If consumers can easily find close substitutes for a good or service, the product s demand tends to be inelastic.

The breakeven point is the point at which total revenue equals total cost.

The promotional mix requires a carefully designed blend of variables to satisfy the needs of a company’s customers and achieve organizational objectives.

The complete sequence of suppliers and activities that contribute to the creation and delivery of goods and services is known as the supply chain.

In value pricing, a firm seeks to maintain pricing parity with the competition.

Tiffany, Rolex, Gucci, and Prada represent exclusivity, meaning their prices are mostly inelastic.

Since it involves the use of a high price relative to prices of competing products or services, the skimming pricing strategy is sometimes referred to as _____ pricing.

Which of the following statements is true about the forecasting technique known as “trend analysis”?

Overall organizational objectives and more specific marketing objectives guide the development of pricing objectives, which in turn lead to the development and implementation of more specific pricing policies and procedures.

Match each item with the correct statement below. (2 pts ea) –