14 Aug (MKGT 101 00H Summer 2015 IncludED) Assignment: Chapter 11 Quiz 1. Award: 1 ou

(MKGT 101 00H Summer 2015 IncludED)
Assignment:
Chapter 11 Quiz

1.
Award: 1 out of 1.00
point

Jane Westerlund owns a picture-framing shop, The Caplow Co. Her
price must cover her costs for a typical framed picture, which consists of $8
for glass, $2 for matting, $15 for the frame, and $35 for the labor involved.
She must also cover monthly expenses of $1,000 for rent and insurance, $200 for
heat and electricity, $300 for advertising, and $3,500 for her salary. The
Caplow Co. wants a target profit of $55,000 based on a volume of 1,000 picture
frames sold so it can expand the number of stores. What price should Jane
Westerlund charge for a picture frame?
$120
$55
$12
$30
$150
2.
Award: 1 out of 1.00
point

Gem Cakes sells designer cupcakes for $4 each. Each cupcake
costs $1 for the ingredients and wrapper. Monthly expenses for the shop include
the following: rent is $1,000; utilities are $200; an advertisement in the
local paper is $200; and wages are $4,000 per month. How much monthly profit
would be expected if the business sells 6,000 cupcakes each month?
$12,600
$24,000
$6,000
$5,400
$11,400
3.
Award: 1 out of 1.00
point

Newsweekran a pricing
experiment that involved setting different newsstand prices for its magazine in
different cities and recording the number of units sold. After adjusting for
factors like the population of the different cities,Newsweekcould plot these prices and units sold in a graph called a(n)
demand
curve.
supply
curve.
sales
response curve.
unit
volume curve.
consumer
tastes curve.

4.
Award: 1 out of 1.00
point

North Safety Products manufactures butyl gloves that offer
permeation resistance to gas or water vapors for workers that use dangerous
chemicals like ketones. The company has fixed costs of $10 million for its
butyl glove production and unit variable costs of $5 per pair. If the company
charges $15 per pair, how many pairs of gloves must it sell to break even?
666,667
pairs
1,000,000
pairs
500,000
pairs
200,000
pairs
2,000,000
pairs
5.
Award: 1 out of 1.00
point

If you buy one pair of UVex Clear UVExtreme safety eyewear in
the winter, the cost is $7.40. But if you buy 10 pairs in a single purchase,
the price per pair is reduced to $6.85, a total savings of $5.50. This is an
example of a
quantity
discount.
seasonal
discount.
promotional
allowance.
functional
discount.
cash
discount.

6.
Award: 1 out of 1.00
point

From a marketing viewpoint, price is __________ exchanged for
the ownership or use of a product or service.
the
money or other tangible goods
the
money (coin or currency)
anything
of value to the buyer but not necessarily of value to the seller
what
is recognized as barter within a particular culture
the money
or other considerations (including other products and services)

7.
Award: 1 out of 1.00
point

Which of the following statements about profit objectives is
most accurate?
An
organization’s chief marketing officer (CMO) usually establishes a target
return on expense objective.
Market
share and unit volume are two types of profit objectives.
Firms
that are interested in strategic planning always establish a maximizing current
profit objective.
Profit
objectives are often measured in terms of return on investment.
Managers
in the United States have long been praised for their insistence on managing
for long-run profits.

8.
Award: 1 out of 1.00
point

Guitar Center recently instituted “no haggle” selling
prices, much to the dismay of some musicians who enjoyed bargaining and getting
a better deal than a novice. But now, no matter which Guitar Center store a
customer visits, that person will be quoted the same price for the same guitar.
This is an example of a __________ policy.
flat-rate
standard-price
flexible-price
customary
pricing
one-price

9.
Award: 1 out of 1.00
point

The Precision Writing Instruments Company makes a high-end pen
known as the Cordova. Materials cost per pen is $6. Labor cost per pen is $5.
Production overhead is $1,000,000. Advertising and promotion is $1,000,000.
What are the total costs for sales of 500,000 units of the Cordova design?
$7,500,000
$3,650,000
$2,000,000
$5,500,000
$1,000,000

