Marketing Quiz
Which of the following statements regarding socially responsible product decisions is correct?
The government may prevent companies from adding products through acquisitions if the effect threatens to lessen competition.
When a company sets a high price as the initial price of a new product, it is pursuing a ________ new product pricing strategy.
market-skimming
The four major brand strategy decisions involve brand ________.
positioning, name selection, sponsorship, and development
During the introductory stage of the product lifecycle, ______________.
sales are slow and profits nonexistent
Services are characterized by four key aspects: ______________________.
services are intangible, inseparable, variable, and perishable.
Internal factors that affect pricing include ________.
the company's overall marketing strategy, objectives, marketing mix, and other organizational considerations.
To create successful new products, a company must _______.
understand its consumers, markets, and competitors, and develop products that deliver superior value
A company has set a low price on a new product it introduced. It wants to maximize its market share and attract a large number of buyers quickly. Which new product pricing strategy should the company use?
Market-penetration pricing
Dynamic pricing is when companies continually adjust prices to meet the characteristics and needs of individual customers and situations. Where is this method especially prevalent today?
Online buying
Which of the following statements is true regarding how price might play an important role in helping to accomplish company objectives?
Pricing can create excitement for a brand.
Which of the following is the correct definition of a product?
A product is anything that can be offered to a market for attention, acquisition, use, or consumption that might satisfy a want or need.
Two ways a firm can obtain new products?
Acquisitions and new product development
Two broad classifications of products?
Consumer products and industrial products
three major pricing strategies used by marketers?
Customer value-based pricing, cost-based pricing, and competition-based pricing
Which of the following statements is true regarding initiating price cuts?
Cutting prices in an industry loaded with excess capacity might lead to price wars.
The first step in the new product development process?
Generating new product ideas
Five product mix pricing situations?
Product line pricing, optional-product pricing, captive-product pricing, by-product pricing, and product bundle pricing
Five important decisions marketers must make when developing individual products and services?
Product attributes, branding, packaging, labeling, and product support services
Many state colleges and universities charge one price for in-state students and a higher price for out-of-state students. Which price adjustment strategy are these schools using?
Segmented pricing
Once management has decided on its product concept and marketing strategy, it can evaluate the business attractiveness of the proposal, which involves ___________.
conducting a business analysis
The price ceiling, the maximum price a company can charge, is set by ________.
customer perceptions of the product's value
Which of the following statements regarding the marketing of international products and services is correct?
Because markets and consumers around the world differ widely, companies must usually adapt their product offerings in different world markets.
Which of the following statements is true regarding the marketing of services?
For service providers, a solution to price competition is to develop a differentiated offer, delivery, and image.
Which of the following is a potentially effective action a company could take in response to a competitor's price cut?
Increase both price and quality
What are the four choices a company has for developing brands?
Line extensions, brand extensions, multibrands, and new brands
Which stage of the product lifecycle normally lasts longer than the previous stages and poses strong challenges to marketing management?
Maturity
The major product line decision involves the line's ______, or the number of items in the product line.
length
Printer companies often charge a fairly low price for their ink jet printers (relative to costs) and a high price for replacement cartridges. These companies are using a strategy of ________ pricing.
captive-product
