EXAM3 MARK201

Common approaches to pricing are oriented around which four elements? competition demand production profit cost service

1. demand 2. cost 3. competition 4. profit

What are TWO advantages of using direct mail and catalogs? fast and convenient for the customer serves as an element of multichannel marketing interactive experience for customers decreasing production and mailing costs

1. fast and convenient for the customer 2. serves as an element of multichannel marketing

What are advantages of using online retailers? (Select all that apply) easier access to personal assistance 24-hour access immediate access to merchandise ability to comparison shop

24-hour access ability to comparison shop

The money or other considerations exchanged for the ownership or use of a product or service is its _______

PRICE

Total _______ is equal to the unit price for a product times the quantity of it sold. (one word)

REVENUE

The ratio of perceived benefits to price is a product's _______ (one word)

VALUE

What statement is TRUE about marketing channels? a. Indirect channels are longer than direct ones. b. More intermediaries are involved in direct channels. c. The more intermediaries, the shorter the channel. d. Every channel must have a retailer in it.

a. Indirect channels are longer than direct ones.

When Lexmark sells a laser printer for slightly below its cost, but prices its ink-jet printers with a large profit margin that makes up for the loss on the laser printers, it is using ______. a. product-line pricing b. yield management c. a flexible-price policy d. price lining

a. product-line pricing

Price elasticity of demand is expressed as percentage change in ______ divided by the percentage change in ______. a. quantity demanded; price b. total revenue; quantity demanded c. quantity demanded; total revenue d. price; quantity demanded

a. quantity demanded; price

Fixed-price and dynamic-price are the two options when choosing a price ______. a. list b. quote c. policy d. orientation

c. policy

Professionally managed and centrally coordinated marketing channels that are designed to achieve channel economies and maximize marketing impact are known as ______. a. strategic channel alliances b. horizontal marketing systems c. vertical marketing systems d. dual distribution systems

c. vertical marketing systems

Independent ownership, corporate chain, and contractual systems are the three general forms of ______. a. merchandise agreements b. consignment systems c. licensing arrangements d. retail ownership

d. retail ownership

Unit price times quantity sold equals ______. a. total profit b. the break-even point c. total variable cost d. total revenue

d. total revenue

What are two ways that data analytics benefits retailers? By allowing retailers to predict shopping behavior by learning how consumers use channels, information, and payment options By providing real-time data about competitors' offerings and marketing strategies By focusing consumers on the functional value of retailers' products with statistical evidence of their superiority By allowing retailers to offer the most innovative products at the right prices, while maintaining optimal inventory levels

1. By allowing retailers to predict shopping behavior by learning how consumers use channels, information, and payment options 2. By allowing retailers to offer the most innovative products at the right prices, while maintaining optimal inventory levels

A specialty merchandise wholesaler differs from a general merchandise wholesaler in which of the TWO following ways? It carries a narrow range of products. It performs fewer of the channel functions. It has more limited delivery areas. It has an extensive assortment of items within the product lines it carries.

1. It carries a narrow range of products. 2. It has an extensive assortment of items within the product lines it carries.

Match the following forms of retail ownership with the correct definition. 1. independent retailer 2. corporate chain 3. contractual system a business owned by an individual multiple outlets under common ownership independently owned stores that band together to act as a chain

1. a business owned by an individual 2. multiple outlets under common ownership 3. independently owned stores that band together to act as a chain

Demand-oriented, cost-oriented, profit-oriented, and competition-oriented are four approaches used to set ______. promotional allowances production objectives target markets approximate price levels

APPROXIMATE PRICE LEVELS

The tendency for supply chain managers at different levels of the supply chain to exaggerate the need to increase or decrease inventory in response to variation or lack of predictability in customer demand is called the _________ effect.

