Question $1(2$ points$)$

Which term refers to the customer$$s determination of the worth of a product or service?

Question $1$ options:

A$)$

Price

B$)$

Discount

C$)$

Credit

D$)$

Value

Question $2(2$ points$)$

What is the sales volume level at which a firm$$s total sales revenue equals total costs and expenses?

Question $2$ options:

A$)$

Prestige pricing

B$)$

Saturation

C$)$

Equilibrium

D$)$

Break$-$even point

Question $3(2$ points$)$

What effective approach is used in small business to determine an appropriate advertising budget?

Question $3$ options:

A$)$

Focus on spending significantly more than direct competitors.

B$)$

Spend as much as possible in order to saturate the market.

C$)$

Target free or low$-$cost sources of advertising exclusively.

D$)$

Determine funds needed to achieve objectives.

Question $4(2$ points$)$

Which statement is accurate regarding advertising?

Question $4$ options:

A$)$

Advertising is always expensive and does not generate much revenue.

B$)$

Advertising is beneficial for new product lines only.

C$)$

Advertising must be viewed as a complement to high quality goods or services.

D$)$

Persuasive advertising is more important that the quality of the goods or services.

Question $5(2$ points$)$

What is the difference between a unit$$s selling price and the unit$$s costs and expenses?

Question $5$ options:

A$)$

Forecasted profit

B$)$

Contribution margin

C$)$

Scaled$-$down profit

D$)$

Adjusted margin

Question $6(2$ points$)$

Which pricing strategy sets higher prices to persuade customers to believe that products or services are unique and of premium quality?

Question $6$ options:

A$)$

Premium pricing

B$)$

Exclusive pricing

C$)$

Boutique pricing

D$)$

Prestige pricing

Question $7(2$ points$)$

By what factors is the total sales revenue of a firm directly impacted?

Question $7$ options:

A$)$

Demand and credit options

B$)$

Elasticity and selectivity

C$)$

Sales volume and price

D$)$

Supply and costs

Question $8(2$ points$)$

What promotional techniques, other than personal selling or advertising, increase sales of products or services?

Question $8$ options:

A$)$

Promotional programming

B$)$

Sales promotions

C$)$

Media blasts

D$)$

Commercials

Question $9(2$ points$)$

What describes demand that changes substantially when there is a change in the price of a product of service?

Question $9$ options:

A$)$

Credit

B$)$

Elastic demand

C$)$

Price fluctuation

D$)$

Inelastic demand

Question $10(2$ points$)$

Which pricing strategy sets extremely high prices for a limited time before reducing them to more competitive levels?

Question $10$ options:

A$)$

Penetration pricing

B$)$

Price lining

C$)$

Price skimming

D$)$

Markup pricing