Other questions in this quiz

2. There are many areas of external influences that affect pricing decisions. Which of the following is NOT one of these areas of external influences?

  • a) Legal and regulatory factors
  • b) Competitors
  • d) Organisational objectives
  • c) Demand and price elasticity

3. In Porter’s Five Forces competitive model, which of the following relates directly to the power of the consumer?

  • a) Power of suppliers
  • b) Power of distributers
  • c) Ability to substitute
  • d) Threat of competitor market entry

4. Price elasticity of demand is represented by ________ divided by ________.

  • a) Percentage change in units supplied; percentage change in price
  • b) Fixed costs; variable costs
  • d) Percentage change in quantity demanded; percentage change in price
  • c) Percentage change in price; percentage change in quantity demanded

5. Which of the following is true of strategic planning in a firm?

  • a) Strategic planning involves the formulation of supporting objectives for business units based on the company's mission statement
  • c) Strategic planning deals with maintaining the company's current business ventures
  • d) Strategic planning deals with adapting the firm to take advantage of opportunities in its changing environment
  • b) Strategic planning occurs at the business-unit, product, and market levels rather than a company-wide level

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