Ch. 14 Quiz

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

E. 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. Shopping products B. Specialty products C. Convenience products D. Capital items E. Expense items

A. Shopping products

​____________ involves retailing a new product for a limited time in order to evaluate its attractiveness and to gain feedback from consumers before a final product is fully released. A. Test marketing B. ​Co-branding C. Prototyping D. Brand extension E. Commercialization

A. Test marketing

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

A. expense items

Feasibility studies and concept testing take place at the​ ________ stage in the product development process. A. idea screening B. prototype development C. business analysis D. idea generation E. test marketing

A. idea screening

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

A. semiconductors and fasteners

​______ represent(s) the worth that a business has established for a certain product. A. Brand marks B. Brand equity C. ​Co-branding D. Brand extension E. Brand loyalty

B. Brand equity

Which aspect of product development involves comprehensive production and distribution movements in an effort to fully launch​ products, such as​ manufacturing, packaging,​ distributing, and pricing​ activities? A. Prototyping B. Commercialization C. Brand extension D. Test marketing E. ​Co-branding

B. Commercialization

A​ computer-based pricing technique which attempts to lessen pricing errors and speculations in order to determine the best pricing structures for individual stores based on their priorities is known as​ _________. A. skim pricing B. optimal pricing C. dynamic pricing D. ​value-based pricing E. penetration pricing

B. optimal pricing

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. A rapid jump in sales takes place if the product is successful. D. Sales begin to level off. E. Companies eliminate products that are growing.

C. A rapid jump in sales takes place if the product is successful.

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

C. Maturity stage

The first step in the​ new-product development process is​ ________. A. business analysis B. prototype development C. idea generation D. test marketing E. idea screening

C. idea generation

A​ _____ consists of legal protection given to a brand in order for its owners to possess private rights to its use and​ distribution, creating exclusivity and appeal for that particular brand. A. brand name B. logo C. trademark D. brand extension E. license

C. trademark

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

C. unsought product

A method of determining the least amount of sales required at a certain price in order to account for all fixed and variable costs is known as​ _________. A. optimal pricing B. ​value-based pricing C. ​break-even analysis D. ​cost-based pricing E. price elasticity

C. ​break-even analysis

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

D. Capital items

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

D. Specialty products

A​ _________ is an illustration or​ word-based depiction of a brand and exemplifies the nonverbal recognition of a certain brand. A. brand name B. brand extension C. license D. logo E. trademark

D. logo

Of the​ following, which involves attaching a popular brand name to a new product collection in order to give the new product the benefit of already having that recognition and reputation association with that​ brand? A. Brand equity B. Brand marks C. ​Co-branding D. Brand loyalty E. Brand extension

E. Brand extension

​_________ is a pricing technique used to establish larger initial sales quantities by offering a very low price in order to decrease competition and increase product attractiveness. A. Skim pricing B. ​Value-based pricing C. Optimal pricing D. Dynamic pricing E. Penetration pricing

E. Penetration pricing

​_______ represents the levels of responsiveness consumers have to fluctuations in costs for certain products and the effect those changes have on demands for those products. A. Deceptive pricing B. Market demand C. Price fixing D. Price discrimination E. Price elasticity

E. Price elasticity

Which of the following includes a collection of related goods available from a​ company? A. Product mix B. Brand extension C. Brand loyalty D. Commercialization E. Product line

E. Product line

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

E. convenience products

Fixed costs include​ ________. A. shipping B. sales commission C. supplies D. raw materials E. real estate taxes

E. real estate taxes

​____________ is a technique of determining product costs that involves taking into account the expense of production instead of market conditions and that often involves adding markups to products to calculate selling prices. A. ​Value-based pricing B. Participative pricing C. Optimal pricing D. Skim pricing E. ​Cost-based pricing

E. ​Cost-based pricing