BMGT350 Questions Chapter 7-14

What is the first step in marketing channel​ design? A. Analyzing consumer needs. B. Evaluating major channel alternatives. C. Identifying the types of intermediaries to use. D. Identifying the number of intermediaries to use. E. Setting channel objectives.

A. Analyzing consumer needs.

Which type of consumer products are frequently purchased with little​ planning, little comparison or shopping​ effort, and low customer​ involvement? A. Convenience products B. Specialty products C. Shopping products D. Capital products E. Industrial products

A. Convenience products

Which of the following statements concerning new products is​ correct? A. Modified and improved products are considered new. B. Most new products succeed within two years of their introduction. C. Products that are merely improved in some way are not considered new. D. To be considered​ new, the product must be something consumers have not seen before. E. A modified product is not considered a new product.

A. Modified and improved products are considered new.

Which of the following statements is true regarding​ packaging? A. Packaging can be an important part of a​ brand's identity. B. Packaging is not used to gain a competitive advantage. C. Packaging is not an important consideration in product strategy. D. Packaging does not influence the consumer buying decision. E. Packaging does not impact product safety.

A. Packaging can be an important part of a​ brand's identity.

At which stage of the new product development process is a physical product first​ developed? A. Product development B. Test marketing C. Marketing strategy development D. Idea generation E. Concept development and testing

A. Product development

Retailers must decide on which three major product​ variables? A. Product​ assortment, services​ mix, and store atmosphere B. Product​ assortment, store​ atmosphere, and price C. Product​ assortment, price, and location D. Product​ assortment, services​ mix, and location E. Product​ assortment, services​ mix, and price

A. Product​ assortment, services​ mix, and store atmosphere

​________ refers to the activities involved in selling products or services directly to final consumers for their​ personal, nonbusiness use. A. Retailing B. Wholesaling C. Manufacturing D. Shopper marketing E. Warehousing

A. Retailing

​_______ involves focusing the entire marketing process toward turning shoppers into buyers as they approach the point of sale. A. Shopper marketing B. Retailing C. Showrooming D. Internal marketing E. Warehousing

A. Shopper marketing

Which type of retailer carries a narrow product line with deep assortments within those​ lines? A. Specialty stores B. Convenience stores C. Department stores D. Supermarkets E. Superstores

A. Specialty stores

Which of the following statements about shopping centers is​ correct? A. The most common type of shopping center is a strip mall. B. Shopping centers are only found in rural areas. C. Retailers in a shopping center are independently owned and managed. D. Shopping centers cannot have more than 10 stores because of zoning laws. E. Banks cannot be part of a shopping center.

A. The most common type of shopping center is a strip mall.

Companies that use​ ________ continually adjust prices to meet the characteristics and needs of individual customers and situations. A. dynamic pricing B. segmented pricing C. cash rebates D. promotional pricing E. psychological pricing

A. dynamic pricing

Identifying, describing and promoting the product are three functions of​ ______. A. labeling B. packaging C. product lines D. design E. support services

A. labeling

Companies today see channel members as​ first-line customers and practice strong​ ________. A. partner relationship management B. trade promotions C. discount pricing D. consumer advertising E. B2B selling

A. partner relationship management

Selling below cost with the intention of punishing a competitor or gaining higher​ long-run profits by putting competitors out of business is an illegal practice called​ _______. A. predatory pricing B. deceptive pricing C. price maintenance D. price discrimination E. price fixing

A. predatory pricing

Over the​ years, U.S. air carriers have been accused numerous times of collusion when setting prices. This illegal practice is called​ _______. A. price fixing B. price discrimination C. predatory pricing D. retail price maintenance E. deceptive pricing

A. price fixing

The Ford Mustang is offered in several different models. Ford will use​ __________ pricing to determine the price steps between the different models. A. product line B. ​product-bundle C. ​captive-product D. ​two-part pricing E. optional-product

A. product line

A retailer temporarily prices a few select items below cost to create excitement and pull consumers into the store. This is an example of​ _________ pricing. A. promotional B. optional product C. segmented D. geographical E. psychological

