Small Business Management

Business

Quiz 13 :

Small Business Marketing: Price and Promotion

Quiz 13 :

Small Business Marketing: Price and Promotion

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Restaurants, personal computers, and airline travel all tend to have a demand that is ______.
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A

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Which of the following is one of the most flexible components of the marketing mix?
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Answer:

D

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The "right" price, as determined by the small business owner, is a range between what the market will bear and what the product ______.
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Answer:

B

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Total costs fall into two general categories: ______.
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Health care, food products, and a Ferrari tend to have a demand which is ______.
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While shopping at the supermarket, Selina was dismayed to find that the price of orange juice was now 50% more than what she was used to paying. As a result, Selina purchased grapefruit juice, which was closer to what she usually pays. Based on this example, orange juice is ______.
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The value of a product depends on the benefits received compared to the ______.
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The effect that price changes have on sales is known as ______.
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The number of competitors and their proximity influences what a small business owner can charge because the competition represents ______.
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The success of Walmart is directly related to its ______.
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Consumers typically do not want the cheapest product available, they want the ______.
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Establishing the ______ for goods and services at appropriate levels of production is a critical component of the marketing mix.
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Products for which customers are price sensitive are said to be ______.
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The number of units of a product people would be willing to purchase at differing price levels is known as ______.
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Small business owners can compete with large chains like Walmart and Amazon by focusing on ______.
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If the price of a product increases by 10 percent and sales volume falls by 1 percent, demand for the product is ______.
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Products for which customers are not sensitive to price changes are said to be ______.
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People purchase premium products despite the higher costs because ______.
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If the price of the product falls by five percent and the volume of sales increases by eight percent, the demand for the product is ______.
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______ represents what the consumer considers a product to be worth.
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