18/19&20
Listening on the part of a salesperson is a major component in making a presentation.
true
Marginal revenue is the change in total revenue that occurs when a firm sells an additional unit of product.
true
Markup can be stated as a percentage of the cost or as a percentage of the selling price.
true
Nonprice competition emphasizes distinctive product features, service, and product quality.
true
Penetration pricing and price skimming of the market are two types of new-product pricing.
true
Periodic discounting is often predictable so consumers wait to make purchases until they can benefit from the price reductions.
true
Price is the most easily adjusted ingredient in the marketing mix.
true
Price is the value that is exchanged for products in a marketing transaction.
true
Sales promotion activities are generally used in conjunction with other promotional efforts.
true
Some stores employ comparison shoppers to learn what prices their competitors are charging.
true
The focus of personal selling is shifting from selling a specific product to building long-term relationships with customers by finding solutions to their needs, problems, and challenges.
true
The importance of price depends on the type of product, the type of target market, and the purchase situation.
true
The primary goals of personal selling are finding prospects, convincing prospects to buy, and keeping customers satisfied.
true
Total costs are influenced by quantities sold.
true
price elasticity of demand measures the sensitivity of demand to changes in price.
true
Cooperative advertising refers to advertisements promoting a product and identifying participating retailers that sell the product.
false
Fixed costs vary with the number of units produced or sold.
false
Most marketers depend on one-sale customers for long-run survival.
false
Price should be defined in terms of money only.
false
Sales promotion activities are always supplementary to personal selling and advertising.
false
Sellers using nonprice competition are not concerned with prices charged by competitors.
false
The objective of maintaining or increasing market share depends on growth in industry sales.
false
A firm that considers costs and revenue secondary to competitors' prices when setting its own prices is using a competition-based pricing strategy.
true
Cost-based pricing strategies result in a percentage being added to the cost of the product.
true
Demonstrations in retail stores are not used widely because they are expensive.
true
Differential pricing means different buyers pay different prices for the same quality and quantity of product.
true
For most products, the quantity demanded goes up as the price goes down.
true
Generally, consumer sweepstakes are more popular than consumer contests.
true
If possible, the salesperson should handle objections only when they arise.
true
Knowing the target market's evaluation of price allows the marketer to know how much emphasis to place on price and how to price a product relative to competition.
true