25
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| To force or to persuade through threats or intimisation. | Coerce
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| The degree to which consumers' desires for a product are affected by prcie. | Demand Elasticity
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| Consumers' perception of the value of a product. | Subjective price
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| Major factor in success or failure of a business. | Price
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| When sales revenue equals the cost and expences of making and distributing a product. | Break-even point
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| An agreement amoung competitors to establish price ranges. | Price fixing
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| The value of money or of a nonmonetary item palced on a good or servie. | Price
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| An item priced at cost to attract contomers. | Loss leader
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| A product's profitability. | Return on investment
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| Matter of anticipated satisfication | Value
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| A company's profit is equal to its return on investment. | False
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| Bartering involes the exchange of goods or services for a mutally agreed-on amount of money. | False
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| Some companies have products whose faetures are very similar to the products of their competitors. Such companies can successfully compete by adding place utility to their products. | True
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| Retailers who are in business in states with minimum price laws are prohibited from using the loss leader technique to attract customers. | True
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| The practice of punishing retailers was outlawed in the Robinson-Patman Act of 1975. | False
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| What industry was adversely affected by price wars? | The home scanner industry
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| What does the lawof diminishing marginal utilitys state ? | Consumers will buy only a limited amount of a product no matter how low its price
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| What is the law which prohibits companies from engaging in price fixing? | Sherman Antitrust Act
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| What is a firm's percentage of the total sales volume generated by all competiters in a given market? | market share
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| How does most price planning begin? | Cost and expense analysis
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| An organization will produce 2,000 calendars which it plans to sell for $12 each. The cost of producing and marketing the calendars will be $3.75 each. The oranization will have to sell _____ before it begins to make a profit. | 625
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| To understand pricing, a marketer must first understand the ____, which is also known as the anticipated satisfication consumers place on a product. | Value
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| The manufacturers of Sparkle Detergent sell 15 percent of all the laundry detergent sold in the greater Miami, Ohio, area. Therefore 15 percent is the company's market ____. | Share
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| Wages, rent, and loan intrest are all examples of _____. | Price
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| Bo has a home-based business making jellies and jams. He sells his fruit condiments for $6 a jar. The manufacuturing cost is $3.25 a jar; their distribution and marketing costs are an addional $1.15 per jar. Their rate of return on investment is _____. | 36 percent
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| Jamie trusts the brand and will not buy any other over-the-counter cold medicine for his children. Jamies's demand for All-Better Pediatric Cold Medicine is ____. | Inelastic
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| Comparison of simialr products is possible because of the ____ pricing the stores use to show prices in relation to a standard measure such as cost-per-ounce. | Unit
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| An hour before company is due, you realize you have no chocolate. You run to the store, eager to buy any brand of chocolate you can fine. Price is not important at this moment. Your demand for chocolate is ________. | inelastic
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| Offering one customer one price for a product and another customer a different price for the same product in a similar situation is called price __________. | discrimination
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