A. promotional

Increasingly, different types of retailers now sell the same products at the same prices to the same consumers. This trend is called​ ___________. A. retail convergence B. megaretailing C. green retailing D. social media retailing E. retail blending

A. retail convergence

y performing the channel function of​ ________, wholesalers' sales forces help manufacturers reach many small customers at a low cost. A. selling and promoting B. ​bulk-breaking C. buying and assortment building D. risk bearing E. financing

A. selling and promoting

Internal factors that affect pricing include​ ________. A. the​ company's overall marketing​ strategy, objectives, and marketing mix B. The​ company's overall marketing​ strategy, objectives and the nature of the market C. The​ company's overall marketing​ strategy, the nature of the​ market, and demand. D. The nature of the​ market, demand, and the economy. E. the​ company's overall marketing​ strategy, objectives and demand

A. the​ company's overall marketing​ strategy, objectives, and marketing mix

Margaret's small business is entering a category where there is a lot of existing competition. She believes she can compete because she has distinguishing product characteristics that are offered. According to lecture by stressing what the product can do and not​ price, Margaret is exercising​ ____________________________. A. ​Feature-based pricing B. ​Discount-based pricing C. Competitive-based pricing D. ​Cost-based pricing

A. ​Feature-based pricing

According to​ lecture, a good example of​ By-Product pricing​ is: A. A spa bundles services from different product lines. B. A saw mill sells saw dust to lawn care companies. C. A clock company offers timely discounts. D. A veterinarian offers promotional discounts during​ off-peak hours.

B. A saw mill sells saw dust to lawn care companies.

What is the overall goal when retailers choose their product​ assortment? A. Offer the same products as their competitors. B. Differentiate the retailer while matching target​ shoppers' expectations. C. Offer products that will appeal to as many segments as possible. D. Only choose products that will maximize profits. E. Offer as many products as they can fit on the shelves.

B. Differentiate the retailer while matching target​ shoppers' expectations.

In​ lecture, we discussed that one stage of the Product Lifecycle stages​ (more than​ others) sees a possible change in Segmentation Approach. The change in Segementation Approach is most likely to occur in the​ _________________ stage of the Product Lifecycle and the change is likely​ _____________________ to​ ________________________ segmenting. A. ​Maturity, Concentrated, Undifferentiated B. Growth, Concentrated, Differentiated C. ​Growth, Differentiated, Concentrated D. ​Maturity, Differentiated, Undifferentiated

B. Growth, Concentrated, Differentiated

Which of the following is true regarding the​ price-demand relationship? A. If demand is​ inelastic, a small change in price will result in a large change in demand. B. If demand is​ elastic, sellers will consider lowering their price. C. Price elasticity measures how responsive price will be to a change in demand. D. A demand curve shows the number of units a company will produce in a given time period at different prices that might be charged. E. Demand and price are directly related dash- the higher the​ price, the greater the demand.

B. If demand is​ elastic, sellers will consider lowering their price.

According to​ lecture, which of the Product Adopter Categories will make the most effort to afford Price​ Skimming? A. Laggards B. Innovators C. Early Adopters D. Initial Purchasers

B. Innovators

According to​ lecture, Price Skimming is exercised most often in which stage of the Product​ Lifecycle? A. Growth B. Introduction C. Decline D. Maturity

B. Introduction

In​ lecture, we discussed a​ product/brand called Wet Skin. It was outlined that Wet Skin is in which of the following stages of the Product​ Lifecycle? A. Decline B. Introduction C. Growth D. Maturity

B. Introduction

When Doritos comes out with new flavors of its tortilla​ chips, what brand development strategy does it​ employ? A. New brand B. Line extension C. Brand extension D. Store brand. E. Multibrand

B. Line extension

A new​ fast-food restaurant plans to move into an area where there are already many of the same restaurant choices. The new​ fast-food place will set their prices low​ (initially) to try and gain market share quickly in this competitive area. This pricing strategy is known as​ ________________________________. A. Innovator Pricing B. Penetration Pricing C. Price Skimming D. ​Product-line pricing

B. Penetration Pricing

Which of the following statements regarding the important decisions in the development and marketing of individual products is​ correct? A. How a product is branded is separate from the development and marketing of individual products. B. Product attributes that communicate and deliver benefits to the consumer include​ quality, features, and style and design. C. Packaging decisions are not an important part of developing individual products. D. Determining product support services is not part of the development of individual products. E. Product labelling is no longer subject to legal regulation.