10.
Award: 1 out of 1.00
point

Low-cost provider Allegiant Air began operations to fly into
Long Beach in 2010, and into Bakersfield in 2011. It has since abandoned both
efforts because rival carriers responded to its plans with very aggressive
price cuts that drove it out of these two markets. The other carriers could be
accused of using __________ pricing.
predatory
discriminatory
competitive
skimming
deceptive
(MKGT 101 00H Summer 2015 IncludED)Assignment: Chapter 11 Quiz1.Award: 1 out of 1.00
point Jane Westerlund owns a picture-framing shop, The Caplow Co. Her
price must cover her costs for a typical framed picture, which consists of $8
for glass, $2 for matting, $15 for the frame, and $35 for the labor involved.
She must also cover monthly expenses of $1,000 for rent and insurance, $200 for
heat and electricity, $300 for advertising, and $3,500 for her salary. The
Caplow Co. wants a target profit of $55,000 based on a volume of 1,000 picture
frames sold so it can expand the number of stores. What price should Jane
Westerlund charge for a picture frame?$120$55$12$30$1502.Award: 1 out of 1.00
point Gem Cakes sells designer cupcakes for $4 each. Each cupcake
costs $1 for the ingredients and wrapper. Monthly expenses for the shop include
the following: rent is $1,000; utilities are $200; an advertisement in the
local paper is $200; and wages are $4,000 per month. How much monthly profit
would be expected if the business sells 6,000 cupcakes each month?$12,600$24,000$6,000$5,400$11,4003.Award: 1 out of 1.00
point Newsweekran a pricing
experiment that involved setting different newsstand prices for its magazine in
different cities and recording the number of units sold. After adjusting for
factors like the population of the different cities,Newsweekcould plot these prices and units sold in a graph called a(n)demand
curve.supply
curve.sales
response curve.unit
volume curve.consumer
tastes curve.4.Award: 1 out of 1.00
point North Safety Products manufactures butyl gloves that offer
permeation resistance to gas or water vapors for workers that use dangerous
chemicals like ketones. The company has fixed costs of $10 million for its
butyl glove production and unit variable costs of $5 per pair. If the company
charges $15 per pair, how many pairs of gloves must it sell to break even?666,667
pairs1,000,000
pairs500,000
pairs200,000
pairs2,000,000
pairs5.Award: 1 out of 1.00
point If you buy one pair of UVex Clear UVExtreme safety eyewear in
the winter, the cost is $7.40. But if you buy 10 pairs in a single purchase,
the price per pair is reduced to $6.85, a total savings of $5.50. This is an
example of aquantity
discount.seasonal
discount.promotional
allowance.functional
discount.cash
discount.6.Award: 1 out of 1.00
point From a marketing viewpoint, price is __________ exchanged for
the ownership or use of a product or service.the
money or other tangible goodsthe
money (coin or currency)anything
of value to the buyer but not necessarily of value to the sellerwhat
is recognized as barter within a particular culturethe money
or other considerations (including other products and services)7.Award: 1 out of 1.00
point Which of the following statements about profit objectives is
most accurate?An
organization’s chief marketing officer (CMO) usually establishes a target
return on expense objective.Market
share and unit volume are two types of profit objectives.Firms
that are interested in strategic planning always establish a maximizing current
profit objective.Profit
objectives are often measured in terms of return on investment.Managers
in the United States have long been praised for their insistence on managing
for long-run profits.8.Award: 1 out of 1.00
point Guitar Center recently instituted “no haggle” selling
prices, much to the dismay of some musicians who enjoyed bargaining and getting
a better deal than a novice. But now, no matter which Guitar Center store a
customer visits, that person will be quoted the same price for the same guitar.
This is an example of a __________ policy.flat-ratestandard-priceflexible-pricecustomary
pricingone-price9.Award: 1 out of 1.00
point The Precision Writing Instruments Company makes a high-end pen
known as the Cordova. Materials cost per pen is $6. Labor cost per pen is $5.
Production overhead is $1,000,000. Advertising and promotion is $1,000,000.
What are the total costs for sales of 500,000 units of the Cordova design?$7,500,000$3,650,000$2,000,000$5,500,000$1,000,00010.Award: 1 out of 1.00
point Low-cost provider Allegiant Air began operations to fly into
Long Beach in 2010, and into Bakersfield in 2011. It has since abandoned both
efforts because rival carriers responded to its plans with very aggressive
price cuts that drove it out of these two markets. The other carriers could be
accused of using __________ pricing.predatorydiscriminatorycompetitiveskimmingdeceptive

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