The Savvy Entrepreneurial Firm Feature in Chapter 10 Provides Several

question 54

Multiple Choice

The Savvy Entrepreneurial Firm feature in Chapter 10 provides several examples of firms that created positive awareness of its product of service by producing cleaver video spots. According to the feature, the firms were utilizing:

• A) viral marketing techniques
• B) echo marketing techniques
• C) nontraditional marketing techniques
• D) spot marketing techniques
• E) guerrilla marketing techniques

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Definitions:

Cost of Goods Sold

The direct costs attributable to the production of the goods sold in a company, including the cost of the materials and labor directly used to create the product.

FIFO Costs

First In, First Out, a cost flow assumption for inventory valuation where the oldest inventory items are recorded as sold first.

FIFO Inventory

A method of inventory valuation where the first items placed into inventory are the first ones sold; stands for First-In, First-Out.

Periodic Inventory

An inventory accounting system where inventory counts and cost of goods sold (COGS) are determined at the end of an accounting period.