reason why retailers use markup pricing is because it is easy to apply.

The stage in the evolution of new products in which the product is introduced in a limited way to determine buyers' reactions is called

Price differentiation attempts to sell