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Exam 14: Developing and Pricing Goods and Services

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Question 131

True/False

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When consumer loyalty reaches the point of brand insistence, the product becomes a specialty good.

A) True
B) False

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Question 132

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Location is very important in the marketing of because consumers desire to purchase these goods with a minimum of shopping effort.

A) unsought goods
B) shopping goods
C) specialty goods
D) convenience goods

E) A) and D)
F) All of the above

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Question 133

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The four-stage theoretical model that describes the evolution of a product from birth to death is referred to as the:

Which of the following is considered a stage of the new-product development process?

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) :

A has direct responsibility for all the elements of the marketing mix for one brand or product line.

Brand equity refers to those factors that people associate with a specific brand name, such as awareness, perceived quality, and loyalty.

Consumer goods and services are generally classified into four specific categories. What are the four categories, and how do they differ? Illustrate by giving examples of products that are often included in each category.

Dewy, Cheatem, and Howe's promotional efforts are intended to increase the public's awareness of its new product's benefits and uses. This effort is consistent with the stage of the product life cycle model.

At the break-even point:

Papa's Market offers customers tissues, canned vegetables, napkins, and dishwashing detergent in basic packaging with no identified brand. These goods are popular with Papa's cost-conscious shoppers because they are significantly less expensive than nationally known brand names. These types of goods are examples of generic goods.

Firms use brand managers or brand teams to give them greater control over both new-product development and product promotion.

Grandpa's Burger Haven sells a medium soda for $1.50, a "Single Meat" burger for $1.99, and onion rings for $1.83. However if you buy the "Single Meat Meal" the price is $5.00. Grandpa's is practicing price bundling with the "Single Meat Meal."

As a brand manager, Ellen has proposed an aggressive advertising campaign that exaggerates the benefits of their newest product. While Ellen is convinced that this strategy will encourage consumers to try the product, her assistant strongly opposes the idea. Which of the following presents the best explanation for the assistant's opposition to Ellen's proposal?

The uniqueness of convenience goods and services stimulate consumers to make an extra effort to purchase them.

It now takes about seven ideas to generate one commercial new product.

In the long run the market determines what the price will be.

According to the "Spotlight on Small Business" box in Chapter 14, Let's Dish and Dream Dinners have become successful in their market by:

Charging high prices to earn large profits during a time when there is little competition represents a strategy:

The Procter & Gamble Company is a major producer of bar soaps. In fact, Procter & Gamble produces Ivory, Camay, Lava, Safeguard, Zest, and Coast bar soaps that all claim a variety of benefits. These products are part of Proctor & Gamble's in bar soaps.