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Exam 12: Creating and Pricing Products That Satisfy Customers

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Question 1

True/False

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One of the major dangers of competition-based pricing is that it often results in price wars.

A) True
B) False

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Question 2

Multiple Choice

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If Nordstrom sales associates are there to greet you as soon as you walk through the door, to assist you personally in finding the merchandise you are looking for, and to inform you about the store's events and services, the company is striving to compete on

A) quality.
B) service.
C) promotion.
D) price.
E) distribution.

F) B) and D)
G) C) and D)

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B

Question 3

Multiple Choice

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A brand that is owned by a producer is called a

Screening ideas for feasibility is the first stage of the new product development process.

Markup pricing is easy to apply, although it is difficult to determine an effective markup percentage.

Fixed costs are costs that depend on the number of units produced.

A wrench used to make adjustments to machinery that produces copper wire is classified as

The Glo-Brite Company is considering development of a new children's toothpaste in fun-shaped dispensers. Before performing any business analysis on the product, Glo-Brite would like an initial response from potential customers to determine interest in a toothpaste of this type. Glo-Brite will begin ____ to gather the information.

Competition-based pricing is

Give the characteristics of shopping products, specialty products, and convenience products. Illustrate those characteristics with examples of products that fit the categories.

A pricing strategy in which a manufacturer pays for the shipping cost of its merchandise to the wholesaler is called ____ pricing.

A trade discount is the price producers set to draw the public's attention to new products.

The strategy of setting a single price for two or more units is known as

All of the following are stages in the evolution of new products except

Generic brands are becoming more popular with today's price-conscious shoppers.

Odd-number pricing is limited to low-priced items.

Pricing strategies act as guides for achieving pricing objectives.

Texaco, Exxon, and Ford are examples of a store brand.

Packages have marketing value but no functional value.

A trademark is legally protected from use by anyone except its owner.