MKT 310 Week 10 Quiz 8 Chapter 17 and 18 – Question and Answers

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MKT 310 Week 10 Quiz 8 Chapter 17 and 18 – Question and Answers

Chapter 17 (112 Questions) and 18 (112 Questions)

  1. The sensitivity of consumers to price changes is measured by the ________.
  2. A relatively small percentage change in the price of a computer results in large percentage changes in the number of units purchased for a retailer. The price elasticity of demand for computers can be described as ________.
  3. When the price elasticity of demand is high and prices go up, total ________.
  4. When the price elasticity of demand is unitary and prices go down, total ________.
  5. Price elasticity of demand is negative since ________.
  6. Horizontal price fixing involves an agreement ________.
  7. In vertical price fixing, ________.
  8. The intent of vertical price-fixing legislation was to protect ________.
  9. Manufacturers and wholesalers can legally control retail prices by ________.
  10. Price-discrimination legislation is designed to limit the ability of ________.
  11. Price discrimination is legal under the Robinson-Patman Act when ________.
  12. In predatory pricing, large retailers attempt to destroy smaller retailers by ________.
  13. Retailers typically use loss leaders to ________.
  14. Unit pricing laws are necessary because of ________.
  15. Item price removal enables supermarkets to ________.
  16. A retailer typically has no intention of selling a promoted good or service in ________.
  17. Which strategy does not enable a retailer to control retail prices?
  18. In selling against the brand, ________.
  19. In price guarantees, a manufacturer protects a retailer by ________.
  20. Individual retailers have no control over the setting of retail prices in ________.
  21. A retailer able to develop a strongly differentiated retail mix can utilize ________.
  22. An aggressive low-price strategy designed to sell a high volume of goods is ________.
  23. Market penetration is an appropriate strategy when ________.
  24. The price floor represents the ________.
  25. Which of the following suggests that too low a price may hinder demand?
  26. The most widely practiced retail pricing technique is ________.
  27. Markups in retailing are typically ….on the basis of ________.
  28. The difference between initial markups and maintained markups is due to ________.
  29. Direct product profitability (DPP) is an example of ________.
  30. Which pricing strategy seeks to stabilize demand throughout the year?
  31. A retailer that seeks to alter prices to reflect fluctuations in costs or consumer demand should practice ________.
  32. The opposite of setting prices by negotiation or bargaining is ________.
  33. In which pricing technique does a retailer advertise and sell key items in the product assortment at less than the usual profit margin?
  34. A retailer sells men’s suits for $179, $229, $309, and $359. This illustrates ________.
  35. A major advantage of an early markdown policy is that ________.
  36. Price elasticity is ________ when the urgency for a purchase is low and the number of acceptable substitutes is high. mkt 310 week 10 quiz
  37. Total demand for a movie drops from 400 to 350 units when a theater operator increases the ticket price for a popular movie from $7 to $9. Price elasticity of demand (expressed as a positive number) equals ________.
  38. When a stationery store increases its price for a popular computer notebook from $1,000 to $1,250, its quantity demanded decreases from 400 to 250 per month. Its price elasticity of demand (expressed as a positive number) equals ________.
  39. A negatively-sloped demand curve means that ________.
  40. The difference between horizontal price fixing and vertical price fixing is based on ________.
  41. Many manufacturers feel that vertical price fixing should be legal since it protects ________.
  42. The Robinson-Patman Act was develop to ________.
  43. Loss leaders are viewed as being particularly attractive by many retailers since they ________.
  44. A key difference between a loss leader and leader pricing is based upon whether ________.
  45. A key difference between loss leaders and bait-and-switch advertising is based upon whether ________.
  46. The key difference between bait-and-switch advertising and “trading the customer up” to a more expensive substitute is that in “trading the customer up,” the advertised low-price good ________.
  47. Selling against the brand and private labels are two strategies retailers use to ________.
  48. A retailer has the least control over retail price setting in ________.
  49. Administered pricing utilizes ________.
  50. Administered pricing can be ….in association with ________.

Continued (224 Question and Answers)