1.A firm first decides where it wants to position its market offering. A company can pursue any of five major objectives through pricing. Which of the following is NOT one of these objectives? (Points : 5)
Maximum current profit
Maximum market share
2.The question regarding the various channel functions is not whether or not they need to be performed but who is to perform them. All channel functions have three things in common. Which of the following is NOT one of these channel functions? (Points : 5)
They use up scarce resources.
They can often be performed better through specialization.
They can be shifted among channel members.
They require substantial investments by the producer.
None of the above
3.At some stock level point, management must reorder product to refill the inventory to an acceptable level. This point is called the ________. (Points : 5)
order (reorder) point
minimum inventory level
inventory carrying costs
none of the above
4.Executives often complain that pricing is a big headache. Common mistakes include: price is not revised often enough to capitalize on market changes; price is set ________ of the rest of the marketing mix rather than an intrinsic element of a market-positioning strategy. (Points : 5)
5.A ________ strategy creates consumer demand through promotions and advertising as a way to induce intermediaries to carry the product. (Points : 5)
none of the above
6.The concept of the lowest ________ means that a seller can charge a higher price if they can convince the customers that price is only a small part of the total cost of obtaining, operating, and servicing the product over its lifetime. (Points : 5)
total cost of ownership
key price points
none of the above
7.With ________, the company does not need to worry about too many outlets; it can gain adequate market coverage with more control and less cost that intensive distribution. (Points : 5)
8.For price discrimination to work ________. (Points : 5)
the market must be segmentable and the segments must show similar intensities of demand
members in the lower-price segment must be able to resell the product to the higher-price segment
competitors must be able to undersell the firm in the higher-price segment
the practice must not breed customer resentment and ill will
the extra revenue derived from price discrimination must not exceed the cost of segmenting and policing the market
9.Auction-type pricing is becoming very popular due to the Internet. The three types of auction pricing include sealed-bid auctions, descending bids auctions, and ________. (Points : 5)
ascending bid auctions
high-low bid auctions
going-rate bidding auctions
value pricing auctions
10.Major retailer types include the following EXCEPT ________. (Points : 5)
11.________ is an effort by one organization to win the support of the leaders of another organization by including them in advisory councils, board of directors, and the like. (Points : 5)
12.________ is the cornerstone of all discount operations. (Points : 5)
13.Price elasticity depends on the magnitude and direction of the price change. If may differ for a price cut versus a price increase. When the price changes have little or no effect, there might exist a ________ for your product. (Points : 5)
price indifference band
14.________ measures a product’s handling costs from the time the product reaches the warehouse until a customer buys it in the retail store. (Points : 5)
Direct product profitability analysis
Direct product performance analysis
15.By granting ________, the producer hopes to obtain more dedicated and knowledgeable selling. (Points : 5)
16.________ warehouses store goods for moderate to long periods of time. (Points : 5)
17.________ are existing companies that have added an online site for information and/or e-commerce. (Points : 5)
None of the above
18.Varying prices by time of the day, the season of the year, or the day of the week is called ________. (Points : 5)
19.A ________ is a storeless retailer serving a specific clientele-usually employees of large organizations-who are authorized to buy from a list of retailers that have agreed to give discounts in return for inclusion on the list. (Points : 5)
direct marketing vendor
20.________ consist of the sum of the fixed and variable costs for any given level of production. (Points : 5)
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