A noticeable difference between the traditional structures and the team structure is ___________.
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Correct Answer:
The absence of a clear chain of command in a team structure
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The idea that a good product will sell itself is associated with the __________ era of marketing.
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Production-oriented
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Direct selling is characterized by all of these except that it is not _____.
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Correct Answer:
A low cost method of retailing
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With a modular structure, a firm _____.
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Assembles portions of product provided by outside contractors
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Firms offering more technical or expensive products often utilize _____.
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Correct Answer:
Personal selling
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________ marketing is the marketing of goods and services from one organization to another.
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Business-to-business
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_____ are websites where users can add to or edit the content of posted articles.
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Correct Answer:
Wikis
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Shoplifting, sweethearting, and retail borrowing are all problems that contribute to ________.
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Correct Answer:
Shrinkage
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Using coded or dated coupons can let the researcher compare different media. This is known as ______.
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Correct Answer:
Response
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Creating goodwill rather than making immediate sales is known as ______.
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Correct Answer:
Institutional advertising
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Small business owners can compete with large chains like Walmart and Amazon by focusing on ______.
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Correct Answer:
Flexibility
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What would be the breakeven point in dollars if total fixed costs were $300, the average variable costs were $9, and the price per unit was $18?
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Correct Answer:
$600
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People often equate quality with price. This belief has led to which of the following pricing strategies?
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Correct Answer:
Prestige pricing
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______ are a common advertising strategy that uses an authority to present the message.
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Correct Answer:
Testimonial messages
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Abe’s advertising company is currently working on a TV ad campaign which includes a classic song to position the product. Advertisers hope that the music will bring about a sense of nostalgia among potential customers. Which advertising strategy is Abe’s using?
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Correct Answer:
Slice-of-life message
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Small businesses can easily fall into the mindset of being concerned about ______ now, and working on improving ______ later.
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Correct Answer:
Sales; profit margins
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Grouping product prices into ranges such as low-, medium-, and high-priced items is known as which of the following?
Answer
Correct Answer:
Price lining
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The success of Walmart is directly related to its ______.
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Correct Answer:
Economy of scale advantages
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The amount that is added to the overall cost of a product when setting the final selling price to ensure a profit is known as which of the following?
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Correct Answer:
Markup
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Advantages of ______ advertising are that it results in high, repeated exposure at low cost and with limited competition.
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Outdoor
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If a business knows how many units will be sold and what the fixed costs and the variable costs will be, ______ allows the selling price to be set to produce a given rate of return.
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Correct Answer:
Target-return pricing
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Setting the price of a product in a way that will alter its perception to customers is known as ______.
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Correct Answer:
Psychological pricing
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The number of competitors and their proximity influences what a small business owner can charge because the competition represents ______.
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Correct Answer:
Substitute choices to the customer
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Costs that change in direct proportion to sales are called Variable costs.
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Correct Answer:
True
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Psychological pricing strategy common in retailing goods for which consumers do not have any idea of what the price “should be” is known as Reference Price.
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Correct Answer:
False
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Publicity is an aspect of public relations consisting of any message about your company communicated through the mass media that you pay for.
Answer
Correct Answer:
False
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_____ is setting the price of a product in a way that will alter its perception by customers.
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Correct Answer:
Psychological Pricing
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Setting the price of a new product higher than expected to recover development costs is called?
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Correct Answer:
Price skimming
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Price lining is a grouping of product prices into ranges, such as _____ items.
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Correct Answer:
All of the above
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Grouping product prices into ranges, such as low-, medium-, and high-priced items is called?
Answer
Correct Answer:
Price Lining
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The percentage change in quantity demanded for a product in response to a 1 percent change in price is called?
Answer
Correct Answer:
Price Elasticity of Demand
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_____ is a psychological pricing strategy used with goods whose quality is difficult to determine by inspection or for products about which consumers have little solid information.
Answer
Correct Answer:
Prestige Pricing
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Penetration pricing is setting the price of a new product _____ than expected to gain fast market share.
Answer
Correct Answer:
Lower
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Setting the price of a new product lower than expected to gain fast market share is called?
Answer
Correct Answer:
Penetration Pricing
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Odd Pricing is a psychological pricing strategy in which goods are priced at, say, _____ in the belief that the price will seem lower than it really is.
Answer
Correct Answer:
$9.99 rather than $10.00
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Psychological pricing strategy in which goods are priced at, say, $9.99 rather than $10.00 in the belief that the price will seem lower than it really is called?
Answer
Correct Answer:
Odd Pricing
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The amount added to the cost of a product in setting the final price. It can be based on _____.
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Correct Answer:
Both a and b
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Costs that do not change with the number of sales made is known as?
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Correct Answer:
Fixed Costs
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The number of units of a product that people would be willing to purchase at same price levels. Is known as Demand Curve.
Answer
Correct Answer:
False
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Decoy effect is a pricing technique that makes a specific product appear more desirable by adding a _____ that is slightly less attractive.
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Correct Answer:
Both a and b
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Credit extended by retailers to the ultimate customers for the purchase of _____ is known as Consumer Credit.
Answer
Correct Answer:
All of these
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The point at which total costs equal total revenue and the business _____ money.
Answer
Correct Answer:
Neither makes nor loses
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