Chapter 12 Quiz Flashcards
Why should companies develop and introduce new products?
a. Because failing to do so can threaten the future success of the firm b. To keep their product designers busy c. To replace deleted products so the broadness of the marketing mix remains unchanged d. Because it is relatively inexpensive and therefore worth the time e. Because new products are almost always successful
a. Because failing to do so can threaten the future success of the firm
Product ideas are transformed into prototypes during which stage of the product development process?
a. Concept testing b. Commercialization c. Business analysis d. Test marketing e. Product development
e. Product development
A symbol or word that is registered with the U.S. Patent and Trademark Office and is thus legally protected from use by anyone but its owner is a
a. brand. b. brand mark. c. trademark. d. brand name. e. trade name.
c. trademark.
The amount of money that a seller is willing to accept in exchange for a product, at a given time and under given circumstances, is called the
a. revenue. b. income. c. price. d. discount. e. breakeven quantity.
c. price.
Everything that one receives in an exchange, including all tangible and intangible attributes and expected benefits, is called a
a. warranty. b. product. c. contract. d. trade. e. package.
b. product.
A good or service that is intended primarily for personal or household use is called a(n) ____ product.
a. specialty b. business c. consumer d. convenience e. organizational
c. consumer
A good or service intended primarily for use in producing other goods or services is a ____ product.
a. business b. component c. supply d. specialty e. production
a. business
Consumer products can be divided into the following three categories:
a. shopping, convenience, and specialty. b. convenience, shopping, and business. c. shopping, component, and specialty. d. convenience, component, and accessory. e. business, specialty, and shopping.
a. shopping, convenience, and specialty.
A consumer product for which buyers will not accept a substitute, for which purchasers do not compare alternatives, and that is purchased infrequently and with extra effort on the buyer’s part is a ____ product.
a. convenience b. specialty c. luxury d. business e. shopping
b. specialty
All of the following are business products except
a. toner cartridges in the supply closet of a word processing center. b. small hand tools in an automobile repair shop. c. color televisions in the electronics department of a large retail store. d. a new appliance in someone's home. e. iron ore in a steel plant.
d. a new appliance in someone’s home.
In which order do the stages of the product life-cycle occur?
a. Introduction, maturity, slowdown, decline b. Innovation, distribution, maturity, decline c. Introduction, growth, maturity, decline d. Growth, introduction, maturity, decline e. Introduction, growth, slowdown, decline
c. Introduction, growth, maturity, decline
When a company changes one or more of a product’s characteristics to manage its product mix, it is engaging in ____ modification.
a. market b. functional c. quality d. product e. aesthetic
d. product
For product modification to be effective, all but which of the following conditions must be met?
a. The product must be modifiable. b. Modification should allow the product to provide greater satisfaction. c. The product must be an appliance. d. Consumers must be able to perceive that a modification has been made. e. The modification should make the product more consistent with consumers' desires.
c. The product must be an appliance.
The temporary reduction of prices on a patterned or systematic basis is called
a. negotiated pricing. b. random discounting. c. comparison discounting. d. periodic discounting. e. secondary-market discounting.
d. periodic discounting.
The strategy of setting a single price for two or more units is known as
a. penetration pricing. b. odd pricing. c. price skimming. d. multiple-unit pricing. e. sample pricing.
d. multiple-unit pricing.
