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Multiple Choice Quiz
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1
Perishable products can be saved for a good deal of time.
A)True
B)False
2
A balanced combination of goods and services describes a hybrid product.
A)True
B)False
3
The personality of a business is set by the brand.
A)True
B)False
4
Idea evaluation/feasibility study is the first stage of new product development process.
A)True
B)False
5
The first state of the product life cycle is imagination.
A)True
B)False
6
Acceptance of the product increases rapidly, and sales and profits grow at higher rates during the maturity stage than at any other part of the product life cycle.
A)True
B)False
7
The fourth stage of the product life cycle is decline.
A)True
B)False
8
Price is a major factor in determining customers' perceptions of quality.
A)True
B)False
9
The difference between the selling and buying price is called mark-up and it should be enough to cover all fixed costs.
A)True
B)False
10
Products that have no substitutes and are absolute necessities are called elastic products.
A)True
B)False
11
A consumer's mental image of what a product's price should be is considered internal price point.
A)True
B)False
12
Charging the lowest price that a firm can afford without going bankrupt is called skimming.
A)True
B)False
13
A product can include all of these except _______.
A)price
B)ideas
C)people
D)goods
14
______ refers to a quality of a service in which each time it is provided it will be slightly different from the previous time.
A)Perishability
B)Tangibility
C)Heterogeneity
D)Inseparability
15
A balanced combination of good and service is called a(n)
A)heterogeneous services.
B)hybrid products.
C)core products.
D)augmented products.
16
______ is the group of people on which a marketer focuses promotion and sales efforts.
A)Me-too group
B)Maturity group
C)Target market
D)Breakeven market
17
______, in the new product development process, is the stage that comes after idea generation.
A)Product development
B)Commercialization
C)Idea evaluation
D)Idea screening
18
About ______ percent of about 100,000 patents a year issued by the U.S. Patent Office are profitable.
A)10.5 percent
B)0.1 percent
C)21 percent
D)50 percent
19
About what percent of all new product launches are successful?
A)60
B)30
C)75
D)90
20
The difference between the buying and selling price is called _____ and it should be enough to cover all fixed costs.
A)psychological price
B)breakeven
C)mark-up
D)elasticity
21
A product for which there are few substitutes and for which a change in price has little effect on quantity purchased is considered __________.
A)elastic
B)inelastic
C)marked-up
D)elasticity
22
Charging the highest price the market will bear is called which of these?
A)Return pricing
B)Psychological price
C)Skimming
D)Breakeven
23
Setting a price that ends in the number 5, 7, or 9 is considered
A)Return pricing
B)Psychological price
C)Skimming
D)Odd even pricing
24
______ refers to setting the price for an item relatively low and then charging much higher prices for the expendables it uses.
A)Prestige pricing
B)Odd-even pricing
C)Partitioned pricing
D)Captive pricing
25
If they have a coupon, about ____ percent of Americans are willing to switch brands.
A)64
B)92
C)46
D)21





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