Markets exams review-2 - MarketsExams 1 ,welearnedthatthe :...

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Markets Exams: 1. When we discussed price elasticity of demand in class, we learned that the  determinants of demand include: Both number of substitutes and share of your  budget 2. The hedonic pricing model: estimates the price of each attribute of a product a. Market Development vs b. vs Diversification c. Vs Market Penetration d. Vs Product Development  3. Imagine you have seen the same Diet Coke commercial over and over again on  TV. The next time you are shopping for a diet coke, you see Diet Coke on the  store shelf and feel good about the brand. From the perspective of classical  conditioning, Diet Coke is an: Conditioned Stimulus 4. A societies deeply held beliefs about right and wrong ways to live are called:  cultural values 5. This is necessary for classical conditioning to work: Repetition  6. What is an advantage of outsourcing: Cheaper labor 7. A company could make the decision to begin outsourcing due to: A change in  technology in the industry 8. In the means-end chain, enduring beliefs about desirable outcomes that transcend  specific situations and help shape behaviors are: Values 9. If a company decides NOT to outsource, the company could be making this  decision in order to…: Protect proprietary information, have more control over  product supply, and extend market power 10. Sticking with an existing product while entering a new market is called: market  development 11. The Adidas, Nike, and Reebok story taught us about competition in what type of  market? Oligopoly  12. In the means-end chain, social benefits: are how others view you 13. A diet coke commercial was shown in class when we discussed Classical  Conditioning. When thinking about classical conditioning, Diet Coke starts out as  the: Neutral Stimulus  14. When a company uses outsourcing to have a product manufactured, the company  is taking advantage of: The core competency of the manufacturer, the access to  world class manufacturing capabilities, and economies of scale 15. You have a friend who is very concerned about his social recognition. Which  component of the Means-End Chain does this describe? Instrumental Value 16. As we saw on the Persuaders video shown in class, companies are trying to break 
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