Chapter 14 Quiz Questions

According to the product life cycle model, sales are expected to peak in the ________ stage. (1) maturity (2) introduction (3) commercialization (4) growth

The product life cycle consists of ________ stages. (1) 3 (2) 5 (3) 4 (4) 6

Which of the following products would most likely be classified as a specialty good or service? (1) a sports coat, slacks, and tie (2) a limited-edition print signed by the artist (3) a microwave oven (4) a car insurance policy

As a manager at IceCold Foods, Oscar is responsible for the firm's S'Cream brand of ice cream. He recently approved a proposal to test market new ice cream flavors. He is also considering the possibility of lowering the price of the ice cream and initiating a new advertising campaign. Oscar serves as a (1) product development manager. (2) brand manager. (3) target market manager. (4) commercialization manager.

Which of the following refers to a group of products offered by a firm that are physically similar or are intended for a similar market? (1) product matrix (2) product line (3) total product offer (4) product mix

________ uses price points to establish prices that help create the impression that the product is less expensive than it is. (1) Psychological pricing (2) Everyday low pricing (EDLP) (3) Bundling (4) High-low pricing

The product life cycle model helps marketers realize that (1) careful product screening will increase profits over the life of a product. (2) sales and profit levels can be forecasted accurately. (3) consumers are always ready to try a new product if it is priced correctly. (4) different stages in the life cycle call for different marketing strategies.

Which of the following is a benefit of a brand name for a seller? (1) additional prestige (2) quality assurance (3) reduction in search time (4) increased repeat purchases

Big Dog Building is the one of the largest cement companies in the Midwest. When the firm raised its prices by 11 percent, all of its competitors soon announced they too were raising their prices by 11 percent. It appears this industry is influenced by a ________ strategy. (1) price discrimination (2) price skimming (3) market pricing (4) price leadership

The ________ is a theoretical model that describes the sales and profit performance of a product class over time. (1) commercialization time line (2) marketing template (3) product life cycle (4) market stages model

Which of the following would a firm most likely use to differentiate its product? (1) increased production (2) manual warehousing (3) elaborate packaging (4) financial differences

The trend away from personal salespeople to self-service in many retail outlets has caused firms to (1) place a greater promotional importance on packaging. (2) decrease expenditures on social media and websites. (3) rely more on personal sales efforts. (4) reduce their advertising promotional budgets.

Firms utilize ________ when they attempt to add value to their product by offering service after the sale, product demonstrations, or interactive customer websites. (1) nonprice competition (2) niche marketing (3) break-even segmentation (4) relationship branding

Having just graduated college and about to start a new marketing job, Terry needed transportation. He listed the kinds of things he wanted in a car: the ability to carry some large things; a comfortable back seat for his two dogs; 4-wheel drive for snow and ice; and economical on gas. Marketers know that today's consumers (1) are educated and very savvy and are looking for features and not benefits. (2) look for the best value (benefits outweigh the cost). (3) are willing to pay just about any price if they find the features they want. (4) are always economically sensitive, first.

An advertisement for the Xerox Corporation encourages customers to say, "Copy it" rather than "Xerox it." This indicates that Xerox is fearful that its brand name might become a(n) (1) public domain good. (2) generic name. (3) private brand. (4) equity name.

Diego's company was bidding on the construction of a new penguin display at a zoo. When putting together his bid, Diego began by determining what the zoo would be willing to pay for the structure, and then subtracting a reasonable profit for the company. The result would be the cost of production. For example: If price to zoo = $8 million, and company profit margin = $3 million, the cost to produce cannot exceed $5 million. [$8 million - $3 million = $5 million.] The demand-based pricing strategy in this example is called (1) target costing. (2) volume pricing. (3) penetration pricing. (4) cost-based pricing.

Which of the following statements is the most accurate assessment of the role packaging plays in product offerings? (1) The importance of packaging is greater now than ever. (2) While packaging plays an important role in marketing goods, it is not relevant to the marketing of services. (3) Effective packaging eliminates the potential of product liability suits. (4) The importance of packaging has diminished as the online retailing has grown.

The stages of the product life cycle are (1) opportunity recognition, concept testing, production, market acceptance, brand insistence, and obsolescence. (2) production, inventory, exchange, usage, and disposal. (3) conception, testing, production, commercialization, and obsolescence. (4) introduction, growth, maturity, and decline.

Borden, Inc. makes pasta, dairy items, and adhesives. These different types of products are referred to as Borden's (1) product life cycle. (2) product line. (3) product mix. (4) product differentiation.

In evaluating colleges, students and parents are likely to judge a school (1) by the collection of benefits offered by the school. (2) strictly on the basis of major curriculums offered. (3) on the anticipated rate of return on their tuition investment. (4) based on the tuition.