14 Aug Question 1 Mark is trying to determine his firm’s average cost per unit of prod

Question 1
Mark
is trying to determine his firm’s average cost per unit of production. He finds
that the cost for all labor and materials is $80,000 and fixed overhead
expenses are $40,000. If the company produces 20,000 items in the time period,
the average cost is __________.

$12

$6

$2

$4

Question 2
A
low stockturn rate:

is
extremely good for profits.

decreases
inventory carrying cost.

ties
up working capital.

is
typical of fresh fruits and vegetables.

Question 3
Which
of the following statements about ethical behavior in business is TRUE?

The
legal environment sets the highest standard of ethical behavior.

The
legal environment sets the maximum standard of ethical behavior.

The
legal environment sets the minimal standard of ethical behavior.

The
legal environment sets the normative standard of ethical behavior.

Question 4
If a
profit-oriented marketing manager does not know the exact shape of the firm’s
demand curve, marginal analysis:

is
useless.

will
suggest the same price as break-even analysis.

may
be useful anyway since a profitable region usually surrounds the best price.

suggests
that the only sensible approach is to use average-cost pricing.

Question 5
Michael
Soles–owner of Soles Shoe Store–recently discovered that shoe stores in his
trading area have an average markup of 40%. Upon investigation, Michael found
that his average markup is $15 on shoes that he sells for $45. This suggests
that:

Michael
has higher-than-average costs.

Michael
is pricing his products higher than his competitors are.

Michael
is taking a smaller average markup than his competitors are.

Michael’s
markups in dollar amounts are about the same as his competitors.

Question 6
As
consumers shift their support to firms that do meet their needs:

firms
should increase promotional expenditure.

firms
should try to attract new customers.

firms
must immediately adopt their competitors’ strategies.

laggard
businesses are forced to either improve or get out of the way.

Question 7
A
S.W.O.T. analysis

should
help a manager develop a strategy that leads to a competitive advantage.

seeks
to improve strategy planning by scanning for warnings, omens, and tips about
competitors’ plans.

is
not necessary if competitors have already entered the market.

defends
against potential competitive threats by planning specific safeguards,
weapons, or tactics.

Question 8
Marketers
estimating the demand curve:

do
not have to worry about price competition due to the nature of the demand
curve.

can
use marginal analysis to help it maximize profits.

will
have to charge the market price which is set by the intersection of industry
supply and demand.

could
use marginal analysis to compare alternatives–but this would not help in
pricing because this method focuses on selling one more unit and therefore
ignores total profitability.

Question 9
Given
the following data, compute the break-even point (BEP) in DOLLARS.
Selling price = $2.00
Variable cost = $1.00
Fixed cost = $150,000

$300,000

$400,000

$150,000

$200,000

Question 10
The
reason that MICRO-marketing costs too much in many firms is that:

the
marketing concept has not been accepted and implemented.

most
new products are not necessary to meet competition.

marketing
is not really needed.

advertising
is usually ineffective.

Question 1 Mark
is trying to determine his firm’s average cost per unit of production. He finds
that the cost for all labor and materials is $80,000 and fixed overhead
expenses are $40,000. If the company produces 20,000 items in the time period,
the average cost is __________.$12$6$2$4Question 2 A
low stockturn rate:is
extremely good for profits.decreases
inventory carrying cost.ties
up working capital.is
typical of fresh fruits and vegetables.Question 3 Which
of the following statements about ethical behavior in business is TRUE?The
legal environment sets the highest standard of ethical behavior.The
legal environment sets the maximum standard of ethical behavior.The
legal environment sets the minimal standard of ethical behavior.The
legal environment sets the normative standard of ethical behavior.Question 4 If a
profit-oriented marketing manager does not know the exact shape of the firm’s
demand curve, marginal analysis:is
useless.will
suggest the same price as break-even analysis.may
be useful anyway since a profitable region usually surrounds the best price.suggests
that the only sensible approach is to use average-cost pricing.Question 5 Michael
Soles–owner of Soles Shoe Store–recently discovered that shoe stores in his
trading area have an average markup of 40%. Upon investigation, Michael found
that his average markup is $15 on shoes that he sells for $45. This suggests
that:Michael
has higher-than-average costs.Michael
is pricing his products higher than his competitors are.Michael
is taking a smaller average markup than his competitors are.Michael’s
markups in dollar amounts are about the same as his competitors.Question 6 As
consumers shift their support to firms that do meet their needs:firms
should increase promotional expenditure.firms
should try to attract new customers.firms
must immediately adopt their competitors’ strategies.laggard
businesses are forced to either improve or get out of the way.Question 7 A
S.W.O.T. analysisshould
help a manager develop a strategy that leads to a competitive advantage.seeks
to improve strategy planning by scanning for warnings, omens, and tips about
competitors’ plans.is
not necessary if competitors have already entered the market.defends
against potential competitive threats by planning specific safeguards,
weapons, or tactics.Question 8 Marketers
estimating the demand curve:do
not have to worry about price competition due to the nature of the demand
curve.can
use marginal analysis to help it maximize profits.will
have to charge the market price which is set by the intersection of industry
supply and demand.could
use marginal analysis to compare alternatives–but this would not help in
pricing because this method focuses on selling one more unit and therefore
ignores total profitability.Question 9 Given
the following data, compute the break-even point (BEP) in DOLLARS.
Selling price = $2.00
Variable cost = $1.00
Fixed cost = $150,000$300,000$400,000$150,000$200,000Question 10 The
reason that MICRO-marketing costs too much in many firms is that:the
marketing concept has not been accepted and implemented.most
new products are not necessary to meet competition.marketing
is not really needed.advertising
is usually ineffective.

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