6) According to your text, which of the following is NOT one of the steps included in the six-step process for setting price? A) Set list or quoted price. B) Select an approximate price level. C) Identify pricing constraints and objectives. D) Estimate the break-even point 7) 7) In terms of distribution, when marketing channel members are engaged in buying. selling, and risk taking, they are performing functions. A) transactional B) logistical C) facilitating D) transformational 8) If you computed: (unit price x quantity sold) - total cost. What would you be calculating? A) profit B) total revenue C) average revenue D) marginal revenue 9) Most consumers realize the quality of diamonds varies, and most believe the higher the price of the diamond, the higher its quality. This is an example of price influencing the perception of overall quality, and to consumers. A) perceptual investment B) return on investment C) value D) acceptable cost 10) 10) All of the following would be considered pricing constraints, except A) demand for the product class B) cost of producing the product C) human resources D) newness of the product 11) Pharmacist and new father Kenneth Kramm wanted his son to take his medicine, but it was a battle. As a result, Kramm developed FLAVORX, a liquid medicine-flavouring system that can mask the taste or smell of medicine. FLAVORX tastes of strawberry or grape and has no effect on the medicinal value of the drug to which it is added. It is the first product of its kind. Because Flavorx is in the stage of the product life cycle, the price of the medicine-flavouring system should be than the price that would usually be charged. A) introductory: higher B) introductory; lower C) growth; higher D) growth; lower 12) 12) A channel that includes intermediaries between the producer and consumer and perform numerous channel functions are referred to as a(n) A) full-service channel. B) multi-level channel C) skewed channel D) indirect channel