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Exam 14: Developing and Pricing Goods and Services

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Question 171

True/False

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Rather than having frequent special sales, a company maintains lower prices than competitors all the time. This pricing strategy is known as everyday low prices (EDLP).

A) True
B) False

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Question 172

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Price leadership is a demand-based pricing strategy.

A) True
B) False

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Question 173

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________ presents an idea for a new product to potential customers to test their reactions.

Capital items are industrial goods that are expensive and last a long time.

When a company establishes the price it charges for its products by determining the cost of production and then adding on a desired profit margin, it is known as target costing.

From a strategic marketing viewpoint, a total product offer includes all of the tangible attributes of a good or service, and excludes any intangible attributes.

Green Giant Green Beans, Chevrolet Corvette, Coca-Cola, Dole Pineapple, and Peter Pan Peanut Butter are all examples of

Firms utilize ________ when they attempt to add value to their product by offering service after the sale, product demonstrations, or interactive customer websites.

Which of the following would a firm most likely use to differentiate its product?

Andrea lives in southern Mississippi where winters are normally fairly mild. Last January, during an unusually cold spell, the water pipes in her house froze and burst. She looked online to find a plumber who was able to come out and repair the pipes the same day. Prior to the frozen pipes, the plumber's services represented a(n)

Demand-based pricing is another name for cost-based pricing.

In order for product differentiation to be effective, real product differences must be identified so that one product is clearly better than others.

Total fixed costs are those costs that change when the volume of production changes.

From the buyer's perspective, which of the following is a benefit of a product with a well-known brand name?

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

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

A leading cause of new-product failure is

Costs incurred regardless of the number of units of a product that are produced or sold are called

A trademark is a brand that has been given exclusive legal protection for both the brand name and the pictorial design.

Despite the fact that microeconomic theory places a great deal of emphasis on price, marketers often try to find ways to compete on product attributes other than price.