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Busn 201 - Chap 17
Pricing & Distribution of Goods & Services
| Question | Answer |
|---|---|
| The formula for markup percentage is? | Markup/Sales price. |
| Which of the following is most likely to generate profits to cover the expenses of developing new products? | Price skimming. |
| ________ are goals that producers hope to attain in pricing products. | Pricing objectives. |
| Which of the following is a function of an intermediary? | Participate in the distribution of the product. |
| ________ are maintained by a manufacturer as a contact point with its customers. | Sales offices. |
| A(n) ________ sells the products to a(n) ________ to sell them to a customer. | Wholesaler; retailer. |
| Laura's company has purchased bulk space from a trucking company. Once they have sold that space to their customers, Laura's company will pick up the merchandise, deliver it to the bulk shipper and then bill their clients for the shipments...? | Freight forwarder. |
| What is the advantage of using trucks as a method of transporting goods? | Flexibility, dependable, and fast service to most parts of Canada |
| The warehouse operation that tracks what is on hand and ensures that an adequate supply is in stock at all times is: | Inventory control. |
| What is "materials handling"? | Transportation, arrangement, and orderly retrieval of goods in inventory. |
| What is the market share? | A companies % of the total market sales for a specific product. |
| How do you calculate a market percentage? | Market percentage = Markup/Sales Price |
| How do you calculate a break even point in units? | Break even pt = Total fixed cost/ (Price-variable cost) |
| What is price skimming? | Pricing a product as high as possible to earn max profit on each unit sold. |
| What is penetration pricing? | Pricing a new product very low to sell the most units possible and build customer loyalty. |
| What is a distribution mix? | The combination of distribution channels a firm selects to get the product to end users. |
| What is an intermediary? | An individual or firm other then the producer who distributes the product. |
| What is a wholesaler? | Intermediaries that sell products ot other business in which can resell them to other end users. |
| What is a distribution channel? | The path a product follows from the producers to the end user. |
| What are the two basic pricing tools that managers use when pricing? | Cost orientated pricing and break even analysis. |
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armigrrl
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