Factors Affecting Price and Communication Process Quiz

Which is a factor that influences price?

• supply and demand

• product life cycle

• competition

• all of the above

Which is not a stage in the product life cycle?

• maturity stage

• growth stage

• death stage

• decline stage

The amount added to a product’s break-even point to determine a selling price is called ________.

Which of the following is a step in the communication process?

• decoding a message

• supply chain

• advertisement

• competition

Which is not a player in the supply chain?

• features

• intermediaries

• agents

• producers

Define the following key term from this chapter: Break-even point.

• The point at which total costs and total revenue are equal, meaning there is no net loss or gain.

• The initial stage of a business where it starts to gain profit.

• The maximum point of financial loss in a business.

• The point where a business decides to stop production due to financial losses.

Define the following key term from this chapter: Participatory marketing.

• A strategy where consumers are encouraged to share their feedback and ideas to contribute to the marketing process.

• A digital marketing strategy focused solely on social media platforms.

• A traditional marketing approach that relies on television and print media.

• An approach that emphasizes on one-way communication from the brand to the consumer.

Define the following key term from this chapter: Selling price.

• The cost price of a product

• The price at which a product is sold to the public

• The profit made from selling a product

• The loss incurred from selling a product

Define the following key term from this chapter: Pricing tactic.

• A strategy for setting the price of a product or service to maximize profits.

• A detailed plan for achieving success in stages.

• A short-term approach to setting prices based on current market trends and conditions.

• A financial analysis technique for determining the viability of a project.

Define the following key term from this chapter: Indirect channel.

• A direct connection between producer and consumer without intermediaries.

• A pathway that includes one or more intermediaries between producer and consumer.

• A digital platform for e-commerce transactions.

• A method of direct marketing through emails.