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