Question 1 (4 points) Guarantees are most effective in two situations. The first is when the company or products are not well known. The second is when the product's quality is ________ to competition. Question 1 options: A)  superior B)  inferior C)  equivalent D)  different E)  not known Save Question 2 (4 points) Competition for luxury brands must be defined narrowly. Question 2 options: True False Save Question 3 (4 points) Customer training and customer consulting are two areas for service differentiation that manufacturers can use with their products. Question 3 options: True False Save Question 4 (4 points) A product is anything that can be offered to a market to satisfy a want or need. Question 4 options: True False Save Question 5 (4 points) In increasingly fast-paced markets, price and technology are not enough. ________ is the factor that will often give a company its competitive edge and is defined as the totality of features that affect how a product looks, feels, and functions in terms of customer requirements. Question 5 options: A)  Reliability B)  Conformance C)  Design D)  Performance E)  Style Save Question 6 (4 points) The product hierarchy stretches from basic needs to particular items that satisfy those needs. Question 6 options: True False Save Question 7 (4 points) Companies normally develop product lines rather than a single product and introduce price steps such as a low-, average-, and high-priced computer system. Question 7 options: True False Save Question 8 (4 points) The brand promise for ________ is "the product you buy is of highest esteem, based on its timeliness, elegant design and the high quality, which is derived from the excellence of our craftsmen." Question 8 options: A)  Patrón B)  Montblanc C)  Armani D)  Hermés E)  Sub-zero Refrigerators Save Question 9 (4 points) Sales-wave research can be implemented quickly and carried out without final packaging and advertising. Question 9 options: True False Save Question 10 (4 points) Which of the following methodologies takes the list of desired customer attributes (CAs) generated by market research and turns them into a list of engineering attributes (EAs) that engineers can use? Question 10 options: A)  control system formation B)  quality function deployment C)  quality control processes D)  marketing control E)  rapid prototyping Save Question 11 (4 points) A team formed at Intercom Inc. to generate ideas for new products conducts frequent meetings and engages in activities such as mind mapping and brainstorming. Most of the meetings are conducted at informal locations away from office. These workplaces are called ________. Question 11 options: A)  contextual bases B)  skunkworks C)  research centers D)  idea funnels E)  stage-gate systems Save Question 12 (4 points) ________ teams are cross-functional groups charged with developing a specific product or busi ...

1. Question 1 (4 points)
Guarantees are most effective in two situations. The first is
when the company or products are not well known. The second
is when the product's quality is ________ to competition.
Question 1 options:
A)
superior
B)
inferior
C)
equivalent
D)
different
E)
not known
Save
Question 2 (4 points)
Competition for luxury brands must be defined narrowly.
Question 2 options:

2. True
False
Save
Question 3 (4 points)
Customer training and customer consulting are two areas for
service differentiation that manufacturers can use with their
products.
Question 3 options:
True
False
Save
Question 4 (4 points)
A product is anything that can be offered to a market to satisfy
a want or need.
Question 4 options:
True
False
Save
Question 5 (4 points)
In increasingly fast-paced markets, price and technology are not
enough. ________ is the factor that will often give a company
its competitive edge and is defined as the totality of features
that affect how a product looks, feels, and functions in terms of
customer requirements.
Question 5 options:

3. A)
Reliability
B)
Conformance
C)
Design
D)
Performance
E)
Style
Save
Question 6 (4 points)
The product hierarchy stretches from basic needs to particular
items that satisfy those needs.
Question 6 options:
True
False
Save
Question 7 (4 points)
Companies normally develop product lines rather than a single

4. product and introduce price steps such as a low-, average-, and
high-priced computer system.
Question 7 options:
True
False
Save
Question 8 (4 points)
The brand promise for ________ is "the product you buy is of
highest esteem, based on its timeliness, elegant design and the
high quality, which is derived from the excellence of our
craftsmen."
Question 8 options:
A)
Patrón
B)
Montblanc
C)
Armani
D)
Hermés
E)
Sub-zero Refrigerators

5. Save
Question 9 (4 points)
Sales-wave research can be implemented quickly and carried out
without final packaging and advertising.
Question 9 options:
True
False
Save
Question 10 (4 points)
Which of the following methodologies takes the list of desired
customer attributes (CAs) generated by market research and
turns them into a list of engineering attributes (EAs) that
engineers can use?
Question 10 options:
A)
control system formation
B)
quality function deployment
C)
quality control processes
D)
marketing control

