Question 1

What are the various approaches that are available for developing product prototypes?

Accepted Answer

For many businesses,getting a prototype ...

Question 2

Ivory Isles Resort sets a low base price of $250 for its rooms.This appears to be a great bargain for vacationers looking for resorts in the 5-star segment.However,the customers have to pay additional charges for using services such as the casino,spa,hot pool,gym,and the lounge.According to this information,which of the following pricing strategies is used by Ivory Isles?

Accepted Answer

A)   Captive pricing
B)   Odd-even pricing
C)   Going-rate pricing
D)   Multipack pricing

Question 3

_____ is best described as the process of making a new product available to consumers.

Accepted Answer

A)   Commercialization
B)   Factoring
C)   Pilot testing
D)   Liquidation

Question 4

A product can include goods,services,and ideas.

Accepted Answer

A) True 
 B)False

Question 5

Which of the following is the first stage of the new product development process?

Accepted Answer

A)   Test marketing
B)   Commercialization
C)   Feasibility study
D)   Idea generation

Question 6

Services have separability of production and consumption.

Accepted Answer

A) True 
 B)False

Question 7

Flying Ross Inc. ,a maker of world-renowned wristwatches,makes watches for three different customer segments.Timepieces under the Gold series are priced extremely high to cater to the high-end market,watches under the Pioneer series cater to the mid-end market,and those under the Marvella series are priced low in order to capture the low-end market.This strategy of setting three price points is typically referred to as _____.

Accepted Answer

A)   partitioned pricing
B)   captive pricing
C)   price gouging
D)   price lining

Question 8

ZestOne Technologies has launched a series of tablet computers that are similar to a competitor's product that already exists in the market.Such products are typically termed as _____.

Accepted Answer

A)   me-too products
B)   prototypes
C)   augmented products
D)   complementary goods

Question 9

Which of the following statements is true about me-too products?

Accepted Answer

A)   For me-too products,steps in new product development process should never be skipped.
B)   The vast majority of new ideas for small businesses will be me-too products.
C)   Idea generation is the longest stage in the development of me-too products.
D)   Testing a me-too product's differential advantage over competition is a wasted effort.

Question 10

While developing a new product,in the product development stage,the first versions of products are used in further consumer testing.These first versions of products are called _____.

Accepted Answer

A)   pure goods
B)   prototypes
C)   me-too products
D)   hybrids

Question 11

Which of the following is the best example for price discrimination?

Accepted Answer

A)   Half price for children below five years in adventure parks
B)   Prices variance between high-end cars and mid-end cars
C)   10 percent rebate for a pack of three bar soaps
D)   Buy nine sandwiches and the tenth one is free

Question 12

Which of the following terms refers to the amount of profit an entrepreneur incurs,usually stated as a percentage of the total price?

Accepted Answer

A)   Capital
B)   Margin
C)   Debt
D)   Harvest

Question 13

Which of the following pricing strategies is considered the most aggressive from the competition point of view?

Accepted Answer

A)   Offering a sale on merchandise
B)   Offering a rebate or a discount coupon to promote a product
C)   Indulging in a price war
D)   Pricing a product higher than the industry average

Question 14

Which of the following is the biggest problem with simulated test markets?

Accepted Answer

A)   They cannot be computer-generated.
B)   They make it easy for competitors to "steal" one's ideas.
C)   They do not always reflect actual buying behavior.
D)   They can be used only in the commercialization stage and not in the product development stage.

Question 15

Describe partitioned pricing,captive pricing,and price lining.

Accepted Answer

Partitioned pricing is setting the price...

Question 16

Which of the following statements is true about elastic products?

Accepted Answer

A)   An elastic product does not have many substitutes or alternatives.
B)   A change in price of elastic products makes very little difference in quantity purchased.
C)   During economic bad times businesses that sell inelastic products close down more often than those that sell elastic products.
D)   Customers will respond to price increases for elastic products much more negatively than for inelastic products.

Question 17

The group of people on which a marketer focuses promotion and sales efforts is called a _____.

Accepted Answer

A)   focus group
B)   target market
C)   strategic group
D)   sales pitch

Question 18

Which of the following pricing practices is the most inappropriate?

Accepted Answer

A)   Pricing a product,advertised for high quality and prestige,lower than the competition
B)   Lowering prices during happy hour,hence discriminating against those who work during that time period
C)   Lowering prices to capture maximum market share as the patent for a product approaches its termination
D)   Pricing a product low when a business is operating below capacity

Question 19

Which of the following will be an example of odd-even pricing?