B. Product attributes that communicate and deliver benefits to the consumer include​ quality, features, and style and design.

Margaret has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she does not know much about​ wine, she will likely use the price of the wines as​ ________. A. an indicator of geographic pricing B. an indicator of quality C. an indicator of the cost of production D. a type of segmented pricing E. a limited time offer

B. an indicator of quality

Materials and​ parts, capital​ items, and supplies and services are groups of​ _____ products. A. convenience B. industrial C. shopping D. specialty E. unsought

B. industrial

If a company adds a new product line to its existing​ portfolio, it has increased its​ _________. A. product mix depth B. product mix width C. product line length D. product mix consistency E. product support services

B. product mix width

To be more socially​ responsible, some companies are appointing​ _____________. Their job is to protect consumers from harm and the company from liability by proactively ferreting out potential product problems. A. brand managers B. product stewards C. product managers D. attorneys E. product champions

B. product stewards

In​ lecture, a service product was defined. I was added that service providers have major issues with consumer evaluation​ (which occurs in​ postpurchase) and that many providers need to do which of the​ following? A. match price with service competitors within the product category B. shape the benchmarks that the service is evaluated based upon C. give price discounts to groups that are known to be of issue for the product category D. offer promotions for the service that are consistent with the product category

B. shape the benchmarks that the service is evaluated based upon

When the company has defined its channel​ objectives, it should next identify its major channel alternatives in terms of the types of​ intermediaries, the number of​ intermediaries, and​ __________________. A. the profitability of the channel B. the responsibilities of channel members C. economic criteria D. consumer needs E. whether to use intensive or exclusive distribution

B. the responsibilities of channel members

According to​ lecture, Idea Generation can be done in an external manner. ​ _____________________ is a concept where broad communities of innovators come together to offer companies access to new product​ ideas, _________________ is a real example of such as presented in class. A. ​Intrapreneurial, Hackathons B. ​Crowdsourcing, Quirky C. ​Crowdsourcing, InnovatorsINC. D. ​Intrapreneurial, LinkedIn

B. ​Crowdsourcing, Quirky

Which of the following correctly describes the retail practice known as​ high-low pricing? A. ​High-low pricing means the retailer does not have to run sales on selected items. B. ​High-low pricing means charging higher prices on an everyday​ basis, coupled with frequent sales and other price promotions. C. ​High-low pricing means retailers charge an everyday low price. D. ​High-low pricing means retailers do not have to use promotions. E. ​High-low pricing means some products are priced high and others are priced low.

B. ​High-low pricing means charging higher prices on an everyday​ basis, coupled with frequent sales and other price promotions.

Roma selects a number of products from different product lines in her Product Portfolio and wrap them together in a holiday box to sell for the upcoming season. The collection of products combined in the box​ (to buy the same collection separately would cost​ more) uses​ ___________________________________to encourage overall volume sales. A. ​Product-line pricing B. ​Product-bundling pricing C. ​By-Product pricing D. ​Optional-product pricing

B. ​Product-bundling pricing

Channels often involve​ long-term commitments and companies have many alternatives. What type of criteria should be used if the company wants to keep the channel flexible so that it can respond to environmental​ changes? A. Investment criteria B. Profitability criteria C. Adaptability criteria D. Sales criteria E. Control criteria

C. Adaptability criteria

Trading in an old car to offset the price of a new car purchase is known as an​ _____________________ given by many car dealerships. A. Cash Discount B. Promotional Discount C. Allowance D. ​Product-line Discount

C. Allowance

Which of the following statements is true regarding oligopolistic​ competition? A. The market is dominated by one seller. B. The market consists of many buyers and sellers trading over a range of prices. C. Each seller is alert and responsive to​ competitors' pricing strategies and marketing moves D. The market consists of many large sellers. E. Many buyers and sellers trade a uniform commodity.

