City University of New York



|Question When Texas Instruments (TI) introduced its pocket calculator it was a tremendous product innovation, and IT set the mail order |

|price at $495. What is the name of the pricing strategy Texas Instruments used? |

|Answer | |

| |  rip off |

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| |  chiseling |

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| |  opportunistic |

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| |[pic] |

| |  skimming |

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| |  caveat emptor |

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| |

|Question The videocassette recorder (VCR) was introduced to the market in the late 1970s. Ninety-one percent of American homes own at least |

|one VCR. To maintain market share in the VCR market and to get customers to purchase additional VCRs, its manufacturers have continually |

|provided for higher-quality recording capabilities and made the machines easier to watch and with different features that allowed for |

|quicker location of recorded programs. Because the goal of VCR manufacturers is to maintain brand loyalty and market share, the product |

|category is in the __________ stage of its product life cycle. |

|Answer | |

| |  introduction |

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| |  growth |

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| |[pic] |

| |  maturity |

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| |  decline |

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| |  harvesting |

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|Question An extended introduction stage of the product life cycle occurs for which type of product? |

|Answer |[pic] |

| |  high learning |

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| |  low learning |

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| |  fashion |

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| |  fad |

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| |  abnormal |

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|Question As product adopters, innovators typically: |

|Answer | |

| |  fear debt and use neighbors and friends as information sources. |

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| |  are skeptical and have below average social status. |

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| |  act with deliberation and use many informal social contacts. |

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| |  are leaders in social standing and have slightly above average education when compared to the other adopter|

| |classes. |

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| |[pic] |

| |  are venturesome, better educated than other product adopters, and use multiple information sources. |

| | |

|Question Major American car manufacturers are offering buying incentives to newly graduated college students who traditionally have little |

|or no credit. Car manufacturers are using which of the following market modification strategies? |

|Answer |[pic] |

| |  finding new users |

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| |  creating new use situations |

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| |  increasing use by existing customers |

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| |  modifying the product |

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| |  reacting to competitors' position |

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|Question In 2001, The Girl Guides, a Canadian institution for more than 90 years, realized it was in trouble. "We were the largest invisible|

|girls' organization in Canada," says Georgia Guy, Girl Guides' manager of the organization's external relations. Which of the following |

|strategies should it use to move itself from its current image of geekiness to an image of fun, friendship, and adventure? |

|Answer | |

| |  deletion |

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| |[pic] |

| |  repositioning |

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| |  market penetration |

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| |  market development |

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| |  harvesting |

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|Question Since the creation of the Hershey candy bar over 100 years ago, the price of chocolate has fluctuated, but the price of the candy |

|bar has slowly risen. In fact, when the price of chocolate had dramatic price fluctuations over a three-year period, the price of a |

|Hershey's candy bar remained the same. When the price of chocolate was very high, Hershey's was able to maintain its profits by making the |

|bars smaller. Hershey's engaged in: |

|Answer | |

| |  top-down marketing. |

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| |  trading up. |

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| |  bottom-up marketing. |

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| |  game-playing. |

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| |[pic] |

| |  downsizing. |

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|Question Imagine the President of Black Stoves, Inc., is thinking about developing a new brand name for the company's line of wood stoves |

|with catalytic converters. The stove because of its design also conserves wood because it burns slowly. The brand name he is considering is |

|The Fast One. Why is this brand name choice NOT the best one? |

|Answer | |

| |  The name should be distinctive and memorable. |

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| |  The name should fit the company image. |

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| |  The name should have no legal restrictions. |

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| |  The name should be simple. |

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| |[pic] |

| |  The name should suggest the product benefits. |

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|Question In 1977, George Lucas granted Kenner, a toy manufacturer, the exclusive rights to produce Star Wars toys in perpetuity for $100,000|

|per year. Back then, of course, no one realized how valuable that right was, and for years Kenner made millions of dollars selling little |

|plastic Princess Leias and R2-D2s. This is an example of a __________ agreement. |

|Answer | |

| |  franchising |

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| |  trading up |

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| |  harvesting |

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| |[pic] |

| |  licensing |

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| |  trading down |

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|Question The Clorox Company also sells three different brands of charcoal. Kingsford is a well-established brand that has strong brand |

|loyalty. BBQ Bag was specifically designed for today's grilling. Match Light appeals to those who want coals that are easy to light. For its|

|charcoal line, Clorox uses a __________ strategy. |

|Answer | |

| |  family branding |

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| |  blanket branding |

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| |  co-branding |

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| |  multiproduct branding |

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| |[pic] |

| |  multibranding |

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