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Exam 14: Developing and Pricing Goods and Services

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Question 41

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The stages of the product life cycle are

A) production, inventory, exchange, usage, and disposal.
B) conception, testing, production, commercialization, and obsolescence.
C) introduction, growth, maturity, and decline.
D) opportunity recognition, concept testing, production, market acceptance, brand insistence, and obsolescence.

E) A) and C)
F) A) and B)

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Question 42

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

A) True
B) False

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Question 43

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One of the reasons why companies create the position of brand manager is to

Which of the following is expected during the maturity stage of a product life cycle?

The product life cycle consists of ________ stages.

A knockoff brand is a brand name that has lost its exclusive legal protection.

In marketing today, packaging carries the added responsibility of:

Which of the following strategies establishes a price based on the actions of rival firms?

Brand managers have direct responsibility for all the elements of the marketing mix for a particular brand or product line.

The degree to which customers are satisfied and are committed to future purchases of a desired brand is called

Currently, which of the following products would most likely be considered in the growth stage of the product life cycle?

Sometimes a firm will lower prices below their costs in order to build a customer base.

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

The purpose of break-even analysis is to determine the lowest price a firm can charge and still be able to cover its costs of production.

Products that carry the name of a distributor or a retailer instead of the manufacturer's name are called

As more sales move to online retailers, it is likely that firms will adopt a high-low pricing strategy.

When consumers calculate the value of a product, they look at the benefits and then subtract the cost.

Price, store surroundings, service, and brand name are all elements that consumers evaluate in a total product offer.

During the ________ stage of the product life cycle sales reach a peak, profits are declining, and the number of competitors starts to decrease.

Suitorium is a men's clothing store in a large suburban shopping mall. The managers of the store know that their customers usually comparison shop, looking carefully at quality and price before deciding to buy. With this information, Suitorium carries quality clothing, offers competitive pricing, and friendly, helpful service. The target customers apparently view men's suits as a