BULLWHIP

Legal and regulatory issues and consumer demand are pricing ______ that limit what a company can charge for its products. demands objectives motivators constraints

CONSTRAINTS

GE sells its large appliances directly to home and apartment builders but uses retail stores like Lowe's to sell to consumers, in a strategy known as ______. A. horizontal marketing B. strategic channel alliances C. vertical marketing D. dual distribution

D. dual distribution

______ selling involves sales of goods and services to consumers through personal interactions and demonstrations in their home or office. Personal Contact Direct Mobile

DIRECT

The practice of colluding with other firms to set prices is called ______. predatory pricing price discrimination loss-leader pricing. price fixing

PRICE FIXING

A form of non-store retailing known as ___________ involves using the telephone to interact with and sell directly to consumers.

TELEMARKETING

In the profit equation, what is multiplied by quantity sold? unit price variable cost volume fixed cost

UNIT PRICE

What are two general methods for quoting prices related to transportation costs? a. Uniform delivered pricing b. FOB origin pricing c. Everyday low pricing d. Functional pricing

Uniform delivered pricing FOB origin pricing

The individuals or firms involved in the process of making products available to consumers or industrial users are referred to as ______. a channel alliance a marketing channel the logistical function a distribution network

a marketing channel

Food and beverage make up the bulk of merchandise sold through which form of nonstore retailing? a. automatic vending b. direct mail c. direct selling d. television home shopping

a. automatic vending

What is an advantage of television home shopping? a. broad reach possible; available in millions of homes b. imparts a sense of exclusivity to products c. searchable; allows customers to find desired products d. interactive experience for the customer

a. broad reach possible; available in millions of homes

Retail store positioning begins with a clearly defined ______. a. customer value proposition b. set of marketing mix variables c. form of business ownership d. company mission statement

a. customer value proposition

The retail life cycle describes the stages of ______ and ______ for a retail outlet. a. growth; decline b. sales; profit c. breadth; depth d. innovation; stagnation

a. growth; decline

What have home shopping programs done in order to attract a younger audience? a. invite celebrities to come on the show b. introduce "flash" sales with deep discounts c. broadcast at night instead of during the day d. advertise the network on pop music radio stations

a. invite celebrities to come on the show

A business channel is characterized by the fact that ______. a. it tends to be shorter than consumer channels b. it almost always features an agent c. it is almost always direct channel d. its complexity makes the channel very long

a. it tends to be shorter than consumer channels

On a demand curve, one of the axes represents the price of a product while the other represents the ______. a. maximum units sold b. the average profit margin c. the supply of product available d. the competitors' average unit price

a. maximum units sold

What are THREE forms of non-store retailing? automatic vending category killers hypermarkets direct mail telemarketing

automatic vending direct mail telemarketing

Amazon and Orbitz are both part of ______ marketing channels. a. secondary b. digital c. complex d. direct

b. digital

Direct selling is sometimes called ______ retailing. a. intertype b. door-to-door c. contact d. hypermarket

b. door-to-door

How do agents make their profit? a. based solely on the number of new customers they recruit b. from the commissions or fees paid for their services c. based on the contract they have with the licensor d. from the sale of merchandise that they own

b. from the commissions or fees paid for their services

Independently owned firms that take title to the merchandise they handle, are classified as either full-service or limited-service, and go by names like industrial distributor are known as ______. a. brokers b. merchant wholesalers c. manufacturer's agents d. selling agents

b. merchant wholesalers

Glenda's Gift Baskets has several retail stores located in the Midwest. The company also sells gift baskets on its website and during the holidays, it sends out catalogs to its target market. What type of retailer is Glenda's Gift Baskets? a. multi-level merchandiser b. multichannel retailer c. inter-type retailer d. scrambled merchandiser

b. multichannel retailer

Direct selling is a form of ______ retailing. a. scrambled merchandise b. non-store c. intertype d. limited service

b. non-store

Which of the following is a reason that a producer would use a manufacturer's branch to perform wholesaling activities? a. It does not want to physically handle, stock, or deliver merchandise once it is produced. b. It prefers to use another firm's marketing channel to sell its products. c. There are no intermediaries to perform these activities. d. It will retain more profit if it pays commissions.

c. There are no intermediaries to perform these activities.

