Chapter 25 Review

A firms' percentage of the total sales volume generated by all competitors in a given market is which of the following?

• Market Position

• Market Share

• Break-even Point

• Market Demand

When a product is a necessity, demand tends to be elastic.

• True

• False

A calculation that is used to determine the relative profitability of a product is called what?

• Return on Investment (ROI)

• Market Position

• Break Even Point

• Market Demand

Pricing is a key factor in the success or failure of a product or service and a business.

• True

• False

Which of the following are a form of pricing?

• Fees

• Rent

• Wages

• All Selections are Correct

Price can be expressed in a non-monetary term, such as a free good or service.

• True

• False

What does appropriate pricing accomplish?

• Competitive Edge

• Lose of Consumers

• Lose of Profit

• Terrible Customer Image

When Louisville Slugger decided to lower the price for its most expensive baseball bat, they immediately sold 450 bats. This decision by Louisville Slugger helped increase the ____________________ for the entire baseball bat inbdustry.

• Market Position

• Return on Investment (ROI)

• Break-Even Point

• Market Share

One would consider that Chik Fil A has a very strong ________________________ in the fast food industry.

• Market Share

• Market Posiiton

• Break-Even Point

• Price Discrimination

Which of the following happens when the sales revenue equals the costs and expenses of making and distributing a product?

• Demand Elasticity

• Market Share

• Break Even Point

• Price Fixing