Question;Question 1;Mark;is trying to determine his firm's average cost per unit of production. He finds;that the cost for all labor and materials is $80,000 and fixed overhead;expenses are $40,000. If the company produces 20,000 items in the time period;the average cost is __________.;$12;$6;$2;$4;Question 2;A;low stockturn rate;is;extremely good for profits.;decreases;inventory carrying cost.;ties;up working capital.;is;typical of fresh fruits and vegetables.;Question 3;Which;of the following statements about ethical behavior in business is TRUE?;The;legal environment sets the highest standard of ethical behavior.;The;legal environment sets the maximum standard of ethical behavior.;The;legal environment sets the minimal standard of ethical behavior.;The;legal environment sets the normative standard of ethical behavior.;Question 4;If a;profit-oriented marketing manager does not know the exact shape of the firm's;demand curve, marginal analysis;is;useless.;will;suggest the same price as break-even analysis.;may;be useful anyway since a profitable region usually surrounds the best price.;suggests;that the only sensible approach is to use average-cost pricing.;Question 5;Michael;Soles--owner of Soles Shoe Store--recently discovered that shoe stores in his;trading area have an average markup of 40%. Upon investigation, Michael found;that his average markup is $15 on shoes that he sells for $45. This suggests;that;Michael;has higher-than-average costs.;Michael;is pricing his products higher than his competitors are.;Michael;is taking a smaller average markup than his competitors are.;Michael's;markups in dollar amounts are about the same as his competitors.;Question 6;As;consumers shift their support to firms that do meet their needs;firms;should increase promotional expenditure.;firms;should try to attract new customers.;firms;must immediately adopt their competitors' strategies.;laggard;businesses are forced to either improve or get out of the way.;Question 7;A;S.W.O.T. analysis;should;help a manager develop a strategy that leads to a competitive advantage.;seeks;to improve strategy planning by scanning for warnings, omens, and tips about;competitors' plans.;is;not necessary if competitors have already entered the market.;defends;against potential competitive threats by planning specific safeguards;weapons, or tactics.;Question 8;Marketers;estimating the demand curve;do;not have to worry about price competition due to the nature of the demand;curve.;can;use marginal analysis to help it maximize profits.;will;have to charge the market price which is set by the intersection of industry;supply and demand.;could;use marginal analysis to compare alternatives--but this would not help in;pricing because this method focuses on selling one more unit and therefore;ignores total profitability.;Question 9;Given;the following data, compute the break-even point (BEP) in DOLLARS.;Selling price = $2.00;Variable cost = $1.00;Fixed cost = $150,000;$300,000;$400,000;$150,000;$200,000;Question 10;The;reason that MICRO-marketing costs too much in many firms is that;the;marketing concept has not been accepted and implemented.;most;new products are not necessary to meet competition.;marketing;is not really needed.;advertising;is usually ineffective.
Paper#46595 | Written in 18-Jul-2015Price : $22