What has been described as the "new science of retailing"? a. multichannel marketing b. positioning matrices c. data analytics d. the wheel of retailing

c. data analytics

A manufacturer's sales office differs from a manufacturer's branch office in that the sales office ______. a. performs all the functions of a full-service wholesaler b. serves as an alternative to a retailer c. does not carry inventory d. can handle much larger orders, especially on short notice

c. does not carry inventory

The wheel of retailing describes ______. a. the progressive stages of the life cycle for products sold to ultimate consumers b. logistics recommendations for retail establishments c. how new forms of retail outlets enter the market d. the four categories of customer needs common to retailers

c. how new forms of retail outlets enter the market

Telemarketing is used to ______ via telephone. a. conduct marketing research with current customers b. collect consumer data from potential customers c. interact with and sell directly to consumers d. encourage store visits from consumers

c. interact with and sell directly to consumers

The wheel of retailing predicts that new forms of retail outlets will usually enter the market as ______. a. high quality or highly innovative stores with extensive offerings b. multichannel retailers c. low-status, low-margin stores d. electronically assisted versions of original stores

c. low-status, low-margin stores

The description of the stages of growth and decline for a retail outlet is called the ______. a. customer lifetime value cycle b. retail positioning matrix c. retail life cycle d. wheel of retailing

c. retail life cycle

Form of ownership, level of service, and merchandise line are ways that ______ can be classified. a. product lines b. wholesalers and agents c. retail outlets d. retail strategies

c. retail outlets

One advantage of using ______ to shop compared to ______ is that it is much easier to comparison shop for the best price. a. retail stores; catalogs b. retail stores; the Internet c. the Internet; retail stores d. catalogs; the Internet

c. the Internet; retail stores

Retail pricing, store location, merchandise, and retail communication are elements of ______. a. a consumer value proposition b. the utilities provided by retailers c. the retailing mix d. the marketing mix

c. the retailing mix

***Select all that apply Surveys taken after the coronavirus pandemic show that consumers want which of the following from retailers? convenience more self-serve kiosks one-to-one personal shopping touch-less technology speed safety

convenience touch-less technology speed safety

What is the purpose of a marketing channel? a. It brings all of a firm's retailers together in terms of what they will charge for the firm's product. b. It directs the distribution efforts of a firm's suppliers to ensure optimal delivery time frames are met. c. It directs the flow of all of a firm's promotional efforts so that the communication message is clear. d. It makes possible the flow of products and services from a producer, through intermediaries, to a buyer.

d. It makes possible the flow of products and services from a producer, through intermediaries, to a buyer.

Retailers can be categorized in terms of the ______ and ______ of the product lines they carry. a. choice; size b. price; promotion c. category; availability d. depth; breadth

d. depth; breadth

What is the correct term for a retailer that sells in more than one channel? a. multi-level merchandiser b. scrambled merchandiser c. inter-type retailer d. multichannel retailer

d. multichannel retailer

What are the two major types of agents used by producers? purchasing agents customer agents manufacturer's agents selling agents

manufacturer's agents selling agents

Which TWO are wholly owned extensions of the producer that perform wholesaling activities? general merchandisers manufacturers' branch office selling agents or agencies manufacturers' sales office

manufacturers' branch office manufacturers' sales office

What are two disadvantages of using direct mail and catalogs? not perceived as "green" higher costs to acquire new customers compared to store increasing production and mailing costs customers will buy only a few types of products in this way

not perceived as "green" increasing production and mailing costs

What four elements make up the retailing mix? retail channels retail personnel retail communication store location merchandise retail pricing

retail communication store location merchandise retail pricing

*Select all that apply Break-even analysis is a technique that analyzes the relationship between which two variables at various levels of output? total revenue maximum value total cost minimum cost

total revenue total cost

What are the two dimensions on the retail positioning matrix? depth of product line value added number of outlets breadth of product line

value added breadth of product line

Which two of the following combine to describe the objective of logistics management for a customer-driven supply chain? Minimize logistics costs Maximize customer service Maximize lead time Minimize inventory

1. Minimize logistics costs 2. Maximize customer service

Compared to marketing channels for consumer products, business channels exhibit what TWO characteristics? The channel tends to rely on one intermediary or none at all. The channel is typically very long. The channel is typically shorter. The complexity of business transactions requires the use of many intermediaries.

