AGRI152-TEST#2
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
