Question 1 A price is money or other items of value that are exchanged for the ownership or use of a product or service.

Question 2
Pricing has a direct effect on a firm’s profits. This is demonstrated in the profit equation, calculated for a unit price, which is the price for one item of a product or service:
Profit = Total − Total cost

Question 3
Price refers to customer sensitivity to price changes—and it strongly affects the demand for products.

Question 4
Price sets the highest price that customers who really want your product are willing to pay.

Question 5
Setting a low initial price on a new product to appeal immediately to the mass market is pricing.

Question 6
Businesses can also offer product pricing, which is the practice of setting categories of prices for multiple products in the same family—such as automobiles—with base packages up through sport and luxury packages.

Question 7
A sales is a group of employees dedicated to selling products and services for a business.

Question 8
Sales force evaluation refers to the companies make for their salespeople meeting their sales objectives and the effectiveness of various sales activities.

Question 9
Marketing channels are the ways that goods and services are made available for consumers to buy and use. Products flow from the producer to the customer through a series of intermediaries whose main purpose is to deliver products from the to the end users.

Question 10
functions refer to preparing and getting products to buyers.