1. The channel tends to rely on one intermediary or none at all. 2. The channel is typically shorter.

What are the TWO important benefits provided by retailers? They have a positive impact on the economy. They provide value in the form of consumer utilities. They ensure fair competition in consumer markets. They lower prices for consumers by eliminating unnecessary intermediaries.

1. They have a positive impact on the economy. 2. They provide value in the form of consumer utilities.

Match each type of discount with the motivation for offering it : 1. quantity discounts 2. seasonal discounts 3. trade discounts 4. cash discounts To encourage customers to place larger orders. To encourage buyers to stock inventory earlier than their demand would require. To reward channel members for future marketing efforts. To encourage retailers to pay their bill quickly.

1. To encourage customers to place larger orders. 2. To encourage buyers to stock inventory earlier than their demand would require. 3. To reward channel members for future marketing efforts. 4. To encourage retailers to pay their bill quickly.

What factors must be taken into consideration to determine the "right" price for a product? 1. Will enough money be made to pay for the development and production of the product? 2. Will the product produce more money than competitors' products? 3. Will it generate enough sales dollars to pay for the marketing of the product? 4. What costs can we eliminate in order to make more money on the product? 5. Will the product provide a profit for the company? 6. What are customers willing to pay for the product?

1. Will enough money be made to pay for the development and production of the product? 3. Will it generate enough sales dollars to pay for the marketing of the product? 5. Will the product provide a profit for the company? 6. What are customers willing to pay for the product?

What are the three common ways that retail outlets can be classified? merchandise line form of ownership number of outlets number of employees level of service

1. merchandise line 2. form of ownership 3. level of service

What are two examples of a direct to consumer marketing channel? - working with a salesperson at the Apple Store to get the right computer - ordering food in a restaurant - taking your car to a Firestone dealer to get new tires - ordering something from the Harry and David food and gift catalog - buying something from the Home Shopping Network

1. ordering something from the Harry and David food and gift catalog 2. buying something from the Home Shopping Network

What are two profit-oriented approaches to setting a price? target return pricing skimming pricing cost-plus pricing target profit pricing customary pricing

1. target return pricing 2. target profit pricing

What two factors are taken into account when measuring the impact of retailing on the global economy? the number of products offered the number of employees the number of countries served sales volume

1. the number of employees 2. sales volume

When designing a supply chain that meets customer requirements and aligns with strategy, what are the TWO goals that firms try to achieve? to be less connected to be more personalized to be more efficient to be more responsive

1. to be more efficient 2. to be more responsive

A sequence of firms that perform activities required to create and deliver a product or service to ultimate consumers or industrial users is known as ______. a marketing channel a logistics channel a supplier network a supply chain

A SUPPLY CHAIN

What are the two types of marketing channels? direct and indirect exclusive and selective primary and secondary forward and reverse

DIRECT AND INDIRECT

Level of service is one method of classifying retail outlets; the highest level is known as __________ service, and the lowest level is called ___________ service. (Enter one word in each blank.)

FULL ; SELF

______ are made by manufacturers to list prices to reflect the cost of transportation of the products from seller to buyer. Allowances Discounts Geographical adjustments Selling reductions

Geographical adjustments

The highest level of distribution density in which products and services are placed in as many outlets as possible, is known as __________ distribution.

INTENSIVE

In the context of a supply chain, customer ________ is the ability of logistics management to satisfy users in terms of time, dependability, communication, and convenience.