6. E)
rapid prototyping
Save
Question 11 (4 points)
A team formed at Intercom Inc. to generate ideas for new
products conducts frequent meetings and engages in activities
such as mind mapping and brainstorming. Most of the meetings
are conducted at informal locations away from office. These
workplaces are called ________.
Question 11 options:
A)
contextual bases
B)
skunkworks
C)
research centers
D)
idea funnels
E)
stage-gate systems
Save

7. Question 12 (4 points)
________ teams are cross-functional groups charged with
developing a specific product or business.
Question 12 options:
A)
Fundamental
B)
Virtual
C)
Venture
D)
Transitory
E)
Elemental
Save
Question 13 (4 points)
________ is the effect one person has on another's attitude or
purchase probability.
Question 13 options:
A)
Sharing power

8. B)
Collaborative power
C)
Personal influence
D)
Brand power
E)
Market influence
Save
Question 14 (4 points)
Armordo is a famous vacuum cleaner brand in Africa. Clara has
heard of Armordo and she knows that the product is a success.
She has started considering whether or not to buy the vacuum
cleaner. What stage of the consumer-adoption process is Clara
in?
Question 14 options:
A)
awareness
B)
adoption

9. C)
interest
D)
trial
E)
evaluation
Save
Question 15 (4 points)
Some firms might delay a new product launch until after the
competitor has borne the cost of educating the market and its
product may reveal flaws the late entrant can avoid. This can be
classified as a parallel entry.
Question 15 options:
True
False
Save
Question 16 (4 points)
A group of college graduates decides to start a business. Though
they are knowledgeable in various business domains, they are
unable to arrive at a valuable business idea. They decide to
search for ideas in a structured manner. They meet and start
discussing everyone's ideas. Each idea is recorded and then the
thoughts that come up in relation to the ideas are written down
and discussed. This process helps them to finalize a business
plan. What technique is used here?

10. Question 16 options:
A)
morphological analysis
B)
forced relationship analysis
C)
attribute listing
D)
reverse assumption analysis
E)
mind mapping
Save
Question 17 (4 points)
Survival-age distribution refers to the number of customers that
the product has in year one, two, three, and so on.
Question 17 options:
True
False
Save
Question 18 (4 points)

11. When PepsiCo sold its cola syrup to Russia for rubles and
agreed to buy Russian vodka at a certain rate for sale in the
United States, it was engaged in the form of countertrade known
as an offset.
Question 18 options:
True
False
Save
Question 19 (4 points)
________ pricing takes into account a host of inputs, such as
the buyer's image of the product performance, the channel
deliverables, the warranty quality, customer support, and
attributes such as the supplier's reputation, trustworthiness, and
esteem.
Question 19 options:
A)
Going-rate
B)
Value
C)
Auction-type
D)
Perceived-value

12. E)
Markup
Save
Question 20 (4 points)
The airline and hospitality industries use ________, by which
they offer discounted but limited early purchases, higher-priced
late purchases, and the lowest rates on unsold inventory just
before it expires.
Question 20 options:
A)
special-customer pricing
B)
location pricing
C)
yield pricing
D)
cash rebates
E)
customer-segment pricing
Save
Question 21 (4 points)

13. When hotels drop their rates on the weekends, this form of price
discrimination is known as ________ pricing.
Question 21 options:
A)
image
B)
channel
C)
location
D)
product-form
E)
time
Save
Question 22 (4 points)
Today, consumers are price takers and accept prices at face
value or as given.
Question 22 options:
True
False
Save

14. Question 23 (4 points)
In markets that are characterized by products that are highly
homogeneous, how should a firm react to a competitor's
reduction in price?
Question 23 options:
A)
substitute expensive materials or ingredients
B)
augment the product
C)
reduce product services
D)
reduce product features
E)
shrink the amount of the product available
Save
Question 24 (4 points)
Companies that aim to ________ strive to be affordable
luxuries.
Question 24 options:
A)

15. maximize their market share
B)
be product-quality leaders
C)
pursue value pricing
D)
survive in the market
E)
partially recover their costs
Save
Question 25 (4 points)
In second-degree price discrimination, the seller charges
________.
Question 25 options:
A)
different prices for the same product depending on the channel
through which it is sold
B)
different prices depending on the season, day, or hour
C)

16. less to buyers of larger volumes
D)
different prices for different versions of the same product
E)
a separate price to each customer depending on the intensity of
his or her demand
18
19
20
21
22
2
23
24
25
3
4
5

17. 6
7
8
9
1
10
11
12
13
14
15
16
17