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Exam 14: Developing and Pricing Goods and Services

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Question 121

Multiple Choice

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Today,packaging is:

A) the least important component of the marketing mix.
B) assuming an increasingly important role in the promotion of products.
C) exclusively intended to protect the product from damage.
D) the most expensive component of the production process.

E) None of the above
F) B) and C)

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Question 122

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

A) dealer private) brands.
B) knockoff brands.
C) generic brands.
D) equity brands.

E) A) and D)
F) A) and C)

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Question 123

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Mystic Beverages,a producer of soft drinks,wants to differentiate its products from those of other soft drink providers.To implement this strategy successfully will require Mystic to create tangible differences in the physical product it offers.

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

A penetration strategy calls for a firm to charge low prices with the intent of attracting a large number of customers and discouraging competition.

Ultimately,the price of a good is determined by the interaction of supply and demand in the marketplace.

In order to achieve a social objective,firms use low prices to enable people with low incomes to buy their product.

Cost-based pricing adds a desired profit margin to the cost of producing a product.

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 Procter & Gamble's __________ in bar soaps.

LoRider Wheels sells high quality bicycles and accessories.The store is known for a pleasant environment,friendly salespeople and an excellent service department.All of these elements are part of the ___________ offered by LoRider.

Pattie Bunz operates the Zestee Burgers restaurant.The cost of pickles,onions,buns,catsup,and meat patties would all be considered variable costs for her type of business.

The use of the Folgers's ________ allows customers to easily identify this product from other coffee products.

Sweet Dream Confectioners uses the same ingredients as most other producers of chocolate candies.In fact,taste tests suggest that the candy itself,while quite good,isn't much better than other well-known brands of chocolate.However,the company wraps its candies in expensive looking foil and places them in very attractive boxes.It promotes its products in advertisements as "the ultimate in chocolate experience." Sweet Dream charges a much higher price than most competitors,but sales continue to grow.This success indicates that:

Rather than having frequent special sales,Walt's Warehouse has a pricing strategy that maintains lower prices than competitors all the time.Walt's pricing strategy is known as everyday low prices EDLP).

Which of the following statements about packaging is the most accurate?

Which of the following products would be considered an unsought good or service by a typical college student?

Whole grain breads,bagels,bread sticks,sandwiches,soup,and pastries are products that would be included in the product mix of El Trovodor's Bread Company.

A brand that has been given exclusive legal protection,such as the McDonald's golden arches is a:

Consumer perceptions of product quality are affected by promotions and packaging,but not by the price of the product.

"I Can't Believe That It's Medicine" is an advertising slogan for a new antacid.The manufacturer claims that their antacid works faster and tastes better than any competing brand.These claims are part of the firm's strategy to achieve: