AGRI152-TEST#2

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What is the true sales price for a laptop which costs $ 500 to manufacture , if the mark-up percentage is 30 percent ?

$650

Which of the following is NOT a factor determining competition ?

Climate of locations

decreases when there are many competitors whose products and services are equally attractive to customers .

Competitive rivalry

attracts existing and new customer and promotes the overall image of the company .

Advertising

Which of the following is one of the four economic stages families ?

Aging

Also known as opinion research __________, determines how people " feel " about products , companies or ideas .

Attitude research

The Federal Trade Commission Act considers which of the following an unfair and deceptive practice ?

Bait and switch

Flexible price policies are NOT most common in which of the following ?

Bulk products

When you go to the movies you have $ 5.00 to spend on snacks . You want candy and popcorn , but each costs $ 5.00 . You decide to buy popcorn . What is the opportunity cost of the popcorn ?

Candy

Which of the following is NOT a financial obligation or opportunity of launching families ?

Child care

An example of goods is

Clothing

Type of industry causes competition to be higher when .

Companies all offer products of equal quality

Learning about competitors ' internal operations does NOT include which of the following ?

Customers ' needs and wants

What are seasonal discounts ?

Discounts offered to encourage buyers to buy earlier than what current demand requires

Which of the following is NOT one of the recommended methods of learning about competitors ?

Discussing a possible joint venture or merger with competitors

Target return pricing is pricing to cover all costs and which of the following ?

Either a percentage return or a specific dollar return , which are two ways of measuring target returns

Which of the following terms is used to describe the fluctuation in demand of a certain product in relation to pricing ?

Elasticity

The Sherman Antitrust Act of 1890 did which of the following ?

Eliminated price fixing

What is the first step in determining price ?

Establishing price objectives

Pricing is only considered a competitive advantage when quality is high enough to support high prices .

FALSE

The most accurate and complete way to learn about competitors is by talking to customers .

FALSE

The law of supply is " as the price of any good falls , the quantity demanded will increase . "

False

Travel and recreational opportunities is a financial opportunity for the launching economic stage of families .

False

Which of the following is the formula to determine market share ?

Firm's sales total market sales

Which of the following is NOT a price level policy ?

Flexible price policy

Which of the following is NOT a pricing objective ?

Goal oriented

Advertising will decrease a company's level of competitiveness in which situation ?.

If attempts are infrequent

Bait - and - switch advertising , a form of fraud in which customers are enticed with a low - price product the seller does not actually intend to sell , is_______

Illegal in most states

Buy power __________when there are fewer buyers .

Increases

Which of the following is NOT a goal of pricing ?

Increasing business from competitors .

The economy of the United States depends on which of the following ?

Individual participation

Porter's Five Forces is a concept which helps companies analyze their

Industry

Which of the following is true of bait pricing ?.

It is considered extremely aggressive

Which of the following is NOT true of the penetration price policy ?

It is the same as introductory price dealing

A basic published or advertised price , often subject to discount , describes which of the following ?

List price

A company is wanting to develop a new favor of toothpaste in order to determine which flavors are most popular the company researching the curent favors of toothpaste and how well each favor performs in the market . The company a coducting which type of research?

Market intelligence

Which of the following is a step in the product life cycle ?

Market maturity

Demand - backward pricing is also known as which of the following ?

Market minus pricing .

pertains to the percentage of a firm's total sales in relation to the industry as a whole

Market share

emphasizes how goods or services will satisfy consumers ' wants and needs .

Marketing

Which economic stage of families is characterized by parents refocusing on their relationship , the height of careers and earnings , and the possibility of becoming grandparents ?

Mid years

Which of the following is an example of a new banking technology ?

Mobile banking applications

How does immigration impact the economy ?

More people means more money put into the economy , causing the system to stretch to accommodate everyone

An office supply store trading supplies to a newspaper company for advertising is an example of which of the following :

Non - monetary terms for pricing

Which of the following is NOT a way one can participate in the consumer economic system ?

Not paying taxes

Which of the following describes one price policies ?

Offers the same price to all customers who purchase products under essentially the same conditions and the same quantities .

What is the example for companies passing on extra costs to customers used in the presentation in regard to declining profit margins ?

Oil

Competitive advantage occurs when a company ____________ compared to competitors .

Operates more efficiently

Which of the following are considered positive external factors beyond the control of a business ?

Opportunities

A company selling umbrella discovered the area is expecting increased rain this season . This is an example of which of the following ?

Opportunity

Which of the following is an accurate description of take - home pay ?

Personal

Which of the following is not one of the four elements in the " Marketing Mix " ?

Plan

is setting an artificially high price in order to create a feeling of status .

Prestige Pricing

A car dealership setting a high price in order to create a feeling of high quality is know as which pricing practice ?