SERVICE

Price fixing is made illegal by the ______. Robinson-Patman Act Sherman Antitrust Act Clayton Act Federal Trade Commission Act

Sherman Antitrust Act

*Select all that apply Total cost is the sum of which of these? Variable cost Unit price Fixed cost Marginal cost

Variable cost Fixed cost

_____ are typically designed to be either responsive or efficient, depending upon a firm's strategy to meet customer requirements. a. Supply chains b. Vendor-managed inventory systems c. Dual distribution centers d. Reverse logistics

a. Supply chains

Opentable.com is a reservation mechanism for restaurants. It uses the Internet to allow consumers to reserve tables in many establishments throughout the United States. It is an example of ______. a. a digital marketing channel b. exclusive distribution c. dual distribution d. a vertical marketing system

a. a digital marketing channel

Each intermediary in the marketing channel ______. a. adds value in terms of the functions it performs b. reduces costs for the ultimate consumer c. complicates the buying process for the consumer d. is considered a wholesaler

a. adds value in terms of the functions it performs

Pricing ______ involve specifying the role of price in an organization's marketing and strategic plans. a. objectives b. demands c. constraints d. estimates

a. objectives

Price fixing is the conspiracy among firms to ______. a. set prices for a product b. hide the true price of products from customers c. eliminate promotional allowances for resellers d. reduce prices successively in order to maintain market share

a. set prices for a product

Four utilities are provided by retailers in varying degrees. They are ______. a. time, place, form, and possession b. time, place, product, and possession c. price, place, product, and promotion d. price, place, product, and possession

a. time, place, form, and possession

Why must a marketing manager consider pricing objectives and constraints? a. to narrow the range of choices among the variety of pricing strategies b. to reduce dependence on product revenues c. to determine what kinds of special adjustments to the list price will work best d. to estimate the changes to demand that will occur with a price increase

a. to narrow the range of choices among the variety of pricing strategies

The ______ provided by retailers that create value for consumers are time, place, form, and possession. a. utilities b. classifications c. channels d. services

a. utilities

What are the three major types of vertical marketing systems? facilitating administered transactional corporate logistical contractual

administered corporate contractual

______, as it pertains to a supply chain, is the ability to satisfy users in terms of time, dependability, communication, and convenience. a. Efficiency b. Customer service c. Professionalism d. Competence

b. Customer service

Which approach to pricing weighs factors underlying expected customer tastes and preferences more heavily than other factors? a. Competition b. Demand c. Profit d. Cost

b. Demand

What term refers to an arrangement whereby a firm reaches different buyers by employing two or more different types of channels for the same basic product? a. horizontal marketing b. dual distribution c. vertical marketing d. strategic channel alliances

b. dual distribution

Demand-oriented pricing approaches weigh which factors most heavily? a. number of competitive products on the market b. expected customer tastes and preferences c. costs to produce the product d. expected supply of the product at its time of release

b. expected customer tastes and preferences

The breadth and depth of ______ is a way to classify retail outlets. a. customers b. merchandise c. service d. ownership

b. merchandise

There are many forms of non-store retailing, including ______. a. general merchandise stores b. online retailing c. hypermarkets d. category killers

b. online retailing

What element of the marketing mix has a unique role in that it is the place where all other business decisions come together? a. place b. price c. promotion d. product

b. price

The percentage change in quantity demanded relative to a percentage change in price is known as ______. a. the contribution margin b. price elasticity of demand c. the profit equation d. the demand curve

b. price elasticity of demand

By focusing on target profit pricing or target return pricing, a firm is using a ______ pricing approach. a. demand-oriented b. profit-oriented c. competitor-oriented d. cost-oriented

b. profit-oriented

When a manufacturer offers a grocery retailer an extra amount of free product for including this product in weekly advertising and in-store sales, this is considered a ______ allowance. a. functional b. promotional c. trade-in d. cash

b. promotional

Many logistics costs are interrelated; for example, increasing inventory costs with additional warehouses should result in ______. a. decreased use of electronic data exchange b. reduced transportation costs c. increased levels of stockouts d. increased order processing costs

b. reduced transportation costs

What is reverse logistics? a. the combining of many small shipments into larger lots that can then be transported at reduced rates b. the process of reclaiming recyclable and reusable materials for repair, redistribution, or disposal c. the use of specialized firms to perform most or all logistics functions, instead of performing them in-house d. the development of customer service standards for consumer returns

b. the process of reclaiming recyclable and reusable materials for repair, redistribution, or disposal