Accepted Answer

A)   Buy a T-shirt for $19.89.
B)   Buy four sandwiches and take the fifth one for free.
C)   For purchases above $20 get a gift worth $5.
D)   Market price is $25 and our price is $22.

Question 20

Which of the following stages of new product development typically involves specifying the details of each idea's technological feasibility,its cost,how it can be marketed,and its market potential?

Accepted Answer

A)   Idea generation
B)   Market introduction
C)   Idea evaluation
D)   Test marketing

Exam 9: Small Business Marketing: Product and Pricing Strategies

Which of the following will be an example of odd-even pricing?

Correct Answer
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Correct Answer
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Which of the following pricing practices is the most inappropriate?

Correct Answer
verified

While developing a new product,in the product development stage,the first versions of products are used in further consumer testing.These first versions of products are called _____.

Correct Answer
verified

Which of the following statements is true about elastic products?

Correct Answer
verified

Which of the following is the best example for price discrimination?

Correct Answer
verified

Which of the following stages of new product development typically involves specifying the details of each idea's technological feasibility,its cost,how it can be marketed,and its market potential?

Correct Answer
verified

Services have separability of production and consumption.

Correct Answer
verified

The group of people on which a marketer focuses promotion and sales efforts is called a _____.

Correct Answer
verified

_____ is best described as the process of making a new product available to consumers.

Correct Answer
verified

A product can include goods,services,and ideas.

Correct Answer
verified

Which of the following pricing strategies is considered the most aggressive from the competition point of view?

Correct Answer
verified

Which of the following statements is true about me-too products?

Correct Answer
verified

Which of the following is the first stage of the new product development process?

Correct Answer
verified

Which of the following terms refers to the amount of profit an entrepreneur incurs,usually stated as a percentage of the total price?

Correct Answer
verified

Correct Answer
verified

What are the various approaches that are available for developing product prototypes?

Correct Answer
verified
For many businesses,getting a prototype ...
View Answer

ZestOne Technologies has launched a series of tablet computers that are similar to a competitor's product that already exists in the market.Such products are typically termed as _____.

Correct Answer
verified

Describe partitioned pricing,captive pricing,and price lining.

Correct Answer
verified
Partitioned pricing is setting the price...
View Answer

Which of the following is the biggest problem with simulated test markets?

Correct Answer
verified

Exam 9: Small Business Marketing: Product and Pricing Strategies

Which of the following will be an example of odd-even pricing?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

Which of the following pricing practices is the most inappropriate?

Correct AnswerverifiedShow Answer

While developing a new product,in the product development stage,the first versions of products are used in further consumer testing.These first versions of products are called _____.

Correct AnswerverifiedShow Answer

Which of the following statements is true about elastic products?

Correct AnswerverifiedShow Answer

Which of the following is the best example for price discrimination?

Correct AnswerverifiedShow Answer

Which of the following stages of new product development typically involves specifying the details of each idea's technological feasibility,its cost,how it can be marketed,and its market potential?

Correct AnswerverifiedShow Answer

Services have separability of production and consumption.

Correct AnswerverifiedShow Answer

The group of people on which a marketer focuses promotion and sales efforts is called a _____.

Correct AnswerverifiedShow Answer

_____ is best described as the process of making a new product available to consumers.

Correct AnswerverifiedShow Answer

A product can include goods,services,and ideas.

Correct AnswerverifiedShow Answer

Which of the following pricing strategies is considered the most aggressive from the competition point of view?

Correct AnswerverifiedShow Answer

Which of the following statements is true about me-too products?

Correct AnswerverifiedShow Answer

Which of the following is the first stage of the new product development process?

Correct AnswerverifiedShow Answer

Which of the following terms refers to the amount of profit an entrepreneur incurs,usually stated as a percentage of the total price?

Correct AnswerverifiedShow Answer

Correct AnswerverifiedShow Answer

What are the various approaches that are available for developing product prototypes?

Correct AnswerverifiedFor many businesses,getting a prototype ...View AnswerShow Answer

ZestOne Technologies has launched a series of tablet computers that are similar to a competitor's product that already exists in the market.Such products are typically termed as _____.

Correct AnswerverifiedShow Answer

Describe partitioned pricing,captive pricing,and price lining.

Correct AnswerverifiedPartitioned pricing is setting the price...View AnswerShow Answer

Which of the following is the biggest problem with simulated test markets?

Correct AnswerverifiedShow Answer

Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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Correct Answer
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For many businesses,getting a prototype ...
View Answer

Correct Answer
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Correct Answer
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Partitioned pricing is setting the price...
View Answer

Correct Answer
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