PBMF ch 10-12 test review

Which of the following is a characteristic of a service?

• 1. Intangible

• 1. Can be repeated in exactly the same way

• 1. Can be stored

• 1. Mass produced

The price of a good or service must _____.

• 1. not be below the manufacturer’s suggested retail price (MSRP).

• 1. be below any government price floor.

• 1. be lower than what customers are willing to pay.

• 1. cover the cost of producing and selling the product.

Which of the following is an example of a pricing objective?

• 1. Maximize profit

• 1. Minimize the product life cycle

• 1. Minimize cost

• 1. Minimize profit

All products have certain elements that may be changed to meet customer needs. These elements can be organized into three categories. All of the following are included EXCEPT -

• 1. Promotion

• 1. Features

• 1. Protection

• 1. Usage

The path of selling goods or services directly from a manufacturer to end users without using intermediaries

• 1. Indirect Channel

• 1. Direct channel

• 1. Agent/Broker

• 1. Wholesalers

Includes safety inspections, packaging, warranties, and maintenance and repair services

• 1. Features

• 1. Protection

• 1. Usage

• 1. Product elements

The practice of advertising one product with the intent of persuading customers to buy a more expensive items when they arrive in the store is called -

• 1. Predatory pricing

• 1. Bait and switch

• 1. Price discrimination

• 1. Price gouging

The process of dividing the market into smaller groups

• 1. Marketing mix

• 1. Marketing plan

• 1. Marketing concept

• 1. Market segmentation

The raising of prices on a certain kinds of goods to an excessively high level during an emergency is called -

• 1. Predatory pricing

• 1. Bait and switch

• 1. Price gouging

• 1. Price discrimination

The specific group of customers whose needs a company will focus on satisfying is called -

• 1. Marketing mix

• 1. Mass marketing

• 1. Market segmentation

• 1. Target market