C. Each seller is alert and responsive to​ competitors' pricing strategies and marketing moves

In lecture we discussed that Consumer Education is likely needed more in which of the following Product Lifecycle Stages than all​ others? A. Maturity B. Introduction C. Growth D. Decline

C. Growth

Covered during class​ time, when a company buys a competitor to add a new product to​ it's portfolio of offerings this is known as ​ ______________________ aquisitioning. A. Vertical B. Crowdsourcing C. Horizontal D. ​Side-stepping

C. Horizontal

Which of the following statements about new product development strategy is​ correct? A. A new product will succeed as long as it is priced correctly. B. Good advertising creates successful new products. C. Innovation can be very expensive and very risky. D. New products are not a major source of growth for companies. E. New products are usually successful because consumers like new things.

C. Innovation can be very expensive and very risky.

Regan is buying her mom and dad concert tickets for their anniversary. She notices that their are significant price adjustment strategies being exercised by the concert venue. The tickets that are in the orchestra section are the most expensive but have the best view. The tickets in the upper balcony have a less favorable view but are half the price. This type of pricing is known as A. ​Product-form pricing B. ​Time-based pricing C. Location-based pricing D. ​Customer-segment pricing

C. Location-based pricing

Channel members add value in a number of different ways. In​ lecture, it was exemplified that when a retailer stocks their shelves with​ products/brands that help consumers celebrate a holiday​ (stocking cranberry sauce for Thanksgiving​ traditions). This is the intermediaries way of​ _________________________, which helps meet the needs of the target market A. Promotion B. Contact C. Matching D. ​Omni-channeling

C. Matching

Which of the following would be an appropriate strategy during the maturity stage of the product​ lifecycle? A. Use promotional spending to inform consumers and get them to try the product. B. Produce basic versions of the product and focus on selling to those buyers who are the most ready to buy. C. Modify the​ market, product offering and marketing mix. D. Select products to​ maintain, harvest or drop. E. Shift some advertising from building product awareness to building product conviction and purchase.

C. Modify the​ market, product offering and marketing mix.

When manufacturers launch products using their own brand​ names, which sponsorship option are they​ using? A. ​Co-branding B. Distributor branding C. National branding D. Private branding E. Store branding

C. National branding

When​ Coca-Cola saw the growth of the bottled water​ category, they launched​ Dasani, its brand of bottled water. Which brand development strategy did​ Coca-Cola use in launching​ Disani? A. Brand extension B. Line extension C. New brand D. Licensing E. Multibranding

C. New brand

The Lola Doll is shaping up to be one of the hot toys for the upcoming holiday season. ​ Hasbro, who manufactures the​ tech-ladden doll has decided to offer the toy at a high initial price to recover R​ & D quickly. This new product pricing strategy is known as​ _______________________________. A. ​Cost-Recovery Pricing B. Promotional Pricing C. Price Skimming D. Penetration Pricing

C. Price Skimming

Crazy​ Jerry's uses bright orange stickers to price all of their product offerings in their retail store. They want consumers to think they are getting everything at a discount because ​it's tradition in retailing to see discounted merchandise with​ red, orange or yellow price tags. This kind of pricing is known as​ ____________________________________. A. Reference pricing B. Special event pricing C. Psychological pricing D. Hue pricing

C. Psychological pricing

Which wholesaler channel function helps reduce inventory holding costs and the risks of suppliers and​ customers? A. Transportation B. Financing C. Warehousing D. Buying and assortment building E. Risk bearing

C. Warehousing

Which of the following is considered part of an augmented product rather than that of an actual product or core customer​ value? A. Packaging B. Design C. Warranty D. Brand name E. Product features

C. Warranty

UPS charges different prices for shipping depending on an​ item's destination. The more distant the city the package is being shipped​ to, the higher the price UPS charges. Which geographic pricing method is UPS​ using? A. FOB origin B. ​Base-point pricing C. Zone pricing D. ​Freight-absorption pricing E. ​Uniform-delivered pricing

C. Zone pricing

During​ lecture, channel conflict was discussed in a number of concept areas. The largest cause of conflict among intermediaries is​ __________________________. A. a fight for positioning. B. a fight to set prices. C. a fight for control. D. a fight over level of services provided.

