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Which of the following correctly defines a​ product?

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

Which type of consumer products are frequently purchased with little​ planning, little comparison or shopping​ effort, and low customer​ involvement?

Convenience products

​_____________________ is the value of customer relationships that a brand creates.

Customer equity

If the company has selected its target market and positioning​ carefully, then its marketing mix​ strategy, including​ price, will be fairly straightforward. Of the​ following, which is NOT one of the common pricing​ objectives?

Grabbing international market share

Which of the following is true regarding the​ price-demand relationship?

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

​When, if​ ever, is price discrimination​ allowed?

If the seller can prove that its costs are different when selling to different​ retailers, then it is legal.

Which of the following statements about new product development strategy is​ correct?

Innovation can be very expensive and very risky.

Which of the following statements regarding packaging is​ correct?

Innovative packaging can give a company an advantage over competitors and boost sales.

​__________________ represent an internal source of new product ideas for a company.

Intrapreneurial programs

In determining product​ quality, what are the two dimensions of quality marketers must decide​ upon?

Level and consistency

When we see Hello Kitty on​ children's clothing, Disney characters on​ lunchboxes, and SpongeBob SquarePants on breakfast​ cereals, which form of brand sponsorship is being​ used?

Licensing

When Doritos comes out with new flavors of its tortilla​ chips, what brand development strategy does it​ employ?

Line extension

Which stage of the PLC is characterized by peak​ sales, low costs per​ customer, high​ profits, mainstream​ adopters, and a stable number of competitors that are beginning to​ decline?

Maturity

Which of the following statements concerning new products is​ correct?

Modified and improved products are considered new.

When​ Coca-Cola saw the growth of the​ bottled-water category, it launched DASANI​Ò​, its brand of bottled water. Which brand development strategy did​ Coca-Cola use in launching​ DASANI?

New brand

​________________ is the service characteristic to which marketers need to pay close attention when there are fluctuations in demand.

Perishability

Of the​ following, which is true about​ pricing?

Price competition is a core element of our​ free-market economy.

Which of the following statements regarding the important decisions in the development and marketing of individual products is​ correct?

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

​______________________ is the step of the new product development process during which a physical product is first developed.

Product development

Which of the following would be an appropriate strategy during the growth stage of the product life​ cycle?

Spend a lot of money on product​ improvement, promotion, and distribution.

Nailit Cosmetics is advertising its newest line of nail​ polishes, made from a​ nontoxic, water-based nail polish with amazing summer colors. Nailit is selling the products in specially designed bottles that make application easier. Which of the following is a core customer value for​ Nailit's line of​ polishes?

The desire to have beautiful nails

Which of the following statements is true regarding product life cycle​ curves?

The sales of a typical product follow an​ S-shaped curve made up of five stages.

Internal factors that affect pricing include​ _________________.

The​ company's overall marketing​ strategy, objectives, and marketing mix

Which of the following is a pure tangible​ good?

Toothpaste

Which of the following statements regarding managing service quality is​ correct?

Unlike product​ quality, service quality will always vary.

Which of the following is considered part of an augmented product rather than that of an actual product or core customer​ value?

Warranty

​________________________ is one major objective associated with a​ market-penetration pricing strategy.

Winning large market share

A company can obtain new products by buying a whole​ company, a​ patent, or a license to produce someone​ else's product through​ _______________________.

acquisition

Roshika 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​ ________.

an indicator of quality

After market strategy is​ developed, the next step of the new product development process is​ _______________.

business analysis

Goldtone is a multinational communications and information technology corporation. Its principal products are mobile telephones and tablets. It recently announced on its website that customers can suggest ideas for its upcoming product model. Contributors of​ short-listed ideas will be adequately rewarded. In this​ case, Goldtone is using​ ________ to generate new product ideas.

crowdsourcing

Continually adjusting prices to meet the characteristics and needs of individual customers and situations is known as​ _______________________.

dynamic pricing

Ad agency Young​ & Rubicam's BrandAsset Valuator measures brand strength along four consumer perception dimensions. Brand​ ___________ is defined in terms of how highly consumers regard and respect the brand.

esteem

Crowdsourcing is used in the​ _______________________ step of the new product development process.

idea generation

Adding a new product line to an existing portfolio means that the line has​ __________________.

increased product mix width

A service firm must orient and motivate its​ customer-contact employees and supporting service people to work as a team to provide customer satisfaction. This process is known as​ _________________________.

internal marketing

New product commercialization takes much thought and planning. The first critical step in the commercialization process is​ ____________________.

introduction timing

When a product is in the maturity stage of the​ PLC, the company tries to increase consumption by finding new users and new market segments for its brands. This attempt to increase consumption is known as​ ______________________.

