I. True or False Question: Write T if the statement is True and write F if the statement is False. (1 point each, total of 25 points) 1. New product forms and brands enter in the growth stage of the product life cycle. 2. Elastic demand means there is a substantial change in quantity demanded when the price change. 3. A product should not be considered from the point of view of the customer. 4. Marketers should keep company's mission and marketing objectives in mind while making pricing decisions. 5. Attractive opportunities are those that the firm has some chance of doing something about given its resources and objectives. F 6. Selective distribution means a wide market coverage is achieved. 7. Customer changing wants and their behavior can be better understood in direct distribution. 8. Competition tends to focus on price and not quality as a product moves through its life cycle. 9. A channel of distribution must include several kinds of intermediaries and collaborators. 10. It is difficult to maintain consistent quality in services because as opposed to products, services are tangible in nature. 11. The marketing mix should be set before the best target market is selected. 12. Selective distribution is used when a small percentage of customers account for a large part of sale. 13. A marketing mix consists of the uncontrollable variables which a company puts together to satisfy a target market. 14. Market penetration price strategy can be adopted when the market is sensitive. 15. A market skimming be likely to be a viable strategy there are no competitors. 16. Items the consumer needs but is not willing to spend time shopping for are called unsought products. 17. Products the consumer is not actively seeking because they do not know they exist or feel that they do not need are called specialty products. 18. Porter's Generic Competitive Differentiation Strategies- In this strategy a firm seeks to be unique in its industry along some dimensions that are widely valued by buyers. It selects one or more attributes that many buyers in an industry perceive as important, and uniquely positions itself to meet those needs