C. a fight for control.

A seventh grade class is headed to a place called Medieval Times which will emerse the children in an afternoon of activities that replicate the Shakespearean time period that they are reading about in class. The tour includes​ jousting, a castle tour and a feast of food from that time period. Everyone that the children come into contact with have been trained to​ dress, talk and act like people of that time period. To marketers this attention to detail when offering this product is creating​ _______________________ (as discussed in​ class). A. structured product experiences B. authentic product positioning C. authentic experiences D. manipulating brand experiences

C. authentic experiences

In​ lecture, the​ "Rules of​ Desire" were discussed. These help shape which of the following areas of a​ product? A. logo design and choice B. product category classification C. brand name selection D. labeling design and choice

C. brand name selection

After ideas are​ screened, the next stage of the new product development process is​ _____. A. commercialization B. test marketing C. concept development and testing D. product development E. idea generation

C. concept development and testing

When a product is in the decline stage of the​ PLC, a company may reduce various costs​ (plant and​ equipment, maintenance,​ R&D, advertising, sales​ force), hoping that sales hold up. In other​ words, they are​ ________ the product. A. growing B. dropping C. harvesting D. maintaining E. milking

C. harvesting

A company launching a new product at the commercialization stage of new product development must first decide on​ ___________. A. market share goals B. the target market C. introduction timing D. the value proposition E. profit goals

C. introduction timing

A discount store​ (for example,​ Target, Kohl's, or​ Walmart) sells standard merchandise at lower prices. To do​ this, discount stores accept which of the following two​ conditions? A. lower margins and lower sales volume B. operating at a loss and higher sales volume C. lower margins and higher sales volume D. higher margins and lower sales volume E. higher sales volume and inefficient operations.

C. lower margins and higher sales volume

When Dr. Lawncare developed his revolutionary new solar powered​ lawnmower, he knew that during the introductory stage of the product lifecycle​ ___________. A. sales would be low but profits would be high B. sales would be slow and profits would level off or decline C. sales would be slow and profits​ non-existent D. profits would rise quickly and there would be rapid market acceptance of his product. E. sales would fall and profits would drop

C. sales would be slow and profits​ non-existent

The length of a channel is indicated by​ ___________. A. the number of producers B. the number of final consumers C. the number of intermediary levels D. the number of wholesalers in the channel E. the number of retailers in the channel

C. the number of intermediary levels

To create successful new​ products, a company must​ _______. A. focus their new product development efforts only on consumers B. spend more on​ R&D that its competitors C. understand its​ consumers, markets, and competitors and develop products that deliver superior value D. cut costs to keep the price of new products low E. obtain successful products through acquisitions instead of doing internal development

C. understand its​ consumers, markets, and competitors and develop products that deliver superior value

A car buyer can choose a base model at one​ price, or one with a premium sound and navigation system at a higher price. This is an example of​ _______ pricing. A. ​captive-product B. product line C. ​optional-product D. ​by-product E. ​product-bundle

C. ​optional-product

Which of the following correctly defines a​ product? A. Products have two levels dash- the actual product and the augmented product. B. Products are only tangible objects offered to a market to satisfy a want or need. C. A product is not a part of the overall market offering. D. A product is anything offered to a market that might satisfy a need or want. E. Products include tangible objects and services but not events or people.

D. A product is anything offered to a market that might satisfy a need or want.

In lecture we discussed examples of product ideas that was​ "sold" to the public. Which of the following is an idea that has been​ "sold"? A. Birth Control B. Recycling C. ​Anti-smoking D. All the above

D. All the above

Which of the following is NOT a product life cycle​ (PLC) stage? A. Introduction B. Growth C. Decline D. Commercialization E. Maturity

D. Commercialization

Early adopters are most likely paired with which stage of the Product​ Lifecycle? A. Aquisition B. Maturity C. Introduction D. Growth

D. Growth

Sales are rising​ rapidly, competitors are growing in number and the customers are early adopters. Which stage of the PLC does this​ describe? A. Maturity B. Introduction C. Product development D. Growth E. Decline

