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Marketing2023
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| Question | Answer |
|---|---|
| Price is the only element in the marketing mix that produces ________. | Revenue |
| Consumer perceptions of the product's value set the ________ for prices. | Ceiling |
| Product costs set a(n) ________ to a product's price. | Floor |
| Under ________, the market consists of many buyers and sellers trading in a uniform commodity such as wheat, copper, or financial securities. | Pure competition |
| Under ________, the market consists of many buyers and sellers who trade over a range of prices rather than a single market price. | Monopolistic competition |
| Under ________, the market consists of a few sellers who are highly sensitive to each other's pricing and marketing strategies. | Oligopolistic competition |
| Companies facing the challenge of setting prices for the first time can choose between two broad strategies: market-penetration pricing and ________. | Market Skimming |
| Which of the following would NOT support a market-skimming policy for a new product? | Competitors can enter the market easily (?) |
| A firm is using ________ when it charges a high, premium price for a new product with the intention of reducing the price in the future. | Market skimming |
| ________ the manufacturer or service provider is the set of firms that supply the raw materials, components, parts, information, finances, and expertise needed to create a product or service. | Upstream |
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