18.Archofan Associates, a firm that specializes in the sale of historical artifacts, comes into possession of an antique royal crown. It confirms the authenticity of the crown and holds an auction to sell it. Several interested buyers participate in the auction and quote their prices. The price of the crown is raised each time a person bids until Emily, a bidder, offers an exorbitant price that no other bidder is able to match. Archofan then sells the crown to Emily. Which of the following types of auctions does this scenario illustrate? A minimum bid auction An English auction A sealed-bid auction A Dutch auction 19.Millennials are likely to be receptive to marketing efforts that: emphasize their role as grandparents. carry direct appeals where value is clear. address social and environmental issues. align with their perception of retirement as a new beginning. 20. Rotego Inc., an automobile manufacturer, releases two new models of cars. The first model is an expensive luxury car targeted at high-income groups, whereas the second model is an affordable car targeted at low-income groups. Through the introduction of these two models, Rotego intends to present itself as a company that caters to people across all income groups. In this scenario, which of the following types of market segmentation does Rotego employ? Occasion segmentation Demographic segmentation Behavioral segmentation Geographic segmentation 21. Celestia's is a newly opened bakery that is looking to reach more customers. Ria, a social media marketer by profession and a regular customer at the bakery, offers to help the bakery establish a strong online presence. She says that she will create a website for the bakery and use various social media platforms to promote the bakerys goods and services. In return, she is promised a free supply of baked goods for the next three months. Which of the following concepts does this scenario illustrate? Bartering Positioning Co-branding Divesting 22. Feisla Inc. is a manufacturer of high-end smartphones. It therefore caters only to the upper class and the upper middle class. However, the company soon realizes that it has enormous growth potential among middle-class consumers. To tap this potential market, it releases a new range of smartphones that are less expensive. This move proves to be successful and eventually helps the company gain a larger market share. Which of the following concepts does this scenario illustrate? Line modernization Pure bundling Dual branding Line stretching 23. The management of Aurosa Inc., a chain of retail stores that sells home appliances, observes that its expenditure on sales and promotions is skyrocketing and decides to implement a new pricing method to attract more customers. It sets a fixed low price for all the appliances offered in the store and completely withdraws all promotion activities. This builds confidence in customers who dislike the uncertainty that comes with price fluctuations. Which of the following pricing methods does this scenario illustrate? Going-rate pricing High-low pricing Everyday low pricing Auction-type pricing 24. An advantage of a firm pursuing multiple segment specialization is that: it diversifies the firms risk across segments. it increases the extent to which the firm can engage in mass customization. it helps the firm achieve the lowest cost in each segment. it creates the largest potential market for the firms products. 25. Viva Pisto, a restaurant, has received numerous complaints from customers about its slow service and unfriendly waiters. The management of the restaurant needs to address these complaints promptly and ensure that similar complaints do not arise in the future. Which of the following practices will help the restaurant restore customer goodwill? Accepting responsibility for customers dissatisfaction and disappointment Responding to customer complaints only if they are raised formally Monitoring social media only if there are more than five complaints Taking a defensive stance if the complaints are justified