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Product Development & Pricing for Small Business Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Which of the following is NOT correct about the introductory stage?

Question 2 2. Based on the target end user, a computer is _____ product.

Question 3 3. What strategy consists of charging a high introductory price in tandem with heavy promotion and later slowly dropping the price?

Question 4 4. What is the price against which buyers compare the sales price of the product to the actual price?

Question 5 5. If a product has a strong unique advantage that is not easily copied, how should it be priced?

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Question 6 6. Why is a pricing strategy important?

Question 7 7. When the final selling price reflects cost increases occurred between the time the order is placed and the time it is delivered, _____ has occurred.

Question 8 8. Which of the following would be classified as a convenience product?

Question 9 9. What type of pricing strategy is Speedy Cellular using when it introduces a new smartphone at a price below all of its competitors ?

Question 10 10. Airline companies tend to utilize what type of pricing decision?

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Question 11 11. A period of reduced economic activity is called a(n) _____.

Question 12 12. Inflation is defined as _____.

Question 13 13. What pricing objective entails focusing on value and the customer's expectations?

Question 14 14. Which of the following statements is MOSTLY TRUE of a specialty product?

Question 15 15. Which strategy would a marketer use to effectively sell unsought products?

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Question 16 16. Tom is the owner of an IT company. His company is aware that they are experiencing too many competitors. They have even turned towards service and repair as a way of increasing revenue. Why do you think the product of Tom's company has reached the maturity stage?

Question 17 17. Your company wants to ask questions in order to gain some specific answers about the product, such as: 'On a scale of 1 to 10, how would you rate this product?' In order to do so, your company has asked 100 people 20 questions and is assessing the data. Which of the following is this an example of?

Question 18 18. What is sales-oriented pricing based on?

Question 19 19. A consumer making a purchasing decision between two heterogeneous shopping products will most likely buy the one with _____.

Question 20 20. How will Advance Electronics implement a price skimming strategy when it introduces its' new game box?

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Question 21 21. What should the promotion strategy in the decline stage involve?

Question 22 22. How does the growth stage differ in comparison to the introduction stage?

Question 23 23. What type of pricing strategy offers one price and avoids constant sales discounts and price changes?

Question 24 24. How do focus groups help companies in developing new products?

Question 25 25. Which pricing type's ultimate goal is to reach a particular level of profit by using price to get sales that produce a certain profit per unit?

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Question 26 26. You and your sales associates are having a brainstorming session. One of the sales associates suggests that charging a low price for the company's product initially will help to capture the largest market share from your target market. How should you price your product?

Question 27 27. Which type of pricing strategy depends on promotions/sales to temporarily reduce prices?

Question 28 28. Which of the following will most likely result in the growth of your company?

Question 29 29. Offering a free movie ticket with the purchase of hotel room is an example of which type of pricing strategy?

Question 30 30. What does a product life cycle consist of?

Product Development & Pricing for Small Business Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next question. You can skip questions if you would like and come back to them later with the "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. You will lose your work if you close or refresh this page. Good luck!

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