D. Growth

Charlie is creating an advertising campaign that is focused on creating brand awareness. Most​ likely, the​ product/brand that he is creating the ads for is in the​ ________________________of the Product Lifecycle stages. A. Product Development B. Growth C. Birth D. Introduction

D. Introduction

When we see Hello Kitty on​ children's clothing, Disney characters on​ lunchboxes, and Sponge Bob Squarepants on breakfast​ cereals, which form of brand sponsorship is being​ used? A. Private branding B. National branding C. Store branding D. Licensing E. ​Co-branding

D. Licensing

Which of the following statements about retailer marketing decisions is​ correct? A. Retailers do not have to segment and target their markets. B. Retailers do not differentiate themselves on their service mix. C. Most retailers seek either high markups on higher volume or low markups on lower volume. D. Many retailers identify three critical factors for retail​ success: location,​ location, and location. E. Stores do not need to differentiate and position themselves.

D. Many retailers identify three critical factors for retail​ success: location,​ location, and location.

Which of the following statements is true regarding product life cycle​ curves? A. All products follow the traditional​ 5-stage PLC model. B. Managing products through their life cycle is an easy task. C. Marketing strategies do not change for different life cycle stages. D. Marketers do not know the exact shape and length of their​ product's life cycle in advance. E. Once a product reaches the decline​ stage, it cannot be recycled back to growth.

D. Marketers do not know the exact shape and length of their​ product's life cycle in advance.

Most products are at which stage of their product​ lifecycle? A. Product development B. Growth C. Introduction D. Maturity E. Decline

D. Maturity

In​ lecture, we discussed that a large part of selling a doll​ (Barbie or other​ brands) has to do with being able to​ feel/touch it's hair. Placing a hole in the box to allow young consumers to touch the hair before purchase is a manipulation of which product​ factor? A. Branding B. Labeling C. Logos D. Packaging

D. Packaging

For which service characteristic do marketers need to pay close attention to fluctuations in​ demand? A. Tangibility B. Intangibility C. Inseparability D. Perishability E. Variability

D. Perishability

Which brand dimension is defined as how consumers feel a brand meets their​ needs? A. Esteem B. Differentiation C. Knowledge D. Relevance E. Equity

D. Relevance

Which of the following is not an example Captive Product​ Pricing? A. Rick buys a book download for his new​ e-reader and finds the price is high. B. Rick buys a video game for his new gaming systems and finds the price is high C. Rick buys a bood download for his new​ e-reader and finds the price is low. D. Rick buys a new gaming system and finds the price is high.

D. Rick buys a new gaming system and finds the price is high.

In lecture we discussed the 4th and final product classification called Unsought Products. Which approach to marketing do these product often​ take? A. Marketing Approach B. Production Approach C. Product Approach D. Selling Approach

D. Selling Approach

Nailit Cosmetics is advertising its newest line of nail polishes. Nailit is selling the products in specially designed bottles that make application​ easier, made from a​ non-toxic, water-based nail polish with amazing summer colors. Which of the following is a core customer value for​ Nailit's line of​ polishes? A. The natural ingredients B. The​ non-toxic properties of the products C. The Nailit brand D. The desire to have beautiful nails E. The​ products' revolutionary packaging

D. The desire to have beautiful nails

Which of the following is a pure tangible​ good? A. A meal at a restaurant B. Financial advice C. A spa treatment D. Toothpaste E. A medical checkup

D. Toothpaste

Through​ _____ a company can obtain new products by buying a whole​ company, a​ patent, or a license to produce someone​ else's product. A. product life cycle strategies B. internal​ R&D C. new product development D. acquisition E. idea generation

D. acquisition

Superstores that are actually giant specialty stores and have seen tremendous growth recently are called​ _______. A. service retailers B. ​off-price retailers C. discount stores D. category killers E. supermarkets

D. category killers

A(n) _____ is made up of one or more independent​ producers, wholesalers,​ retailers, and consumers. A. franchise B. corporate vertical marketing system C. administered vertical marketing system D. conventional distribution channel E. channel level