modifying the market

The illegal practice of​ ______________________ is selling below cost with the intention of punishing a competitor or gaining higher​ long-run profits by putting competitors out of business.

predatory pricing

When Apple introduced its iPhone​ X, it priced the new product at nearly​ $1,000, considerably higher than competing smart phones. Apple was pursuing a​ ___________________ new product pricing​ strategy.

premium pricing

The Ford Mustang is offered in several different models. Ford uses​ __________ pricing to determine the price steps between the different models.

product line

When a retailer temporarily prices a few select items below cost to create excitement and pull consumers into the​ store, it is practicing​ ___________________ pricing.

promotional

When a company lengthens a product line by adding more items beyond its current​ range, it is​ ________.

stretching the line

Installing an innovation management system to​ collect, review,​ evaluate, and manage new product ideas represents​ a(n) ______________ approach to new product development.

systematic

Which of the following reverses the usual process of first designing a new​ product, determining its​ cost, and then​ asking, "Can we sell it for​ that?"

target costing

When Dr. Lawncare developed his revolutionary new​ solar-powered lawnmower, he expected that during the growth stage of the product life cycle​ ___________.

the company would see rising profits

Service​ _______ means that the quality of services depends on who provides them as well as​ when, where, and how they are provided.

variability

Which of the following incorporates the advantage of brands operating in different categories with the combined brands creating broader consumer appeal and greater brand​ equity?

​Co-branding

Intuit​ Labs, a division of​ Intuit, the accounting and payroll software​ developer, follows a​ "Design for Delight​ (D4D)" development​ philosophy, which states that products should delight customers by providing experiences that exceed expectations. Which new product development approach is Intuit​ using?

​Customer-centered new product development

​Sadie's Restaurant has listened to its customers over the years and is now able to offer the right combination of quality and good service at a fair price. Which pricing strategy is​ Sadie's using?

​Good-value pricing

Gillette charges a fairly low price for its razors​ (relative to​ costs) and a high price for razor blades. It is using a strategy of​ ___________ pricing.

​captive-product

When a college or university charges more for​ out-of-state students than​ in-state students, it is practicing​ ______________________.

​location-based pricing

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

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.

​optional-product

When sellers set prices in conjunction or collaboration with one​ another, this illegal practice is known as​ _______________.

​price-fixing

Which of the following is NOT a product life cycle​ (PLC) stage?

Commercialization

Which stage of the product life cycle normally lasts longer than the others and poses great challenges to marketing​ management?

Maturity

A variation of​ break-even pricing is​ ____________________, which uses the concept of a​ break-even chart that shows the total cost and total revenue expected at different sales volume levels.

Target return pricing

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 decrease competition.

Which of the following statements is correct concerning service marketers going​ global?

The trend toward growth of global service companies is expected to continue in the near future.

Which of the following statements about service marketing is​ correct?

Training current employees better and hiring new ones with more skills can increase service productivity.

The three functions of​ __________ include​ identifying, describing, and promoting the product.

labeling

The​ Robinson-Patman Act seeks to ensure that sellers offer the same price terms to customers at a given level of trade to prevent​ ______________________.

price discrimination

Bath​ & Body Works uses​ _____________ pricing when the company offers​ "three-fer" deals on its products​ (such as​ soaps, lotions, and​ moisturizers).

product bundle

​New, premium movie theaters offer features such as online reserved​ seating, high-backed leather executive chairs with armrests and​ footrests, the latest in digital​ sound, super-wide​ screens, and other amenities for which they charge a higher price. This is an example of which type of​ pricing?

​Value-added pricing

Which of the following refers to setting prices based on​ buyers' perception of value rather than on the​ seller's cost?

Customer​ value-based pricing

Groups of​ __________________ products consist of materials and​ parts, capital​ items, and supplies and services.

industrial

To create successful new​ products, a company must​ _______.

understand its​ consumers, markets, and competitors and develop products that deliver superior value to customers

​Kroger, headquartered in​ Cincinnati, Ohio, is one of the​ nation's largest grocery chains. It owns several brands sold in its​ stores, including Private​ Selection, Heritage​ Farm, and Simple. These brands represent which type of brand​ sponsorship?

Private brands

​______________________ protect consumers from harm and the company from liability by proactively ferreting out potential product problems.

Product stewards

The quality of services depends on who provides them as well as​ when, where, and how they are provided. Which characteristic of services does this​ describe?

Variability

In the early​ 1970s, 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 fad

UPS uses​ _________________, which charges different prices for shipping depending on an​ item's destination. The more distant the city where the package is being​ shipped, the higher the price UPS charges.

zone pricing


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