ACTIVITY 3. IDENTIFICATION

__________11. These are costs that change directly with changes in quantity or volume of production.

__________12. It refers to the degree of responsiveness of demand to price changes.

__________13. It is simply cost plus markup.

__________14. Also called design to price, it uses price as a crucial product-positioning factor that defines market, competition and design.

__________15. It is a structure of having only a few sellers of a product or providers of a service.

__________16. It is a market structure wherein there is only one dominant buyer of a product.

__________17. It is the amount of money spent in producing a certain good or offering a certain service.

__________18. Under the market structure, the market consists of many sellers and many buyers who trade in a uniform commodity such as rice, salt and sugar.

__________19. These refer to factors which prevent investors from entering into and competing within an industry.

__________20. It is another term for fixed costs.

ACTIVITY 4. ESSAY

1.Enumerate and explain briefly. Five (5) marketing management philosophies. (5points each)

2.How would you define marketing in the travel, tourism, hospitality, and service industries? (15 points)