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S &EM Final Exam Review Flashcards | StudBud

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Scarcity is simply where there is a lack of resources

What is the "bait and switch" pricing policy?

S &EM Final Exam Review

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Questions 9

Answers

1
What is the "bait and switch" pricing policy?
Advertised product "out of stock" in hopes customer buys higher priced item
One individual or group is purposely charged a higher price
When businesses conspire to charge high prices
When a business marks up an item to cover the expenses
2
Scarcity is simply where there is a lack of resources
False
True
3
Examples of specialty products include boats, sports cars, and custom-fit equipment
False
True
4
Shopping products don't usually require research before making the decision
False
True
5
How can we define market segmentation?
None of the above
Spaghetti
Portion of the population that make up the target market
It's when you market a product w/o considering the audience
6
What is mass marketing?
Mass marketing isn't really a thing
Marketing a product w/ a specific group of people in mind
None of the above
Generally marketing a product w/o considering specific segments of people
7
Choose the correct response that accurately relates supply and demand
When the demand rises, supply falls
When demand goes up, supply goes up
All of the above
When supply does up, demand goes up
8
What are the 5 steps (in order) to make a purchasing decision?
None of the above
Recognize, Search, Evaluate, Decide, Reflect
Recognize, Eval, Decide, Search , Reflect
Search, Decide, Recognize, Evaluate, Reflect
9
A convenience product is something we don't need to search about and need in everyday life
False
True