14 Aug Part 1 of 2 -50.0/ 50.0 PointsQuestion 1 of 40 2.5/ 2.5 PointsRegular maintenanc

Part 1 of 2 -50.0/ 50.0 PointsQuestion 1 of 40 2.5/ 2.5 PointsRegular maintenance and repair costs are known as:A. service contract costs. B. out-of-pocket costs. C. fixed costs. D. facilitating services costs.Question 2 of 40 2.5/ 2.5 PointsServices high in __________ have characteristics that the buyers can evaluate before purchase.A. search qualities B. experience qualities C. credence qualities D. privacy qualitiesQuestion 3 of 40 2.5/ 2.5 PointsThe zone of __________ is a range where a service dimension is deemed satisfactory, anchored by the minimum level consumers are willing to accept and the level they believe can and should be delivered.A. immunity B. tolerance C. reliability D. assuranceQuestion 4 of 40 2.5/ 2.5 PointsA group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is known as a:A. product type. B. product class. C. need family. D. product line.Question 5 of 40 2.5/ 2.5 PointsWhich of the following is a benefit of product mapping?A. Studying market matrices B. Integrating target markets C. Identifying market segments D. Educating consumersQuestion 6 of 40 2.5/ 2.5 PointsServices high in __________ are those services that have characteristics the buyer normally finds hard to evaluate even after consumption.A. trial qualities B. search qualities C. experience qualities D. credence qualitiesQuestion 7 of 40 2.5/ 2.5 PointsIndustrial goods can be classified as __________, capital items, or suppliers and business services based on their relative cost and how they enter the production process.A. service components B. sub-assemblies C. accessories D. materials and partsQuestion 8 of 40 2.5/ 2.5 PointsJosh gets his bike serviced at Dean’s Garage even though there’s another garage much closer to home. He prefers Dean’s because the work is usually done quickly and the staff tries to solve the issues with the bike as soon as possible. Dean’s Garage excels at which of the following five determinants of service quality?A. Reliability B. Responsiveness C. Assurance D. EmpathyQuestion 9 of 40 2.5/ 2.5 PointsA customer judges a product offering by three basic elements: product features and quality, services mix and quality, and:A. performance. B. utility. C. tangibility. D. price.Question 10 of 40 2.5/ 2.5 PointsThe __________ rates the various elements of the service bundle and identifies required actions.A. company performance analysis B. voice of customer measurement C. customer factor measurement D. importance-performance analysisQuestion 11 of 40 2.5/ 2.5 PointsWhat types of goods are purchased frequently, immediately, and with minimum effort by the consumers?A. Specialty goods B. Shopping goods C. Convenience goods D. Durable goodsQuestion 12 of 40 2.5/ 2.5 PointsExpensive equipment manufacturers not only install the equipment but also train the staff and undertake the maintenance and repair activities of the equipment. By doing so, they are providing:A. payment equity. B. value-augmenting services. C. differential pricing. D. facilitating services.Question 13 of 40 2.5/ 2.5 PointsA(n. __________ is defined as a distinct unit within a brand or product line distinguishable by size, price, appearance, or some other attribute.A. stockkeeping unit B. inventory turn C. individual brand D. product typeQuestion 14 of 40 2.5/ 2.5 PointsCocktail lounges in restaurants are examples of:A. differential pricing. B. cultivating nonpeak demand. C. complementary services. D. reservation systems.Question 15 of 40 2.5/ 2.5 PointsThe way the user performs the tasks of getting and using products and related services is the user’s total:A. consumption system. B. consumable system. C. consistent use system. D. augmented system.Question 16 of 40 2.5/ 2.5 PointsA computer falls into the __________ category of service mix.A. pure tangible good B. tangible good with accompanying services C. hybrid D. major service with accompanying minor goodsQuestion 17 of 40 2.5/ 2.5 PointsUnlike physical products, services cannot be seen, tasted, felt, heard, or smelled before they are bought. This is known as the __________ aspect of services.A. inseparability B. intangibility C. variability D. perishabilityQuestion 18 of 40 2.5/ 2.5 PointsCustomers today want separate prices for each service element and they also want the right to select the elements they want. The customers are said to be pressing for:A. complementary services. B. perishable services. C. variable services. D. unbundled services.Question 19 of 40 2.5/ 2.5 Points__________ is the level at which the product’s primary characteristics operate.A. Design B. Conformance quality C. Reparability D. Performance qualityQuestion 20 of 40 2.5/ 2.5 PointsMarketers have traditionally classified products on the basis of three characteristics: __________, tangibility, and use.A. availability B. affordability