12. When Apple introduced the first iPhone, it was at a relatively high price designed to create a perception of high benefit, stimulate attention and cover high costs. What type of pricing strategy was Apple pursuing? A) penetration B) price-insensitive demand C) price skimming D) cost bundling

22. Why is the concept of exchange important to marketing? A) Money is the only medium of exchange for business marketers. B) Exchange provides money to marketers. C) Exchange is the point at which buyer and seller receive value from one another. D) Marketing and exchange are one and the same thing.

20. What is the major characteristic used to differentiate between types of intermediary categories? A) whether they raise profit margins for independent middlemen B) whether they prevent specialization of labour C) whether they decrease economies of scale D) whether they purchase products for resale, and to whom they sell

18. Wine lovers visit the Summerhill Pyramid Winery in the Okanagan to look at the grapes on the vines, taste wine, and often ride bicycles through the Okanagan. Often there are biking and running events, with many people celebrating the new wines. In terms of a promotional mix, what is this celebration of wine, people, and exercise an example of? A) advertising B) direct marketing C) personal selling D) public relations

9. Which of the following situations represents market penetration strategy? A) when a Canadian company begins to sell its products in South America B) when a French company develops a new cement for orthopaedic surgery C) when a Mexican distillery offers rebates to its current customers D) when a supermarket chain adds another brand of ice cream to its inventory