The Element of the Marketing Mix That Describes What Is

question 206

Multiple Choice

The element of the marketing mix that describes what is exchanged for a product is known as

• A)a product.
• B)the price.
• C)promotion.
• D)the place or distribution.
• E)productivity.

---

Definitions:

Retail Inventory Method

An accounting procedure for estimating the value of a store's merchandise by using a percentage of the retail prices.

Cost-to-Retail Ratio

The cost-to-retail ratio is a calculation used in inventory management to estimate the value of ending inventory at retail prices by considering the cost and retail value of goods available for sale.

Estimated Cost

An approximation of the costs associated with a project or production, prior to actual expenditure.

Lower of Cost or Market (LCM)

Lower of Cost or Market (LCM) is an accounting principle requiring inventory to be recorded at the lower of its historical cost or current market value to reflect any decrease in the value of inventory.