MKT Final Prep 1st Assessment

Price is the only element in the marketing mix that produces ________ .

Answer explanation

Other marketing mix such as products require money to make, promotions require money to advertise, places require money to deliver products to your customers.

The _______volume is the point at which the total revenue and total costs lines intersect.

Answer explanation

Basically, it's a point where there is no profit and no loss but it also the point beyond which profits will be made.

_____ costs remain as the number of units produced increases.

Rent, Interest, and executive salaries are examples of ____ ______.


Answer explanation

They do not change regardless of how much products you are making a day.

Costs that vary directly with the level of production are referred to as ___.

Give an example of variable cost. (short answer)

________ are the sum of the fixed and variable costs for any given level of production.

Answer explanation

Pretty self-explanatory

Lawyers, accountants, and other professionals typically price by adding a standard markup for profit. This is known as ________ pricing.

Answer explanation

Markup is basically when you buy a plant from a wholesaler for 5 dollars but you want to make a profit so you add some more dollars onto it when you sell to a customer.

Most producers today sell their goods directly to ________.

Answer explanation

What are some examples of intermediaries? Remember that they are the "middle-man".

Intermediaries play an important role in matching supply and demand.

• True

• False