MIE201 Chapter 14 Questions

Ordinary products and services which are purchased repeatedly and on a regular​ basis, such as milk or​ bread, are known as​ ________. A. convenience products B. shopping products C. specialty products D. expense items E. capital items

A. convenience products

Which of the following terms describes when businesses regularly change prices for goods in order to account for the various fluctuations in supply and​ demand, allowing them to sell goods at a faster​ rate? A. Dynamic pricing B. Skim pricing C. Optimal pricing D. Cost-based pricing E. Lost leader pricing

A. dynamic pricing

Which stage in the product life cycle represents the level in which both sales and competition​ increase? A. Decline stage B. Growth stage C. Maturity stage D. Preliminary stage E. Introductory stage

B. Growth stage

During which stage of the product life cycle do the marketers try to extend the life of the product by highlighting​ improvements? A. Product development process B. Maturity stage C. Growth stage D. Decline stage E. Introductory stage

B. maturity stage

Which of the following include industrial and commercial​ products? A. Specialty products B. Unsought products C. Capital items D. Convenience products E. Shopping products

C. capital items

Which of the following terms describes when a new but similar product is introduced into the market in order to enlarge a current product​ collection? A. Brand loyalty B. ​Co-branding C. Family branding D. Brand equity E. Brand extensions

C. family branding

Variable costs include​ ________. A. salaries B. insurance premiums C. sales commission D. real estate taxes E. rent

C. sales commission

In the classification of consumer​ products, life insurance will be considered​ a(n) ________. A. convenience product B. shopping product C. unsought product D. specialty product E. capital item

C. unsought product

When a company applies a successful brand name to a new product​ category, what is the company​ practicing? A. Brand management B. Family branding C. ​Co-branding D. Brand extension E. Product mix

D. brand extension

Which of the following signifies the level of dedication a consumer has for a particular​ product? A. Brand equity B. Brand extension C. ​Co-branding D. Brand loyalty E. Brand marks

D. brand loyalty

The identity of a product is typically encompassed in which of the​ following? A. Commercialization B. Test marketing C. Product life cycle D. Branding E. Optimal pricing

D. branding

Which of the following occurs during the growth stage of a product life​ cycle? A. Markets tend to get saturated. B. Most companies try to keep mature products alive. C. Companies eliminate products that are growing. D. Sales begin to level off. E. A rapid jump in sales takes place if the product is successful.

E. a rapid jump in sales takes place if the product is successful

​Low-cost designated products that are purchased and typically expended within a​ year, such as printer ink and​ paper, are called​ ________. A. shopping products B. convenience products C. specialty products D. capital items E. expense items

E. expense items

The process of​ generating, selecting,​ developing, and commercializing product ideas is known as​ what? A. Concept testing B. Crowdsourcing C. Test marketing D. Product life cycle E. Product development process

E. product development process

Which of the following represents the formula for determining the​ break-even point? A. ​Break-even point​ = fixed costs​ + selling price dash- variable costs per unit. B. Break-even point​ = fixed costs​ / selling price dash- variable costs per unit. C. Break-even point​ = fixed costs​ - selling price​ / variable costs per unit. D. ​Break-even point​ = fixed costs​ * selling price​ / variable costs per unit. E. ​Break-even point​ = fixed costs​ * selling price dash- variable costs per unit.

B. break even-even point = fixed costs / selling price dash-variable costs per unit

Which of the following indicates the relative amounts of tangible and intangible components in a​ product? A. Specialty products B. Product continuum C. Convenience products D. Organizational products E. Product augmentation

B. product continuum

Which of the following represents very specific product brands that a consumer expressly desires and will pursue no matter the price or​ distance? A. Convenience goods B. Specialty products C. Shopping products D. Capital items E. Expense items

B. specialty products

​________ is a​ price-setting technique that is based on a​ consumer's assessment of a​ product's worth which involves setting a certain​ price, then working back to determine a proper price that will allow for reasonable profit margins. A. Participative pricing B. ​Value-based pricing C. Cost-based pricing D. Skim pricing E. Optimal pricing

B. value-based pricing

​________ are more costly company products that have extended​ lifespans, such as machinery and equipment. A. Specialty products B. Expense items C. Shopping products D. Capital items E. Convenience products

D. capital items

​______ represent significant goods and services that consumers purchase occasionally and that often require more intricate evaluations and comparisons in order to make a final decision. A. Convenience products B. Expense items C. Specialty products D. Shopping products E. Capital items

D. shopping products

Which stage of the​ new-product development process involves creating usable products out of concepts in order to experiment with samples to determine proper​ wrapping, functionality, and consumer​ appeal? A. Idea screening B. Test marketing C. Idea generation D. Business analysis E. Prototype development

E. prototype development

According to industrial buyers and​ sellers, "components" include products such as​ ________. A. iron​ ore, lumber, and crude petroleum B. landscaping and cleaning C. pencils, nails, and light bulbs D. ​desks, computers, and factory robots E. semiconductors and fasteners

E. semiconductors and fasteners