M
The value of a good associated with its availability in a form convenient to buyers is called ____________ utility.
form
A pricing strategy where a firm uses unusually high prices to enter a market even at the risk of losing customer, but to achieve high profits. Success of this strategy usually depends on the uniqueness of the product.
A mechanism used to avoid the risk of a decline in the future market of a commodity, usually by entering into futures markets is called ____________.
hedging
What animal describes a trader who thinks prices will increase?
bull
What NBA basketball team calls Oklahoma City home?
OKC Thunder
What is meant by the meaning of the expression "caveat emptor?"
buyer beware
The marketing approach where company's develop products and/or marketing strategies for very select target audiences.
Niche marketing
What animal describes a trader who thinks prices will increase?
bear
What traces a products development over the four stages: introduction, growth, maturity, and decline?
Product life cycle
Oklahoma is known as the __________ state
Sooner
A small group of preferred brands is known as a(n)...
evoked set
What is the name of the buyer category that is the last to adopt a new product/service?
Laggards?
Using the Boston Consulting Group Matrix, what type of product would be described as low growth potential and low market share?
Dog
What is the term used to describe the strategy of developing alternative product version to appeal to different consumers needs and wants?
Market segmentation
Oklahoma features the longest drive able stretch of this famous US highway.
Route 66 (approximately 400 miles)
Name the five forces in Michael Porter's Five Forces Model.
Rivalry among existing firms, Bargaining power of suppliers, Bargaining power of buyers, Threat of new entrants, Threat of substitute products
A firm decides to offer a new product at a low introductory price to capture market share and then raise the price over time. What type of pricing strategy are they using?
Penetration pricing
Approximately what percentage of all commodity futures contracts does someone take delivery of the actual commodity?
3% (2-4% is acceptable)
Between the time a hedge position is established and the time that it is lifted, this is the risk associated with an unexpected widening or narrowing of the difference between the cash and futures prices is known as the __________ risk.
basis
Oklahoma has produced more individuals that have pursued this occupation than any other state
Astronauts
What is a option that provides its buyer with the right (but not the obligation) to sell a futures contract?
Put option
The naïve adaptive price expectations model in which suppliers are myopic and always expect price in period t-1 to prevail in period t. This model is called?
The cobweb model
The current cash price is called the _______ price.
Spot
The expression used to characterize the situation when the option strike price and the underlying futures price are equal
At the money
Parking meter