QUESTION Goodyear tires and Publix foods are examples of private-label brands, those attached to products distributed by one store or chain. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Private brands are generally lower priced than national brands, and consumers may consider them less prestigious.
QUESTION Illegal imitations of national brand-name products are called copycat brands. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: Illegal imitations of national brand-name products are called knockoff brands.
QUESTION Objectives used when assigning prices to things include matching or beating the competition, making products more affordable to certain people, and creating prestige. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Three of the five pricing objectives are to match or beat the competition, to make products more affordable […]
QUESTION The Macy’s star is a brand name. Indicate whether the statement is true or false. ANSWER Answer: FALSE Explanation: The Macy’s star is a brand mark, a part of a brand that cannot be expressed verbally.
QUESTION Teresa is trying to sell her condo. It has been on the market for six weeks at $379,995 and so now she wants to lower the price. A new price of $375,995 would likely be received better by potential buyers than a price of $373,555. Indicate whether the statement is true or false. […]
QUESTION Which of the following is NOT one of the four general classes of consumer goods and services? A) shopping B) ordinary C) specialty D) convenience E) unsought ANSWER Answer: B Explanation: B) The four general classes of consumer goods and services are convenience, shopping, specialty, and unsought. Ordinary is not one of them.
QUESTION The purpose of break-even analysis is to find the revenue needed to cover the total cost of making a product. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: The purpose of break-even analysis is to find the break-even point—the point at which sales revenues equal costs; that is, at […]
QUESTION Which of the following is an example of shopping goods and services? A) bottled water B) Ferrari C) towing services D) stocks E) unusual teas ANSWER Answer: D Explanation: D) Stocks come under shopping goods and services: those products purchased after consumers make comparisons.
QUESTION The total product offer, also known as the value package, is all the factors that potential buyers evaluate in a product when considering whether to buy it. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: The total product offer, also known as the value package, is all the factors […]
QUESTION Which of the following is an example of unsought goods and services? A) diamond necklace B) rare coffee beans C) Band-Aids D) fur coat E) acne cream ANSWER Answer: E Explanation: E) Acne cream comes under unsought goods and services: those products consumers are not aware of or interested in.
