MARK 3336 MIDTERM 2 UH PROFESSOR KOCH UPDATED ACTUAL QUESTIONS AND CORRECT ANSWERS

MARK 3336 MIDTERM 2 UH PROFESSOR KOCH
UPDATED ACTUAL QUESTIONS AND CORRECT
ANSWERS
Question:
Through ________a company invites broad communities of
people into the innovation process.
Answer:
crowdsourcing

Question:
If the product passes both the concept test and the
product■ test, the next step is■ __________.
Answer:
test marketing

Question:
__________ development focuses on finding new ways to
solve customer problems.
Answer:
Customer-centered new product

Question:
Profits increase during the■ __________ stage of the product
life cycle.
Answer:
growth

Question:
Marketers should carefully consider public policy issues
and regulations regarding all of the following except■
__________.
Answer:
product development

Question:
One of the disadvantages of product and service
standardization for international market is■ __________.
Answer:
varying worldwide market

Question:
Which of the following statements does NOT describe■
price?
Answer:
Price is the only element in the marketing mix that represents costs.

, Question:
Which of the following statements does not apply to the
description of■ prices?
Answer:
In recent decades price factors have gained increasing importance.

Question:
__________ uses■ buyers' perceptions of value as the key to
pricing.
Answer:
Customer value-based pricing

Question:
__________ reverses the usual process of first designing a
new■ product, determining its■ cost, and then■ asking, "Can
we sell it for■ that?"
Answer:
Target costing

Question:
Under■ __________, the market consists of many buyers and
sellers trading in a uniform commodity.
Answer:
pure competition

Question:
Market skimming prices are preferred in all of the
following conditions except■ __________.
Answer:
an initial low price is set by the companies

Question:
Market penetration prices are preferred in all of the
following conditions except■ __________.
Answer:
enough buyers must want the product at a higher price

Question:
Companies that make products that must be used along
with a main product are using■ __________.
Answer:
captive-product pricing

Question:
The pricing method in which sellers combine several
products and offer a reduced price is known as■ __________.
Answer: