QUESTION Heavy on startup costs, with sales usually low, and the huge risk that the product may be rejected in the marketplace, the growth stage of the product life cycle is the period in which customer demand increases, the product’s sales grow, and later competitors may enter the market. Indicate whether the statement is true […]
QUESTION At the maturity stage of the product life cycle, sales slow as competition makes inroads, and managers need to concentrate on reducing costs in an effort to maintain the product’s profitability. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: The maturity stage is the period in which the product […]
QUESTION Rachel has a new job working at a conveyor belt in a paper recycling plant. She works the residential mixed paper line. Her job is to pull off nonrecyclable items mixed in with the magazines, newspapers, and cereal-box cardboard. The first few days, when she had a coworker alongside her showing her the process, […]
QUESTION Branding and packaging are two areas in which a company can design a product in a way that will make it be perceived differently enough from competitors’ products that it will attract consumers. Indicate whether the statement is true or false. ANSWER Answer: TRUE Explanation: Product differentiation is the attempt to design a […]
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.
