MKT Final Prep 1st Assessment

Price is the only element in the marketing mix that produces (a)   .

Answer explanation

Other marketing mix such as products require money to make, promotions require money to advertise, places require money to deliver products to your customers.

The (a)   volume is the point at which the total revenue and total costs lines intersect.

Answer explanation

Basically, it's a point where there is no profit and no loss but it also the point beyond which profits will be made.

(a)   costs remain as the number of units produced increases.

Rent, Interest, and executive salaries are examples of ____ ______.


(a)  

Answer explanation

They do not change regardless of how much products you are making a day.

Costs that vary directly with the level of production are referred to as (a)   .

Give an example of variable cost. (short answer)

(a)   are the sum of the fixed and variable costs for any given level of production.

Answer explanation

Pretty self-explanatory

Lawyers, accountants, and other professionals typically price by adding a standard markup for profit. This is known as (a)   pricing.

Answer explanation

Markup is basically when you buy a plant from a wholesaler for 5 dollars but you want to make a profit so you add some more dollars onto it when you sell to a customer.

Most producers today sell their goods directly to (a)   .

Answer explanation

What are some examples of intermediaries? Remember that they are the "middle-man".

Intermediaries play an important role in matching supply and demand.

• True

• False