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Exam 12: Creating and Pricing Products That Satisfy Customers

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Question 41

Multiple Choice

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The total amount received from the sales of a product is referred to as

A) total revenue.
B) the breakeven quantity.
C) variable sales.
D) market revenue.
E) marginal revenue.

F) C) and E)
G) A) and C)

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Question 42

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A product cannot perform its function if it is priced incorrectly.

A) True
B) False

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Question 43

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If a company invests $1,000,000 to develop and market a new product with a goal of earning $1,200,000 on the product by the end of the year, it will price the product based on

Identify and discuss three types of pricing associated with business products.

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

The legality of uniform geographic pricing has been challenged and so its use has been abandoned.

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

Your Way, Inc. Eric buys companies that are small or companies in financial troubl After looking over the different products available, Eric realized that the company's previous owner was not aware of the product life-cycle because the company kept items that were obviously too old and out-of-dat -Refer to Your Way, Inc. Which of the following descriptions should Eric use to best explain the difference between the product line and product mix?

Polaroid considers its packs of blank DVDs superior to other brands. To communicate the product's superior quality, which price may be appropriate for their DVDs?

Sales of XYZ Corporation's digital video cameras are rising rapidly, profits are peaking, and competitors are entering the market. XYZ is able to maintain its market lead. Judging from this example, the digital video camera is in which stage of the product life-cycle?

​Carol, a farmer, sells a dozen ears of corn to her neighbor for $1/dozen. She sells a dozen ears of corn to the small market down the street for $.75/dozen. She sells corn to the chain grocery store in town for $.50/dozen. Carol is using

If a manager designs the shoe department in a manner that one of its private-label pairs of shoes, priced at $39.99, is positioned next to a well-known national brand of shoes priced at $69.99, what strategy is the manager attempting to accomplish?

In cost-based pricing, a producer adds an amount to the total production cost to provide a profit. The amount added to the production cost is called a

The price floor is the lowest price at which a producer can sell its product without incurring a loss.

Lisa goes to a car dealership to purchase a new Honda Accord. She is not willing to pay the listed sticker price for the car, and she instead works with the salesperson and manager until a mutually satisfactory price is agreed upon. This is an example of ____ pricing.

Buyers may relate price to quality. To such a buyer, a higher price for a product is an indicator of

Innovations are much less common than imitations and adaptations.

Which of the following constitutes an ROI?

The fact that senior citizens are charged a lower price at movie theaters than are younger adults is an example of ____ pricing.

Craftsman and Kenmore are examples of a store brand.