C. aesthetics D. durabilityPart 2 of 2 – 50.0/ 50.0 PointsQuestion 21 of 40 2.5/ 2.5 PointsEveryday low pricing is most suitable if:A. consumers are willing to perform activities such as clip coupons to avail of discounts. B. consumers tend to associate price with quality. C. customers are insensitive to changes in price. D. the cost of conducting frequent sales and promotions is high.Question 22 of 40 2.5/ 2.5 PointsWhich of the following is true regarding price elasticity?A. The higher the elasticity, the lesser is the volume growth resulting from a 1 percent price reduction. B. Within the price indifference band, price changes have little or no effect on demand. C. If demand is elastic, sellers will consider increasing the price. D. Price elasticity does not depend on magnitude and direction of the contemplated price change.Question 23 of 40 2.5/ 2.5 PointsIn __________, the firm bases its price largely on competitors prices.A. going-rate pricing B. auction-type pricing C. markup pricing D. target-return pricingQuestion 24 of 40 2.5/ 2.5 PointsIn which of the following auctions does the auctioneer first announce a high price for a product and then slowly decrease the price until a bidder accepts?A. A Dutch auction with one buyer and many sellers B. An English auction with one seller and many buyers C. An ascending bid auction D. A Dutch auction with one seller and many buyersQuestion 25 of 40 2.5/ 2.5 PointsA retailer who holds on to a(n. __________ policy charges a constant low price with little or no price promotions and special sales.A. everyday low pricing B. high-low pricing C. low cost D. going-rate pricingQuestion 26 of 40 2.5/ 2.5 Points__________ consist of the sum of the fixed and variable costs for any given level of production.A. Total costs B. Average costs C. Opportunity costs D. Learning costsQuestion 27 of 40 2.5/ 2.5 PointsIn a(n. __________, the buyer announces something he or she wants to buy, and potential sellers compete to offer the lowest price.A. Dutch auction with one buyer and many sellers B. English auction with one buyer and many sellers C. English auction with one seller and many buyers D. sealed-bid auctionQuestion 28 of 40 2.5/ 2.5 PointsWhen consumers examine products, they often compare an observed price to an internal price they remember. This is known as a(n. __________ price.A. markup B. reference C. market-skimming D. accumulatedQuestion 29 of 40 2.5/ 2.5 PointsIf demand changes considerably with a small change in price, the demand is said to be:A. unit elastic. B. elastic. C. inelastic. D. marginal.Question 30 of 40 2.5/ 2.5 PointsCompanies that believe that a higher sales volume leads to lower unit costs and higher long-run profits are attempting to:A. maximize their market share. B. skim the market. C. become a product-quality leader. D. merely survive in the market.Question 31 of 40 2.5/ 2.5 PointsThe first step in estimating demand is to:A. analyze competitors’ cost. B. select a pricing method. C. understand what affects price sensitivity. D. calculate fixed costs.Question 32 of 40 2.5/ 2.5 Points__________ is the cost per unit at that level of production.A. Target cost B. Average cost C. Marginal cost D. Opportunity costQuestion 33 of 40 2.5/ 2.5 Points__________ price refers to what the consumers feel the product should cost.A. Fair B. Typical C. Usual discounted D. ListQuestion 34 of 40 2.5/ 2.5 PointsThe key to perceived-value pricing is to:A. reengineer the company’s operations. B. deliver more unique value than competitors. C. adopt subtle marketing tactics compared to competitors. D. deliver more value but at a lower cost.Question 35 of 40 2.5/ 2.5 PointsWhich of the following is the first step in setting a pricing policy?A. Selecting a pricing method B. Selecting the pricing objective C. Determining demand D. Estimating costQuestion 36 of 40 2.5/ 2.5 PointsThe decline in the average cost of production with accumulated production experience is called the:A. demand curve. B. supply chain. C. learning curve. D. value chain.Question 37 of 40 2.5/ 2.5 PointsCosts that differ directly with the level of production are known as:A. fixed costs. B. overhead costs. C. opportunity costs. D. variable costs.Question 38 of 40 2.5/ 2.5 PointsA company must make payments each month for rent, heat, interest, and salaries. These are:A. total costs. B. fixed costs. C. variable costs. D. opportunity costs.Question 39 of 40 2.5/ 2.5 PointsWhich of the following is the most elementary pricing method?A. Value pricing B. Going-rate pricing C. Markup pricing D. Target-return pricingQuestion 40 of 40 2.5/ 2.5 PointsWhen a company introduces a product at a very high price and then gradually drops the price over time, it is pursuing a __________ strategy.A. market-penetration pricing B. market-skimming pricing C. value-pricing D. switching costPart 1 of 2 -50.0/ 50.0 PointsQuestion 1 of 40 2.5/ 2.5 PointsRegular