Retailing includes all activities involved in selling, renting, and providing product and services _____. a. to any of several intermediaries in a marketing channel b. to ultimate consumers c. for use in making other products and services d. for any business or personal use

b. to ultimate consumers

According to the profit equation, profit equals ______. a. unit price times quantity sold b. total revenue minus total cost c. fixed cost minus variable cost d. total cost minus variable cost

b. total revenue minus total cost

When using competition-oriented pricing approaches, price setters stress ______. a. what consumers are willing to pay, based on current preferences b. what "the market" is doing c. a balance of revenues and costs to achieve a set target d. covering costs for producing or delivering a product

b. what "the market" is doing

________ -oriented approaches to pricing set the price to reflect the way the marketer wants consumers to interpret prices relative to competitor's offerings. a. Demand b. Cost c. Competition d. Target

c. Competition

______ are important because they provide utilities to consumers and have a significant positive impact on the economy. a. Distributors b. Supply chains c. Retailers d. Brokers

c. Retailers

What is the demand curve? a. a way to calculate break-even point b. a marketing concept that recommends promotional strategies c. a graph relating quantity sold and price d. a graph of the relationship between demand and supply

c. a graph relating quantity sold and price

Demand-oriented, cost-oriented, profit-oriented, and competition-oriented are four approaches used to set ______. a. target markets b. production objectives c. approximate price levels d. promotional allowances

c. approximate price levels

Manufacturers often use intermediaries to distribute their products because intermediaries ______. a. do not charge a fee for their services b. increase the number of units sold c. create value for buyers d. increase the margin on products

c. create value for buyers

What marketing channel allows consumers to buy products by interacting with various print or electronic media instead of a face-to-face meeting with a salesperson? a. dual distribution b. multichannel marketing c. direct to consumer marketing d. exclusive distribution

c. direct to consumer marketing

Those activities that focus on getting right amount of the right products to the right place at the right time at the lowest possible cost are known as ______. a. production flow b. a marketing channel c. logistics d. a supply chain

c. logistics

Value is defined as ______. a. preference for a product despite its cost. b. price divided by attributes. c. perceived benefits divided by price. d. perceived attributes divided by preference.

c. perceived benefits divided by price.

When a marketing manager sets prices for all items in a product line, seeking to produce a profit for the entire line but not necessarily each product, it is known as ______. a. price lining b. yield management c. product-line pricing d. dynamic pricing

c. product-line pricing

Carlos' firm manufactures custom-made furniture that is sold through various furniture retailers. Carlos sources the wood he needs from various lumber manufacturers and uses a distributor to get his products to the retail stores for sale. The suppliers of the wood, the distributor, and the retail stores are all part of a ______. a. logistics channel b. supplier network c. supply chain d. marketing channel

c. supply chain

The two types of channel conflict are ______. a. exclusive and intensive b. backward and forward c. vertical and horizontal d. seller and producer

c. vertical and horizontal

What type of distribution places products and services in as many outlets as possible? a. Comprehensive b. Exclusive c. Selective d. Intensive

d. Intensive

Which statement is true of vending machines? a. Though convenient for consumers, few products can be distributed this way. b. This is a practically free way to distribute merchandise. c. Because they tend to be in commercial locations, this is generally considered to be a form of store retailing. d. Prices for products in them tend to be higher than those in stores.

d. Prices for products in them tend to be higher than those in stores.

