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Franklin University MBA 711 Chapter 12: 1)Which of the following would be classified as an organizational product? A

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Franklin University

MBA 711

Chapter 12:

1)Which of the following would be classified as an organizational product?

A.            Convenience goods

B.            Shopping goods

C.            Specialty goods D. Capital items

E. Specialty services

 

2. Joachim owns a small commercial cleaning business. He purchases a carton of paper towels, a box of trash bags, and a gallon container of toilet bowl cleaner from a janitorial supply vendor. How would these products becharacterized?

A.            Specialty goods

B.            Production items

C.            Convenience goods

D.            Capital items E. Expense items

 

3. Jill's dishwasher is broken and she needs a new one. She looks at several brands and the different features each offers. Which type of product is Jill's new dishwasher?

A.            Convenience good

B.            Production item

C.            Expense item D. Shopping good

E. Specialty good

 

4. Amy works for a manufacturing company in the administrative office. She is amazed at how often she must purchase office supplies and is looking to order them in larger quantities. Which category defines the supplies Amypurchases?

A. Production item B. Expense item

C.            Shopping good

D.            Convenience good

E.            Specialty good

 

5. You are looking at the candy bars while waiting in line at the gas station; they all look good, but you finally decide to buy a Reese's. Which type of product did you purchase?

A.            Convenience good

B.            Specialty good

C.            Production item

D.            Expense item

E.            Shopping good

 

6. Dreamy Designs has a variety of products available, including decorative items, lighting, furniture, window treatments, and carpet. This is Dreamy Design's                .

A.            private brand

B.            product extension

C.            brand awareness D. product mix

E. packaging

 

7. Which of the following is the first step in the product development process?

A.            Prototype development

B.            Business analysis

C.            Product screening

D.            Product testing and test marketing E. Generation of product ideas

 

8. During which stage of the product development process do marketers compare production costs and benefits to determine whether the proposed product meets minimum profitability goals established by the organization?

A. Product testing and test marketing B. Business analysis

C.            Commercialization

D.            Concept testing

E.            Prototype development

 

9. In which stage of new product development might the product be sold on a trial basis in limited areas? A. Product testing and test marketing

B.            Commercialization

C.            Screening

D.            Concept testing

E.            Business analysis

 

10. Innovative Industries has so many new product ideas, management is overwhelmed. Each idea seems like a good possibility, so management decides to meet, review each of the ideas, and decide which best fits with thecompany's goals. This is which stage of the new product development process?

A.            Product testing and test marketing

B.            Concept testing

C.            Commercialization

D.            Business analysis E. Screening

 

11. Full-scale production has begun! A company is establishing distribution channels and promotion plans. This is which stage of the new product development process?

A.            Screening

B.            Commercialization

C.            Business analysis

D.            Concept testing

E.            Product testing and test marketing

 

12. A service company needs a large truck to carry materials, supplies, and equipment to and from the client facility. This is which stage in the service process design step of new product development?

A.            Business analysis

B.            Facility requirements

C.            Service ideas

D.            Process selection

E.            Worker requirements

 

13. In the movie Top Gun, actor Tom Cruise (as Lieutenant "Maverick" Mitchell) wore Ray-Ban sunglasses, prompting a wave of popularity for the sunglasses. This is an example of     .

A.            product placement

B.            brand awareness

C.            branding

D.            private branding

E.            market penetration

 

14. Target stores nationwide feature Cherokee footwear and Merona clothing, although Target does not manufacture these products. This is an example of a      brand.

A.            licensed

B.            generic

C.            private

D.            national

E.            celebrity

 

15. In which stage of the product life cycle should marketers focus advertising and promotion on consumer awareness?

A.            Decline

B.            Commercialization

C.            Growth

D.            Maturity

E.            Introduction

 

16. New Novelties has a great new product on the market, but now all their competitors are imitating their product and trying to cut into their sales. New Novelties is in which stage of the product life cycle?

A.            Decline

B.            Commercialization

C.            Introduction D. Growth

E. Maturity

 

17. Management paid to have the stars of a TV sitcom eat Doritos on the show. This is an example of

                .

A.            product placement

B.            product adaptation

C.            branding

D.            brand awareness

E.            product extension

 

18. Which of the following can be used as an in-store advertisement? A. Packaging

B.            Product adaptation

C.            Product extension

D.            Product placement

E.            Branding

 

19. In order to get her "foot in the door" with her new line of organic juice, Laura is willing to set the price low so that more buyers will be willing to give her product a try. Which pricing objective or strategy does this BESTreflect?

A.            Profit-maximizing objectives

B.            Breakeven objectives

C.            Cost-oriented pricing

D.            Market share objectives

E.            Odd-even pricing

 

20. Alina has an executive recruiting firm, and she pays the recruiters who work for her $2,000 for every placement they make. This is an example of              .

A.            fixed costs

B.            variable costs

C.            a breakeven analysis

D.            markup

E.            price skimming

 

21. Perfect Products has decided to set low prices for its new products to entice people to try them, even though profits will be small. Perfect Products is using which type of pricing objective?

A.            Market share

B.            Breakeven

C.            Profit maximizing

D.            Cost-oriented

E.            E-business

 

22. Insurance and utilities are     costs.

A. profit maximizing B. fixed

C.            variable

D.            breakeven

E.            cost oriented

 

 

23. It costs Tom's T-shirts $5.00 to produce each of its newest items, and it sells each one for $6.50. The

$1.50 Tom's earns from each shirt is its   .

A.            discount

B.            breakeven

C.            fixed cost D. markup

E. variable cost

 

24. If a company strives to generate the highest possible total profit, it is working toward which of the following objectives?

A.            Pricing for e-business objective

B.            Profit minimizing objective

C.            Cost reduction objective

D.            Market share pricing objective E. Profit-maximizing objective

 

25. CenturyLink offers customers special pricing if they buy a package deal with phone, Internet, and DirectTV. This is an example of   .

A. psychological pricing B. a bundling strategy

C.            price lining

D.            penetration pricing

E.            dynamic pricing

 

26. A minor league baseball team sets its ticket price algorithms based on factors like team performance, pitching match-ups, the weather, and even ticket demand. If the team is doing well, ticket prices may be higher; if the team is doing poorly and they want to attract fans to the stadium, ticket prices will decline. This is an example of          .

A.            price lining

B.            odd-even pricing C. dynamic pricing

D. a bundling strategy

E. psychological pricing

 

27. Pricing items in uneven dollar amounts, such as $5.99, is known as    . A. psychological pricing

B.            markup

C.            bundling

D.            penetration pricing

E.            discounting

 

28. Since there was no real competition in its early years, Apple was able to keep the price of the iPod high for some time; this allowed the company to recover development costs. This is known as                .

A.            markup

B.            price skimming

C.            penetration pricing

D.            price lining

E.            discounting

 

29. When a company uses penetration pricing, it tends to set an initial price that is           .

A.            discounted for quick, last-minute sales

B.            kept vague in order to entice customers

C.            low enough to establish the product in the market

D.            altered by sellers on a private, individual basis

E.            high enough to deal with competition

 

30. What is the term for pricing a product below its cost?

A.            Discounts

B.            Odd-even pricing

C.            Psychological pricing

D.            Price lining

E.            Price dumping