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Exam 12: Aproduct Development and Pricing Strategies

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Question 1

Multiple Choice

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What type of product modification is likely to make the greatest impact on a food product?

A) Quantity
B) Aesthetic
C) Functional
D) Versatility
E) Texture

F) B) and D)
G) A) and D)

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Question 2

Multiple Choice

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The label on a bag of Fritos is not required to describe the

A) number of servings it contains.
B) number of calories derived from fat.
C) safety precautions.
D) number of calories per serving.
E) serving size.

F) A) and B)
G) D) and E)

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C

Question 3

Multiple Choice

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At a busy intersection in Atlanta, there are four competing gas stations.Each of the stations charges about the same for each gallon of gasoline.The pricing objectives of these firms is

Innovations are much less common than imitations and adaptations.

The largest number of product ideas are rejected during the ____ stage of new product development.

Polaroid is willing to supply 50 million packs of blank DVDs at €10 each.Buyers are willing to purchase 50 million packs of blank DVDs at €10 each.The €10 price is referred to as the ____ price.

When a product experiences sales revenue and profit increases, reaches a peak, and then declines, it goes through what is called

Discounts from the list price offered to intermediaries are called ____ discounts.

The width of a product mix is a measure of the number of individual products within each line.

Even if a grocery item is a generic product, a consumer can tell who produced it by examining the package carefully.

Click It, Inc. Travis is a salesperson for Click It, Inc.Click It does not sell products with its own brand name.Instead, its products are created for different retail stores and carry the store brand.Travis thought that several changes needed to be made to a particular product, but Click It management reminded him that the stores, not Click It, owned the brand. However, because Click It had been concerned about dropping sales, management listened to Travis's concerns about the company's pricing.He suggested using a different pricing strategy.More specifically, he felt that the company should incorporate a multiple-unit pricing strategy because it would then allow Click It to set a single price for multiple units.This had the potential of increasing sales and therefore profits, so management agreed to consider Travis's suggestion. -Refer to Click It, Inc.The multiple-unit pricing strategy suggested by Travis is a ____ strategy.

A name, term, symbol, design, or any combination of these that identifies a product and distinguishes it from a competitor's product is called packaging.

Consumer products can be divided into the following three categories:

The part of a brand that can be spoken-letters, words, numbers, and/or pronounceable symbols-is called a

BMW's acquisition of the British automaker Rover provides BMW with instant entry into the growing sport-utility vehicle market with the legendary Range Rover line.BMW's purchase is an attempt to widen its product mix.

Packages have marketing value but no functional value.

The branding strategy in which a firm uses the same brand for all or most of its products is called individual branding.

GE, Kellogg's, Mercedes, and Dell are all examples of

A brand is all of the following except a(n)

If a manager designs the shoe department in a manner that one of its private label pairs of shoes, priced at €69.99, is positioned next to a well-known national brand of shoes priced at €89.99, what strategy is the manager attempting to accomplish?