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Exam 14: Developing and Pricing Goods and Services

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Question 111

Multiple Choice

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The brand names that are used by producers that distribute products nationally are called:

A) manufacturers' brand names.
B) product category brands.
C) generic brand names.
D) universal brand names.

E) A) and D)
F) B) and D)

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Question 112

True/False

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The purpose of break-even analysis is to determine the lowest price a firm can charge and still be able to cover its costs of production.

A) True
B) False

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Question 113

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The two types of industrial goods are production goods and unsought goods.

Despite the fact that microeconomic theory places a great deal of emphasis on price,marketers often try to find ways to compete on product attributes other than price.

Currently,which of the following products would most likely be considered in the growth stage of the product life cycle?

Capital items are industrial goods that are expensive and last a long time.

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.

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

The evaluation of packaging as a marketing function indicates that:

Webster Industries is one of the first producers of a unique consumer product.The company has chosen a low price strategy,hoping this will enable them to quickly attract many customers while discouraging potential competitors from entering the market.Webster's approach to pricing is a classic example of the skimming strategy.

Buccaneer Industries manufactures and markets expensive industrial cranes.This long lasting heavy equipment would be classified as a(n) __________ good.

Accessory equipment consists of capital items that cost less and are shorter lived than installation items.

Which of the following strategies establishes a price based on the actions of rival firms?

Angie owns a small company that markets high quality office supplies to businesses.Angie faces stiff competition from some much larger firms like Office Depot.Which of the following competitive strategies would probably work best for Angie?

From a marketing management perspective,what is the meaning of a total product offer? What are the important elements in the total product offer of your college or university?

One of the reasons marketers emphasize non-price differences in their competitive strategies is because:

Changes in packaging can transform the product in the minds of consumers and open larger market opportunities.

Total fixed costs are those costs that change when the volume of production changes.

Sales of generic products are decreasing because consumers prefer the higher quality of the nationally known brands.

For most firms,price competition is the most important way to gain a competitive advantage over rivals.