Prestige pricing

Manufacturers use break - even point calculations to help do what with a product ?

Price

Which of the following is NOT an advantage of one price policies ?

Price adjustments by salespeople

Which factor determining competition is typically considered Walmart @ ' s competitive advantage ?

Pricing

Which of the following is not a marketing research area of interest ?

Qualitative research

Which of the following can companies do in the case of declining profit margins instead of passing the extra costs to customers ?

Reduce the size of the product instead of increasing the price .

Which government regulation strengthened provisions of the Clayton Act ?

Robinson - Patman Act

Which of the following is NOT included in advantages of flexible pricing ?

Salespeople can make price adjustments considering profit margins

A store is offering 50 percent off of Halloween decorations on November 1st since Halloween is past . This is an example of which type of discount ?

Seasonal

Data which has been previously collected and was not generated specifically is which type of data?

Secondary

Which of the following is a true statement about profit oriented objectives ?

Sets out to make as much profit as possible

Status quo - oriented objectives can help with which of the following ?

Stabilizing prices

An office supply store has developed loyal , mutually beneficial relationships with many other businesses in its area , some of which are customers . This is an example of which of the following ?

Strength

Which of the following are considered positive internal factors controlled within a business ?

Strengths

The letters in SWOT analysis stand for

Strengths , weaknesses , opportunities , threats

What does the acronym SWOT mean ?

Strengths , weaknesses , opportunities , threats

SWOT stands for which of the following ?

Strengths , weaknesses , opportunities , threats ,

A company's________ are evaluated internally as opposed to a company's________

Strengths ; Opportunities

Assume a company sels computers . Its supplier said the cost of microchips is going to increase . There is only one other supplier to buy from , and those chips sell for even more . This situation is an example of which of the following ?

Supplier power

If there is a change in the number of producers in the market , which of the following will also change ?

Supply

If learning about competitors by speaking with them directly , you should reveal you are a competitor .

TRUE

Which of the following are considered profit oriented objectives ?

Target return objective

Which of the following is NOT considered a living expense when determining expenses ?

Taxes

The Personal Responsibility and Work Opportunity Reconciliation Act of 1996 is responsible for which of the following ?

Temporary Assistance for Needy Families ( TANF ) program

Which of the following is an entity which provides services for the consumer and is NOT part of the national government ?

The Better Business Bureau

What governmental regulation eliminated price discrimination ?

The Clayton Antitrust Act of 1914

Which of the following provides a basis for the regulation of the testing , manufacture distribution and sale of food , drugs , cosmetics and medicinal products in the U.S. ?

The Federal Food , Drug , and Cosmetic Act

A company building houses determined the cost of the bricks they use is increasing by 20 percent . This is an example of which of the following ?

Threat

T - shirt printing is a fairly inexpensive business to start . Very few supplies and equipment are needed , and the technology is easy to understand . Which of the following is a concerning force for companies in this industry ?

Threat of new entry

Which of the following is NOT one of Porter's Five Forces ?

Threat of regression

The ability and likelihood of customers finding another way to get products or services a company offers is known as which of the following ?

Threat of substitution

Which of the following are considered negative external factors beyond the control of the business ?

Threats

Which of the following is NOT a goal of pricing ?

To determine the need for updates

Demand can change due to a change in the number of people in a market , change in taste or preferences , expectations of the future , change in income , or change in the price of a substitute or complementary product

True

Take - home pay minus total living expenses equals money available for savings and investment ..

True

The Consumer Product Safety Commission is empowered to conduct research on safety and collect data regarding injuries .

True

Which factor determining competition causes competition to be lower if company have a varying level of product quality ?

Type of industry

Which of the following is an economic issue which seems to have a direct impact on crime ?

Unemployment

is the level of satisfaction associated with a particular good or service .

Value

Which of the following are considered negative internal factors controlled within a business ?

Weaknesses

Which of the following defines opportunity cost ?

What you are giving up or sacrificing by turning down one opportunity in order to take advantage of another opportunity

When do companies begin to make a profit ?

When the break even point is reached

Discrepancies in your checkbook occur in which of the following situations ?

When your bank statement differs from your check register

A marketing outlet that obtain goods in large quantities from the manufacturer and resell them to an industrial user is called a

Wholesaler

Qualitative research involves a small number of people . Usually less than_______

100

Which of the following is an example of odd - even pricing ?

119.99

A focus group consists of no more than ________people :

12

Which of the following is an example of value - in - use pricing ?

A car company advertises their pricing to save money in the long term because their new system cuts labor costs

What does it mean when a product has inelastic demand ?

A change in price has little affect on the demand

The idea of prestige pricing suggests which of the following ?

A higher price suggests higher quality

A good for which demand will not change in relation to price is known as which of the following ?

A necessity

is an example of primary data .

A survey


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