maintenance and repair costs are known as:A. service contract costs. B. out-of-pocket costs. C. fixed costs. D. facilitating services costs.Question 2 of 40 2.5/ 2.5 PointsServices high in __________ have characteristics that the buyers can evaluate before purchase.A. search qualities B. experience qualities C. credence qualities D. privacy qualitiesQuestion 3 of 40 2.5/ 2.5 PointsThe zone of __________ is a range where a service dimension is deemed satisfactory, anchored by the minimum level consumers are willing to accept and the level they believe can and should be delivered.A. immunity B. tolerance C. reliability D. assuranceQuestion 4 of 40 2.5/ 2.5 PointsA group of products within a product class that are closely related because they perform a similar function, are sold to the same customer groups, are marketed through the same outlets or channels, or fall within given price ranges is known as a:A. product type. B. product class. C. need family. D. product line.Question 5 of 40 2.5/ 2.5 PointsWhich of the following is a benefit of product mapping?A. Studying market matrices B. Integrating target markets C. Identifying market segments D. Educating consumersQuestion 6 of 40 2.5/ 2.5 PointsServices high in __________ are those services that have characteristics the buyer normally finds hard to evaluate even after consumption.A. trial qualities B. search qualities C. experience qualities D. credence qualitiesQuestion 7 of 40 2.5/ 2.5 PointsIndustrial goods can be classified as __________, capital items, or suppliers and business services based on their relative cost and how they enter the production process.A. service components B. sub-assemblies C. accessories D. materials and partsQuestion 8 of 40 2.5/ 2.5 PointsJosh gets his bike serviced at Dean’s Garage even though there’s another garage much closer to home. He prefers Dean’s because the work is usually done quickly and the staff tries to solve the issues with the bike as soon as possible. Dean’s Garage excels at which of the following five determinants of service quality?A. Reliability B. Responsiveness C. Assurance D. EmpathyQuestion 9 of 40 2.5/ 2.5 PointsA customer judges a product offering by three basic elements: product features and quality, services mix and quality, and:A. performance. B. utility. C. tangibility. D. price.Question 10 of 40 2.5/ 2.5 PointsThe __________ rates the various elements of the service bundle and identifies required actions.A. company performance analysis B. voice of customer measurement C. customer factor measurement D. importance-performance analysisQuestion 11 of 40 2.5/ 2.5 PointsWhat types of goods are purchased frequently, immediately, and with minimum effort by the consumers?A. Specialty goods B. Shopping goods C. Convenience goods D. Durable goodsQuestion 12 of 40 2.5/ 2.5 PointsExpensive equipment manufacturers not only install the equipment but also train the staff and undertake the maintenance and repair activities of the equipment. By doing so, they are providing:A. payment equity. B. value-augmenting services. C. differential pricing. D. facilitating services.Question 13 of 40 2.5/ 2.5 PointsA(n. __________ is defined as a distinct unit within a brand or product line distinguishable by size, price, appearance, or some other attribute.A. stockkeeping unit B. inventory turn C. individual brand D. product typeQuestion 14 of 40 2.5/ 2.5 PointsCocktail lounges in restaurants are examples of:A. differential pricing. B. cultivating nonpeak demand. C. complementary services. D. reservation systems.Question 15 of 40 2.5/ 2.5 PointsThe way the user performs the tasks of getting and using products and related services is the user’s total:A. consumption system. B. consumable system. C. consistent use system. D. augmented system.Question 16 of 40 2.5/ 2.5 PointsA computer falls into the __________ category of service mix.A. pure tangible good B. tangible good with accompanying services C. hybrid D. major service with accompanying minor goodsQuestion 17 of 40 2.5/ 2.5 PointsUnlike physical products, services cannot be seen, tasted, felt, heard, or smelled before they are bought. This is known as the __________ aspect of services.A. inseparability B. intangibility C. variability D. perishabilityQuestion 18 of 40 2.5/ 2.5 PointsCustomers today want separate prices for each service element and they also want the right to select the elements they want. The customers are said to be pressing for:A. complementary services. B. perishable services. C. variable services. D. unbundled services.Question 19 of 40 2.5/ 2.5 Points__________ is the level at which the product’s primary characteristics operate.A. Design B. Conformance quality C. Reparability D. Performance qualityQuestion 20 of 40 2.5/ 2.5 PointsMarketers have traditionally classified products on the basis of three characteristics: __________, tangibility, and use.A. availability B. affordability