D. conventional distribution channel

The value of customer relationships that a brand creates is called​ _______. A. customer value B. brand value C. brand differentiation D. customer equity E. brand equity

D. customer equity

Hotels and​ motels, banks,​ airlines, restaurants,​ colleges, hospitals, movie​ theaters, tennis​ clubs, bowling​ alleys, repair​ services, hair​ salons, and dry cleaners are all examples of​ ________. A. specialty stores B. wholesalers C. non-retailers D. service retailers E. franchises

D. service retailers

Intuit follows a​ "Design for Delight​ (D4D)" development philosophy that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit​ using? A. Systematic new product development B. Marketing strategy development C. Crowdsourcing D. ​Customer-centered new product development E. ​Team-based new product development

D. ​Customer-centered new product development

Kroger sponsors such brands as Private​ Selection, Heritage​ Farm, and Simple Truth. Kroger does not manufacture any of these products. Which type of brand sponsorship is Kroger​ using? A. A​ co-brand B. A national brand C. A licensed brand D. A​ manufacturer's brand E. A private brand

E. A private brand

Which of the following is a​ cost-oriented pricing​ approach? A. ​High-low pricing B. EDLP pricing C. Value added pricing D. ​Competition-based pricing E. Breakeven pricing

E. Breakeven pricing

Which of the following statements is true regarding initiating price​ cuts? A. Firms never cut​ prices; they only raise them. B. If faced with excess​ capacity, a firm should not cut its price. C. When faced with falling​ demand, firms should not cut prices. D. Cutting price has no effect on costs. E. Cutting prices in an industry loaded with excess capacity may lead to price wars.

E. Cutting prices in an industry loaded with excess capacity may lead to price wars.

After segmenting and defining their target​ markets, what should retailers do​ next? A. Decide on the location. B. Decide on the store atmosphere C. Decide on the level of service. D. Decide on the product assortment. E. Decide how they will differentiate and position themselves in the market.

E. Decide how they will differentiate and position themselves in the market.

In determining product​ quality, what are the two dimensions of quality marketers must decide​ upon? A. Level and conformance. B. Consistency and packaging. C. Level and price D. Consistency and conformance. E. Level and consistency

E. Level and consistency

Which of the following is a reason that producers use marketing channels and channel​ intermediaries? A. The reduced costs of using channel intermediaries offsets the inefficiencies of marketing channels. B. Marketing channel decisions only require a​ short-term commitment. C. Using channel intermediaries increases the number of contacts with customers. D. Using marketing channels allows producers to retain control over how and to whom they sell their products. E. Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers.

E. Marketing channel members are able to transform the assortments of products made by producers into the assortments wanted by consumers.

Which of the following statements regarding socially responsible product decisions is​ correct? A. Manufacturers are generally not concerned with product liability. B. Safety legislation has been passed to regulate chemical substances and drugs and​ poisons, but not​ toys, automobiles and fabrics. C. When companies drop​ products, they do not have any obligations to​ suppliers, dealers and customers. D. Companies can safely ignore patent laws. E. The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.

E. The government may prevent companies from adding products through acquisitions if the effect threatens to decrease competition.

Which of the following statements is true regarding initiating price​ increases? A. Price increases do not impact profits. B. Prices should be increased when there is a lack of demand. C. Cost inflation is not a factor in price increases. D. Companies do not need to communicate reasons for price increases to customers. E. Wherever​ possible, the company should consider ways to meet higher costs or demand without raising prices.

E. Wherever​ possible, the company should consider ways to meet higher costs or demand without raising prices.

In the early​ 1970's, Gary Dahl sold pet rocks. The product had a​ short, temporary period of unusually high sales driven by consumer enthusiasm and immediate product​ popularity, but then sales declined very quickly. The PLC sales pattern for pet rocks is known as​ ______. A. a fashion B. a failure C. a style D. a normal product life cycle curve E. a fad

E. a fad

Online marketers taking business from traditional​ brick-and-mortar retailers is an example of​ _____. A. vertical conflict B. horizontal conflict C. an administered VMS D. franchising E. disintermediation

E. disintermediation