Practice Test
Chapter 5:
Product and Price Decisions: Sports
Practice Test
1.
A focus group is often used to evaluate new products.
a.
TRUE
b.
FALSE
2.
Fads have a short life cycle.
a.
TRUE
b.
FALSE
3.
A company may lower the price of a product to increase its market share.
a.
TRUE
b.
FALSE
4.
Publicity is not often used as part of the promotional mix because it is expensive.
a.
TRUE
b.
FALSE
5.
Coupons are an example of a sales promotion.
a.
TRUE
b.
FALSE
6.
In order to stand out in the marketplace, products must have a:
a.
focus group
b.
point of view
c.
point of difference
d.
vanishing point
7.
What is the third phase of the product life cycle?
a.
growth
b.
introduction
c.
maturity
d.
decline
8.
What is the value placed on goods or services being exchanged?
a.
target pricing
b.
price
c.
odd-even pricing
d.
markup
9.
This practice is illegal and involves competitors conspiring to set the same prices:
a.
predatory pricing
b.
price fixing
c.
price discrimination
d.
shadow pricing
10.
What is the difference between the retail or wholesale price and the cost of an item?
a.
markup
b.
cost-plus price
c.
target price
d.
breakeven price
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