Chapter 9 Practice Quiz
Chapter 9 Practice Quiz STS 2500
Popular in S&T in Social and Global Context
Popular in Engineering and Tech
This 5 page Study Guide was uploaded by Annette Chun on Thursday October 8, 2015. The Study Guide belongs to STS 2500 at University of Virginia taught by Douglas Muir in Summer 2015. Since its upload, it has received 76 views. For similar materials see S&T in Social and Global Context in Engineering and Tech at University of Virginia.
Reviews for Chapter 9 Practice Quiz
Report this Material
What is Karma?
Karma is the currency of StudySoup.
You can buy or earn more Karma at anytime and redeem it for class notes, study guides, flashcards, and more!
Date Created: 10/08/15
Chapter 9 Small Business M etingz Product and Pricing Strategies 1 Goods are while services are A heterogeneous homogeneous B tangible intangible C inseparable separable D perishable not perishable Which of the following includes the entire bundle of products and services that you offer A Total product B Augmented product C Hybrid product D Core product Identify the product that has features which differentiate it from the competition but is still closely related to the core product A Total product B Core product C Augmented product D Metoo product The group of people on which a marketer focuses promotion and sales efforts is called a A metoo group B target market C maturity group D breakeven market Which of the following is NOT the best option when naming your company A Catchy name B Easy to spell and pronounce C Same as your product name or your name D Descriptive of your business Which of the following is the first stage of the new product development process A Idea screening B Commercialization C Idea evaluation D Idea generation 7 10 ll 12 In the new product development process what stage comes after idea generation A Idea screening B Commercialization C Idea evaluation D Product development This is an exhaustive process of specifying the details of each idea39s technological feasibility its cost how it can be marketed and its market potential A Idea screening B Product development C Idea evaluation D Commercialization Which of the following statements about prototypes is true A If you are not in business or if you are in a very different business prototyping is not very difficult B If a rapid prototyping model can be developed the molds for manufacturing can be made but expensively by modern manufacturers C Test marketing involves selling the prototype in a simulated market environment only D The Internet makes it easier to find companies willing to bid on and build prototypes is the process of making the new product available to consumers A Commercialization B Test marketing C Breakeven D Pricing psychology Standard product life cycle has four stages A introduction growth maturity and decline B core growth total and decline C introduction core merge and decline D introduction growth merge and decline Identify the incorrect statement about the growth stage of the product life cycle A Prices tend to drop as production becomes more efficient and competition increases B During this stage advertising and promotion are much more critical than in the introduction stage C From a marketing standpoint consumers are aware of your product and know how it will make their lives better D This stage is when you try to get into all the markets you can nationally or internationally 13 14 15 16 17 18 What is the challenge a small business faces in the maturity stage A Keeping sales and pro ts at a fairly high level B Educating customers about your product C Keeping up with production and ensuring good distribution D Convincing intermediaries about why your product is preferable Identify the correct statement about the decline phase of the product life cycle A Advertising and promotion expenses are usually nearly ratified at this point B Many products go into decline only to be resurrected in the future as styles come back to old standards C Companies upgrade their product lines in order to cut costs D Companies market to less profitable segments to squeeze as much profit out of the final stage as possible The optimum price is primarily a function of all of the following EXCEPT A demand for the product or service B value delivered by the customer C prices set by competing firms D your business strategy and product placement A product for which there are few substitutes and for which a change in price makes very little difference in quantity purchased is called an A hybrid product B total product C elastic product D inelastic product Increasing market share A usually means pricing toward the high end of the competition in order to take market share from the competition B becomes more popular as a product reaches the decline phase of the product life cycle C should not be an objective for a small business D is a much better option for the small firm than maximizing profits is the end price to your customer that might be four times from what you got A Skimming B Price escalation C Premium pricing D Partitioned pricing 19 Generally pricing is for an item considered a status symbol Whereas pricing is used for nonstatus symbol types of products A skimming total B prestige premium C return skimming D premium prestige 20 Identify the term for an attempt to appeal to several different markets A Prestige pricing B Captive pricing C Price lining D Random discounting 21 A backtoschool sale is an example of A periodic discounting B random discounting C price skimming D offpeak pricing 22 What is an extremely low penetration price that discourages competitors from entering a market called A Everyday low price B Going rate C Price signaling D Limit pricing 23 Rebates are a great tool for small businesses because A the redemption rate is extremely high B they create loyalty programs C the redemption rate is extremely low D they generate referral businesses Scenario Tinker Toys Inc Tammy is a student at a local university majoring in psychology She has always been fascinated by toys So she entered the business area that was her comfort zone toys Having done the business plan for Tinker Toys and established the business officially Tammy is exploring the toy product ideas and its pricing 24 25 26 27 Having generated several toy ideas the next step Tammy needs to pursue in the new product development process is A product development B idea evaluation C idea screening D commercialization The first versions of the toy products that Tammy develops in the formal development are called A hybrids B test markets C total products D prototypes Once Tammy has introduced her toys in the market during which stage of the product life cycle would the acceptance of her products increase and sales and profits grow faster than at any other time A Growth B Maturity C Introduction D Decline If Tammy were to charge the highest price the market would bear it would be called A skimming B return pricing C psychological pricing D partitioned pricing
Are you sure you want to buy this material for
You're already Subscribed!
Looks like you've already subscribed to StudySoup, you won't need to purchase another subscription to get this material. To access this material simply click 'View Full Document'