An effective channel of distribution does more than simply ensure that goods are transported efficiently from producer to buyer.

Group of answer choices

True

False

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Question 21 pts

A product line is a group of products that are physically similar or are intended for a similar market.

Group of answer choices

True

False

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Question 31 pts

For product differentiation to be effective, real product differences must be identified so that one product is clearly better than others.

Group of answer choices

True

False

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Question 41 pts

When people consider purchasing a good, they:

Group of answer choices

will not consider goods that require them to make a special effort to purchase.

may evaluate and compare a variety of factors in making their decision.

are responding to the market forces of supply and demand.

are most influenced by the price of the product or service.

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Question 51 pts

Successful product differentiation:

Group of answer choices

is less important due to the growth of the Internet.

is prohibited if it restricts price competition and market access.

of consumer goods is determined exclusively by price.

can be based on either real or perceived differences in products.

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Question 61 pts

Brand ________ refers to the loyalty, perceived quality, and emotions people associate with a given brand name.

Group of answer choices

identification

equity

positioning

ownership

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Question 71 pts

The job performed by brand managers:

Group of answer choices

involves broad responsibilities for the marketing of a specific brand or product line.

is mainly concerned with the promotion of the entire product mix of their firm.

is likely to become less important in firms that utilize the Internet.

focuses more on the pricing and promotion of established goods than on the development of new products.

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Question 81 pts

Which of the following is the final stage in the product life cycle?

Group of answer choices

Growth

Introduction

Maturity

Decline

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Question 91 pts

The strategy of first determining what the market is willing to pay, then subtracting a desired profit margin to determine a desired cost of production is called:

Group of answer choices

target costing.

cost-based pricing.

penetration pricing.

skimming pricing.

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Question 101 pts

One function of effective packaging is to attract the attention of consumers.

Group of answer choices

True

False

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Question 111 pts

What does a break-even point of 100 units mean?

Group of answer choices

If the firm sells 100 units, its total revenues will equal total costs.

The firm must sell 100 units to maximize its profits.

Fixed costs plus variable costs equal 100 units.

By producing 100 units, the firm can ensure that variable costs completely cancel out fixed costs.

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Question 121 pts

Helen is considering adding a rack of greeting cards to her product offerings at Litton Books Unlimited. Her fixed costs associated with adding the greeting cards would be $300. Variable costs per card are $1 each. The greeting cards will sell for $2 each. Helen's break-even point would occur at ________ cards sold.

Group of answer choices

150

600

125

300

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Question 131 pts

Charging high prices to earn large profits during a time when there is little competition represents a ________ strategy.

Group of answer choices

bundling

skimming

cost-based

penetration

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Question 141 pts

Robbie brings together buyers and sellers of used heavy construction equipment and helps them negotiate the terms of the sale. However, Robbie never actually takes title to any of the equipment himself, nor does he provide any financing for the buyer. Robbie is acting as a:

Group of answer choices

logistics specialist.

channel captain.

wholesaler.

broker.

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Question 151 pts

The image created by advertising is part of the total product offer of a product.

Group of answer choices

True

False

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Question 161 pts

Travelwell manufactures and sells luggage and briefcases. Their marketing research indicates that durability is the most desired attribute among customers. Travelwell now emphasizes durability in all of their promotional efforts. This strategy is intended to build brand equity.

Group of answer choices

True

False

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Question 171 pts

A long-run pricing objective of almost all firms is to optimize profit.

Group of answer choices

True

False

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Question 181 pts

Rebates and zero-percent financing are pricing strategies to create an image of status and exclusivity.

Group of answer choices

True

False

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Question 191 pts

The most critical component of a total product offer is always a low price.

Group of answer choices

True

False

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Question 201 pts

In the market economy, the price of a good will be determined by the interaction of supply and demand.

Group of answer choices

True

False