C. aesthetics D. durabilityPart 2 of 2 – 50.0/ 50.0 PointsQuestion 21 of 40 2.5/ 2.5 PointsEveryday low pricing is most suitable if:A. consumers are willing to perform activities such as clip coupons to avail of discounts. B. consumers tend to associate price with quality. C. customers are insensitive to changes in price. D. the cost of conducting frequent sales and promotions is high.Question 22 of 40 2.5/ 2.5 PointsWhich of the following is true regarding price elasticity?A. The higher the elasticity, the lesser is the volume growth resulting from a 1 percent price reduction. B. Within the price indifference band, price changes have little or no effect on demand. C. If demand is elastic, sellers will consider increasing the price. D. Price elasticity does not depend on magnitude and direction of the contemplated price change.Question 23 of 40 2.5/ 2.5 PointsIn __________, the firm bases its price largely on competitors prices.A. going-rate pricing B. auction-type pricing C. markup pricing D. target-return pricingQuestion 24 of 40 2.5/ 2.5 PointsIn which of the following auctions does the auctioneer first announce a high price for a product and then slowly decrease the price until a bidder accepts?A. A Dutch auction with one buyer and many sellers B. An English auction with one seller and many buyers C. An ascending bid auction D. A Dutch auction with one seller and many buyersQuestion 25 of 40 2.5/ 2.5 PointsA retailer who holds on to a(n. __________ policy charges a constant low price with little or no price promotions and special sales.A. everyday low pricing B. high-low pricing C. low cost D. going-rate pricingQuestion 26 of 40 2.5/ 2.5 Points__________ consist of the sum of the fixed and variable costs for any given level of production.A. Total costs B. Average costs C. Opportunity costs D. Learning costsQuestion 27 of 40 2.5/ 2.5 PointsIn a(n. __________, the buyer announces something he or she wants to buy, and potential sellers compete to offer the lowest price.A. Dutch auction with one buyer and many sellers B. English auction with one buyer and many sellers C. English auction with one seller and many buyers D. sealed-bid auctionQuestion 28 of 40 2.5/ 2.5 PointsWhen consumers examine products, they often compare an observed price to an internal price they remember. This is known as a(n. __________ price.A. markup B. reference C. market-skimming D. accumulatedQuestion 29 of 40 2.5/ 2.5 PointsIf demand changes considerably with a small change in price, the demand is said to be:A. unit elastic. B. elastic. C. inelastic. D. marginal.Question 30 of 40 2.5/ 2.5 PointsCompanies that believe that a higher sales volume leads to lower unit costs and higher long-run profits are attempting to:A. maximize their market share. B. skim the market. C. become a product-quality leader. D. merely survive in the market.Question 31 of 40 2.5/ 2.5 PointsThe first step in estimating demand is to:A. analyze competitors’ cost. B. select a pricing method. C. understand what affects price sensitivity. D. calculate fixed costs.Question 32 of 40 2.5/ 2.5 Points__________ is the cost per unit at that level of production.A. Target cost B. Average cost C. Marginal cost D. Opportunity costQuestion 33 of 40 2.5/ 2.5 Points__________ price refers to what the consumers feel the product should cost.A. Fair B. Typical C. Usual discounted D. ListQuestion 34 of 40 2.5/ 2.5 PointsThe key to perceived-value pricing is to:A. reengineer the company’s operations. B. deliver more unique value than competitors. C. adopt subtle marketing tactics compared to competitors. D. deliver more value but at a lower cost.Question 35 of 40 2.5/ 2.5 PointsWhich of the following is the first step in setting a pricing policy?A. Selecting a pricing method B. Selecting the pricing objective C. Determining demand D. Estimating costQuestion 36 of 40 2.5/ 2.5 PointsThe decline in the average cost of production with accumulated production experience is called the:A. demand curve. B. supply chain. C. learning curve. D. value chain.Question 37 of 40 2.5/ 2.5 PointsCosts that differ directly with the level of production are known as:A. fixed costs. B. overhead costs. C. opportunity costs. D. variable costs.Question 38 of 40 2.5/ 2.5 PointsA company must make payments each month for rent, heat, interest, and salaries. These are:A. total costs. B. fixed costs. C. variable costs. D. opportunity costs.Question 39 of 40 2.5/ 2.5 PointsWhich of the following is the most elementary pricing method?A. Value pricing B. Going-rate pricing C. Markup pricing D. Target-return pricingQuestion 40 of 40 2.5/ 2.5 PointsWhen a company introduces a product at a very high price and then gradually drops the price over time, it is pursuing a __________ strategy.A. market-penetration pricing B. market-skimming pricing C. value-pricing D. switching cost

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