A reduction from the list price that a seller gives a buyer as a reward for some activity of the buyer that is favorable to the seller is referred to as ______. a. a rebate b. an allowance c. a trade-in d. a discount

d. a discount

Logistics involves ______. a. perfecting processes to collect and analyze data regarding inventory, transportation, and distribution b. the communication systems involved in disseminating product information to consumers c. the use of data analytics to determine accurate product needs and inventory levels d. activities that focus on getting the right products to the right place at the right time at the lowest possible cost

d. activities that focus on getting the right products to the right place at the right time at the lowest possible cost

Factors that limit the range of prices a firm may set are known as pricing ______. a. demands b. objectives c. limitations d. constraints

d. constraints

Pricing approaches that consider the production and marketing costs and then add enough to cover direct expenses, overhead, and profit are ______ approaches. a. demand-oriented b. margin-oriented c. profit-oriented d. cost-oriented

d. cost-oriented

Pricing ______ frequently reflect corporate goals, while pricing _____ often relate to conditions existing in the marketplace. a. constraints; opportunities b. opportunities; objectives c. strategies; demands d. objectives; constraints

d. objectives; constraints

Break-even analysis can help evaluate the impact of changes in ______ and ______ on ______. a. price; consumer tastes; demand b. consumer tastes; consumer income; demand c. price; consumer tastes; profit d. price; costs; profit

d. price; costs; profit

Five of the 30 largest businesses in the United States are ______. a. banks b. hospitals c. accounting firms d. retailers

d. retailers

The set of activities involved in selling, renting, and providing products and services to ultimate consumers for personal, family, or household use is referred to as ______. a. merchandising b. promotion c. marketing d. retailing

d. retailing

The process of reclaiming recyclable and reusable materials, returns, and reworks from the point of consumption or use for repair, remanufacturing, redistribution, or disposal is known as ______ logistics. a. environmental b. third-party c. socially-responsible d. reverse

d. reverse

Discounts, allowances, and geographic adjustments are considered ______ that affect the list or quoted price. a. channel promotions b. price differentials c. yield determinants d. special adjustments

d. special adjustments

What is the definition of price? a. the practice of exchanging products and services for other products or services. b. any factor that determines consumers' willingness and ability to pay for products and services. c. a judgment by a consumer of the worth and desirability of a product or service relative to substitutes. d. the money or other considerations exchanged for the ownership or use of a product.

d. the money or other considerations exchanged for the ownership or use of a product.

Expenses associated with transportation, materials handling and warehousing, inventory, stockouts, order processing, and return goods handling are included in ______. a. total service levels b. complete channel arrangements c. complete supply chain costs d. total logistics cost

d. total logistics cost

Channel conflict occurs between ______. a. two consumers utilizing different channels b. a channel intermediary and a consumer c. a manufacturer or service provider and a dissatisfied consumer d. two different channel members

d. two different channel members

Total cost represents ______. a. variable costs times fixed costs b. variable costs minus fixed costs c. fixed costs divided by variable costs d. variable costs plus fixed costs

d. variable costs plus fixed costs

Select the three special adjustments that are often made to the list or quoted price. discounts price fixing warranties and rebates allowances geographical adjustments

discounts allowances geographical adjustments

What are the two options when choosing a price policy? dynamic-price regional-price permanent-price fixed-price

dynamic-price fixed-price

What are the two options when choosing a price policy? permanent-price dynamic-price regional-price fixed-price

dynamic-price fixed-price

Select all that apply Pricing objectives involves specifying the role of price in what two areas of an organization? 1. its strategic plans 2. its organizational culture 3. its mission statement 4. its marketing plans

its strategic plans, & its marketing plans

*Select all that apply Cost-oriented approaches to pricing consider which three things in the setting of a product's price? product quality market share production costs profit overhead consumer preferences

production costs profit overhead

A price reduction offered to channel members for featuring the manufacturer's product in their advertising or selling activities is called a(n) __________ allowance.

promotional