Pat shopped at Target for new summer shorts. After trying on three different brands and price comparing, he decided to buy the Dockers shorts.

1.Pat shopped at Target for new summer shorts. After trying on three different brands and price comparing, he decided to buy the Dockers shorts. While heading to the checkout stand, he spotted earphones hanging on the endcap of the electronics area. Remembering he needed new earbuds for his iPod, he grabbed a set and paid for it all at the checkout counter. What types of product categories did Pat experience in this shopping trip?
a. convenience and speciality
b. unsought and shopping
c. shopping and convenience
2.A company introduces a new technology product to the market. It sets the product’s price at the highest price it thinks customers will pay. Which type of pricing strategy is the company using?
a. penetration pricing
b. break-even pricing
c. skim pricing
3.A measure of sensitivity or responsiveness to price is the definition of ________?
a. competitor impact pricing
c. elasticity
4.For a company to increase the value of its products or services it either has to reduce the perceived costs or___________?
a. decrease the perceived benefits
b. increase the perceived benefits
c. increase the perceived costs
5.What are the components of the Price-Value Equation?
a. Value = Perceived Benefits + Perceived Costs
b. Perceived Costs = Perceived Benefits – Value
c. Value = Perceived Benefits – Perceived Costs
6.Which pricing strategy assumes customers will switch to a new product because of the lower pricing and has the purpose of increasing its market share by taking advantage of economies of scale?
7.A warehouse or storage facility where the emphasis is on processing and moving goods to wholesalers, retailers, and/or consumers is called a ____________.
a. just-in-time center
b. distribution center
c. electronic data interchange center
8.Greg is studying to be a marketer specifically for retail stores. He has studied marketing’s four Ps and was surprised to discover that in retail there are two additional Ps used to deliver the best retail experience to consumers. Which of the following are those two additional marketing P’s?
a. production and proposals
b. pacing and poise
c. presentation and personnel
9.In general, the companies and organizations that support a distribution channel are collectively called ___________.
a. channel partners
b. direct channels
c. broker channels
10.What is a supply chain?
a. It is a system of activities, people, information, organizations, and resources participating in moving a service or product from supplier to customer.
b. It is a marketing channel where different channel partners are evaluated in regards to the value offered to the customer.
c. It is a system of activities, people, organizations, and resources which provide feedback to companies for product enhancements and new product ideas.