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Which of the following is an example of an industrial user:

A hairstylist buying new scissors to perform haircuts

Which of the following is an example of an ultimate consumer:

A teenager buying her/his first car

What might happen if a business's customers feel that they are not getting the most value for their money?

Customers spend money elsewhere.

A store sells T-shirts for $10. Which of the following would be the most likely to occur if all other factors remain the same, and there is a demand for the T-shirts at $10:

If the price is lowered, the volume of sales will go up.

What is the amount of money for which an item sells in the competitive marketplace?

Price

Which of the following is a benefit of channels of distribution:

We can more easily obtain products from all over the world.

Where does a channel of distribution begin?

With the producer

Can prices be set too low?

Yes; customers may feel quality is too low.

Which of the following intermediaries never actually owns the products they promote and sell:

agents

When supply is greater than demand, a __________ often develops.

buyers market

What is one factor that will determine how much a customer is willing to pay for a good or service?

buying power

What exists when producers produce more than buyers are willing and able to buy?

excess supply

A downturn in the economy has forced a home builder to lower its prices. This company has __________ prices.

flexible

After a mild, dry winter, the supply of sleds should be __________ than demanded. Therefore, the price would be __________.

greater; decreased

When companies increase the quality of materials used in the production of their products, their prices will tend to be

higher

Quality Distributors buys electrical equipment and supplies from ABC Electric and sells them to local electrical contractors. Quality Distributors is an example of a(n)

intermediary

What do producers often do when supply is greater than demand?

lower prices

Sellers must carefully set prices so that buyers feel they are receiving __________ value for their money.

optimum

A company decides to save money by shipping its products by truck instead of by plane. Which marketing mix element is pricing influencing in this example?

place

Which of the following is a direct channel of distribution for consumer goods and services:

producer to ultimate consumer

A hair care company cannot afford to spend millions of dollars on research for the new, inexpensive shampoo it is developing, so the company must choose a less expensive form of research. This is an example of how pricing affects which of the following elements of the marketing mix:

product

With what do many customers associate price?

quality

Walmart, Domino's, and Avis Rent-a-Car are examples of

retailers

When demand is greater than supply, a __________ often develops.

sellers market

How much a consumer is willing to pay for a product depends partly on the consumer's opinion of the product's

value

Top-Notch Wheels buys mountain bikes from The Great Colorado Mountain Bike Company and sells them to bike shops. Top-Notch Wheels is an example of a(n)

whole saler

What type of intermediary would purchase baseball bats from one producer, mitts from another, and balls from still another, and then sell an assortment to sporting goods stores?

wholesaler