Products have five levels. Therefore, the correct answer is C.

Emergency products are purchased when a need is urgent, for example; umberallas or raincoats during a rainstorm. Customers do not mind the higher prices charged for these purchases because they think of them as “emergencies”.

Markets are so dynamic; therefore, prices should be adapted to the fast changing environment. There are many price-adjustment strategies including dynamic pricing, psychological pricing, discount and allowance pricing, segmented pricing, geographical pricing, promotional pricing, and international pricing. In dynamic pricing, prices are being adjusted continually to maximize revenue. For example, prices are changing thousands times a day in the airline sector.

As a customer-centered philosophy, marketing concept originated in the mid 1950’s. Before the 1950’s the main aim of the marketers was to create customers for mass- produced products. The correct option is D.

Assorting stands for building up of an assortment of products for reselling in association with each other. Therefore, the correct answer is A.

The logistic channel is related to the sorting function, which bridges the discrepancy between the assortment of goods and services generated by the producer and the assortment demanded by the consumer.16 Commonly used intermediaries in this channel are the logistics companies such as freight forwarder, whose function is to provide logistics services.

Possession utility is the value consumers put on buying a product and having the freedom to use the product. Having a variety of easy payment methods is part of facilitating possession as is the physical location of the product and how it is delivered to the customer. The correct answer is D. 

Price can be affected by many factors. These factors can be grouped as external and internal factors13. The external factors include market and demand structure, economic factors, competitors’ costs and prices, distribution channels, legal regulations, and societal concerns. No single company can affect external factors; therefore, companies should adapt them. On the other hand, a company can manage internal factors such as costs, pricing aims of the firm, and diverse variables driven by other elements of marketing mix. The correct answer is D.

In franchise organizations, a channel member named as franchisor connects several successive stages in the production-distribution process. Examples for franchising system are Pizza Hut, Burger King, McDonald’s, Kentucky Fried Chicken in fast food industry. Therefore, the correct answer is E.

When an exchange takes place, buyers pay a certain amount of money in return. Industry with a collection of sellers communicates with the market through various integrated marketing communication tools including advertising, personal selling, public relations, sales promotion and direct marketing. Through such communication, sellers inform the market about their products, services, prices, main benefits, promotions, public relations of the businesses etc. As can be understood from the information given, the correct answer is E. The industry with a collection of sellers communicate with the market through all integrated marketing communication tools in the answer choices.

Impulse products are purchased without any planning or search effort. Therefore the correct answer is B.

The final stage of a new product development is ‘Commercialization’, or bringing the product to the market. This will usually involve a large marketing budget to promote the product or service, and build customer awareness and preference

A marketing system includes the company, its suppliers, competitors, marketing intermediaries and the consumers. The system is affected by major environmental forces. The correct option is C.

A conspiracy in which two or more competitors setting prices together is called price fixing. Therefore, the correct answer is C.

Promotional pricing is a practice of reducing prices for a limited time period. The correct answer is E.

Cost is the lower limit of price (or price floor). There are different kinds of costs including fixed costs, variable costs, and total costs. Fixed costs refer to costs which are independent from the level of production. For example, rental fee should be paid monthly regardless of production or sales level. Variable costs are the ones that vary based on production level17. For instance, inputs of a car such as materials, tires, etc. vary with the level of production.

Holistic marketing recognizes that ‘everything matters’ with marketing and that a broad, integrated perspective is necessary to attain the best solution. In holistic marketing approach, all the marketing efforts should be considered as a ‘single entity’.

Nonprofit and Governmental Markets:  Nonprofit institutions are present for providing benefit to society and they are subject to different set of laws. Some educational institutions, charitable organizations and government agencies can be given as examples. For instance, Kızılay, Unicef or WWF offers different benefits to society.

Four main components of holistic marketing are:

Internal Marketing includes the internal management system, marketing department, and collaboration of other departments with the marketing departments.

Integrated Marketing involves the product strategy, pricing strategy, promotion strategy, and communication strategy and placing strategy.

Performance Marketing involves following activities like how to sell the product, what is brand and customer equity. Also, it considers the legal, ethical, social and environmental effects of marketing activities and programs.

The last one is Relationship Marketing that includes the relationship with customers, partners, employees and competitors.

The correct option is A.