MKT 300 EXAM 3 UKY HAPKE QUESTIONS
price - Answers -the value paid for a product in a marketing exchange
Which of the following products is characterized by highly elastic demand? - Answers -
sports cars
The extra cost a firm incurs when it produces one more unit of a product is called the
_____. - Answers -marginal cost
Which of the following relations is used to determine the break-even point in units? -
Answers -Break-even point = (fixed costs) / (per-unit contribution to fixed costs)
Which method of determining transfer pricing involves dividing all fixed and variable
expenses for a period into the number of units produced? - Answers -actual full cost
method
Which of the following statements best defines the demand curve - Answers -It is the
graph of the quantity of products expected to be sold at various prices, other factors
being constant
What is the pricing objective of a firm that adjusts price levels so it can increase sales
volume to match organizational expenses? - Answers -survival
Adding to the cost of a product a predetermined percentage of that cost is known as
_____. - Answers -markup pricing
A retailer purchases a ream of paper at $10, adds $2 to the cost, and then prices the
paper at $12. What is the markup as a percentage of cost? - Answers -20%
Some colleges charge a higher tuition for certain majors, such as business,
engineering, and medicine. This pricing scheme is known as _____. - Answers -
differential pricing
_____ refers to charging the highest possible price that buyers who most desire a
product will pay. - Answers -Price skimming
Setting prices at an artificially high level to convey a quality image is a feature of _____
strategy. - Answers -prestige pricing
A(n) _____ is an independent businessperson who sells complementary products of
several producers in assigned territories and is compensated through commissions
without acquiring title to the products. - Answers -manufacturer's agent
, Which of the following products is most likely to be distributed through intensive
distribution? - Answers -soft drinks
The contracting of physical distribution tasks to third parties who do not have
managerial authority within the marketing channel is known as _____. - Answers -
outsourcing
Under which of the following circumstances do courts rule tying agreements as illegal? -
Answers -When a supplier tries to move weaker products along with more popular items
A food manufacturing company that manufactures processed foods is trying to increase
sales of its products by making them available in all general and convenience stores
rather than just in supermarkets and large department stores. What type of utility is the
company trying to create in this case? - Answers -place utility
When a manufacturer forbids an intermediary to carry products of competing
manufacturers, the arrangement is known as _____. - Answers -exclusive dealing
____ includes all transactions in which a buyer intends to consume a product through
personal, family, or household use. - Answers -Retailing
Slide 36
Which of the following is a characteristic associated with warehouse showrooms? -
Answers -vertical merchandise displays
Happy Hounds and Horses is a large retailing store that has a huge collection of
products for pets that are sold at low prices. This store would be an example of a -
Answers -category killer
refers to a retail strategy of managing groups of similar, often substitutable products
produced by different manufacturers. - Answers -category management
Slide 39
___ are independently-owned businesses that take title to goods, assume risks
associated with ownership, and generally buy and resell products to other wholesalers,
business customers, or retailers. - Answers -Merchant wholesalers
__ are intermediaries that represent buyers and sellers on a permanent basis. -
Answers -Agents
A major goal of integrated marketing communications is to: - Answers -send a
consistent message to customers
In the typical communication process, a receiver is the individual, group, or organization
that: - Answers -decodes a coded message
price - Answers -the value paid for a product in a marketing exchange
Which of the following products is characterized by highly elastic demand? - Answers -
sports cars
The extra cost a firm incurs when it produces one more unit of a product is called the
_____. - Answers -marginal cost
Which of the following relations is used to determine the break-even point in units? -
Answers -Break-even point = (fixed costs) / (per-unit contribution to fixed costs)
Which method of determining transfer pricing involves dividing all fixed and variable
expenses for a period into the number of units produced? - Answers -actual full cost
method
Which of the following statements best defines the demand curve - Answers -It is the
graph of the quantity of products expected to be sold at various prices, other factors
being constant
What is the pricing objective of a firm that adjusts price levels so it can increase sales
volume to match organizational expenses? - Answers -survival
Adding to the cost of a product a predetermined percentage of that cost is known as
_____. - Answers -markup pricing
A retailer purchases a ream of paper at $10, adds $2 to the cost, and then prices the
paper at $12. What is the markup as a percentage of cost? - Answers -20%
Some colleges charge a higher tuition for certain majors, such as business,
engineering, and medicine. This pricing scheme is known as _____. - Answers -
differential pricing
_____ refers to charging the highest possible price that buyers who most desire a
product will pay. - Answers -Price skimming
Setting prices at an artificially high level to convey a quality image is a feature of _____
strategy. - Answers -prestige pricing
A(n) _____ is an independent businessperson who sells complementary products of
several producers in assigned territories and is compensated through commissions
without acquiring title to the products. - Answers -manufacturer's agent
, Which of the following products is most likely to be distributed through intensive
distribution? - Answers -soft drinks
The contracting of physical distribution tasks to third parties who do not have
managerial authority within the marketing channel is known as _____. - Answers -
outsourcing
Under which of the following circumstances do courts rule tying agreements as illegal? -
Answers -When a supplier tries to move weaker products along with more popular items
A food manufacturing company that manufactures processed foods is trying to increase
sales of its products by making them available in all general and convenience stores
rather than just in supermarkets and large department stores. What type of utility is the
company trying to create in this case? - Answers -place utility
When a manufacturer forbids an intermediary to carry products of competing
manufacturers, the arrangement is known as _____. - Answers -exclusive dealing
____ includes all transactions in which a buyer intends to consume a product through
personal, family, or household use. - Answers -Retailing
Slide 36
Which of the following is a characteristic associated with warehouse showrooms? -
Answers -vertical merchandise displays
Happy Hounds and Horses is a large retailing store that has a huge collection of
products for pets that are sold at low prices. This store would be an example of a -
Answers -category killer
refers to a retail strategy of managing groups of similar, often substitutable products
produced by different manufacturers. - Answers -category management
Slide 39
___ are independently-owned businesses that take title to goods, assume risks
associated with ownership, and generally buy and resell products to other wholesalers,
business customers, or retailers. - Answers -Merchant wholesalers
__ are intermediaries that represent buyers and sellers on a permanent basis. -
Answers -Agents
A major goal of integrated marketing communications is to: - Answers -send a
consistent message to customers
In the typical communication process, a receiver is the individual, group, or organization
that: - Answers -decodes a coded message
