Accounting
Anthropology
Archaeology
Art History
Banking
Biology & Life Science
Business
Business Communication
Business Development
Business Ethics
Business Law
Chemistry
Communication
Computer Science
Counseling
Criminal Law
Curriculum & Instruction
Design
Earth Science
Economic
Education
Engineering
Finance
History & Theory
Humanities
Human Resource
International Business
Investments & Securities
Journalism
Law
Management
Marketing
Medicine
Medicine & Health Science
Nursing
Philosophy
Physic
Psychology
Real Estate
Science
Social Science
Sociology
Special Education
Speech
Visual Arts
Question
Define elasticity of demand and discuss the factors that affect elasticity.
Answer
This answer is hidden. It contains 1929 characters.
Related questions
Q:
Define what is meant by consumer penalties and provide reasons why companies would impose them on consumers.
Q:
Among the following, that which is given up in an exchange to acquire a good or service is known as ______.
a. price
b. cost
c. margin
d. profit
Q:
The marketing manager of Raven Golf Club finds that the club can increase its market share if it slashes membership prices during the first quarter of the year. However, it would mean that the club will not achieve its target return on investment. This conflict illustrates
a. the need to eliminate low-profit products.
b. a lack of competition in the marketplace.
c. how pricing operates in an ideal marketplace.
d. the need for trade-offs in pricing objectives.
Q:
A companys product sales as a percentage of total sales for that industry are known as __________.
a. market share
b. revenue
c. return on investment
d. profit
Q:
A price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities is called ____________.
a. FOB origin pricing
b. zone pricing
c. uniform delivered pricing
d. flexible pricing
Q:
When using _____, the seller pays all or part of the actual shipment charges and does not pass them on to the buyer.
a. FOB origin pricing
b. freight absorption pricing
c. uniform delivered pricing
d. basing-point pricing
Q:
Which of the following refers to the practice of marking up prices by 100 percent, or doubling the cost?
a. Keystoning
b. Markup pricing
c. Breakeven pricing
d. Price matching
Q:
Riya saw a box of collectors edition comic books at Fournotts, a retail corporation. Each comic was priced at $28.50. A friend of hers who bought five books was required to pay only $19.99 per book. Riya bought just one book and received no discount. Fournotts revenue from Riyas and her friends combined purchases was _____.
a. $158.51
b. $19.99
c. $28.50
d. $128.45
Q:
A basic, long-term pricing framework that establishes the initial price for a product and the intended direction for price movements over the product life cycle is called ___________.
a. strategic management
b. a price strategy
c. a promotional strategy
d. advertising strategy
Q:
Which of the following refers to net profit after taxes divided by total assets?
a. Return on investment (ROI)
b. Revenue
c. Profit
d. Price
Q:
Which action would a firm take if following a status quo pricing policy?
a. Charge a price identical to or very close to the competitions price.
b. Discourage or block competition from entering a market.
c. Enable management to recover its product development costs quickly.
d. Expand production with the use of technological innovations and tools.
Q:
At a local supermarket, Linda saw a box of plant fertilizer that retails at $25 but was marked down to $20.99. Given this information, $20.99 is the _____.
a. dividend
b. price
c. margin
d. profit
Q:
Which of the following helps determine what sales volume must be reached before total revenue equals total costs?
a. SWOT analysis
b. Breakeven analysis
c. Status quo pricing
d. Dynamic pricing
Q:
Which of the following best defines markup pricing?
a. The cost of buying the product from the producer, plus amounts for profit and for expenses not otherwise accounted for
b. The practice of marking up prices by 100 percent, or doubling the cost
c. A method of determining what sales volume must be reached before total revenue equals total costs
d. The ability to change prices very quickly, often in real time
Q:
Profit-oriented pricing objectives include _____.
a. target return on investment
b. target market share
c. meeting competitors prices
d. status quo pricing
Q:
To increase the popularity of its new range of smartphones, GizmoPro Inc. offered several free accessories to customers who bought their smartphones. However, the offer turned out to be unsustainable and the company had to offer discounts on the accessories instead. GizmoPros decision is aimed at _____.
a. market share pricing
b. profit maximization
c. demand orientation
d. sales maximization
Q:
Consumers determine value of the product on the basis of
a. perceived satisfaction.
b. the opportunity cost to buy the product.
c. discounts availed.
d. what other people buy.
Q:
Zone pricing is a modification of uniform delivered pricing, and it divides the United States (or the total market) into segments (or zones) and charges a flat freight rate to all customers in a given zone.
a. True
b. False
Q:
Psychological pricing is marketing two or more products in a single package for a special price.
a. True
b. False
Q:
Because of its recent high growth in the national market, Mable Inc., an online cosmetics retailer, has divided its U.S. market into segments and is charging a flat freight rate to all customers in a given segment. In this scenario, Mable Inc. plans to adopt freight absorption pricing.
a. True
b. False
Q:
A rebate is a discount to wholesalers and retailers for performing channel functions.
a. True
b. False
Q:
www.ebay.com is the most popular extranet in the United States.
a. True
b. False
Q:
When a seller establishes a series of prices for a type of merchandise, a purchase agreement is violated.
a. True
b. False
Q:
Explain why mobile marketing has recently become so popular.
Q:
Discuss the difference between owned media and earned media and discuss how each is relevant in an interactive space.
Q:
Which of the following is a way to have a successful social media marketing plan for your company?
a. Stick to the same social media plan that your company has always followed in the past.
b. Post valuable content on social media to pull online customers to your company sites.
c. Be committed to the original plan in the face of online negative reviews by customers.
d. Allow your social media plan to deviate from the objectives and plans of the company.
Q:
Which of the following processes is used in social media monitoring?
a. Personal selling
b. Crowdsourcing
c. Sentiment analysis
d. Brandjacking
Q:
Which category of social media user maintains a social networking profile and visit other sites?
a. Joiner
b. Spectator
c. Critic
d. collector
Q:
Panache, a fashion design company, organizes an online contest. Participants are asked to design womens apparel to be posted on a social media website where its members can vote and provide feedback. Based on those votes, Panache will announce the winner and offer that individual a job at its firm. In this scenario, Panache is involved in _____.
a. brandjacking
b. tagging
c. blogging
d. crowdsourcing
Q:
Which of the following refers to the websites that allow individuals to connector networkwith friends, peers, and business associates?
a. Social networking sites
b. Media sharing sites
c. Social news sites
d. Review sites