Market Structures and Marketing Strategies Quiz
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Questions and Answers

What is the narrowest sense definition of price?

  • The amount of money charged for a product or service (correct)
  • The factor affecting buyer choice
  • The flexibility to quickly change product features
  • The sum of all the values that customers give up to gain benefits

Why has price historically been the major factor affecting buyer choice?

  • Due to its direct impact on firm's bottom line profitability (correct)
  • Because it's the only element in the marketing mix that produces revenue
  • As it represents the sum of all values exchanged by customers
  • Because it is the most flexible marketing mix element

What makes pricing a big headache for many marketing executives?

  • The difficulty in handling pricing well (correct)
  • Its direct impact on the firm's market share
  • The fact that it is the only element in the marketing mix that produces revenue
  • The inability to change prices quickly

Why do smart managers treat pricing as a key strategic tool?

<p>Due to its direct impact on firm's profitability (B)</p> Signup and view all the answers

What is the most important aspect of price that determines a firm’s market share and profitability?

<p>The amount of money charged for a product or service (B)</p> Signup and view all the answers

How can a small percentage improvement in price impact a firm’s profitability?

<p>It can produce a large percentage increase in revenue (B)</p> Signup and view all the answers

What is the pricing challenge according to the text?

<p>To find the price that captures the value created for customers (C)</p> Signup and view all the answers

What does cost-based pricing involve according to the text?

<p>Setting prices based on the costs for producing, distributing, and selling products (D)</p> Signup and view all the answers

What is one of the two types of value-based pricing mentioned in the text?

<p>Good-value pricing (A)</p> Signup and view all the answers

Which element of a company’s broader marketing strategy is price according to the text?

<p>The only element that produces revenue (C)</p> Signup and view all the answers

What influences price-setting decisions within a company according to the text?

<p>Company's marketing mix and overall marketing strategy (C)</p> Signup and view all the answers

What is the main focus of customer value–based pricing according to the text?

<p>Using buyers’ perceptions of value as the basis for setting price (C)</p> Signup and view all the answers

What is the key difference between good-value pricing and value-added pricing?

<p>Good-value pricing focuses on offering quality and good service at a fair price, while value-added pricing involves adding quality, services, and value-added features to differentiate offers. (B)</p> Signup and view all the answers

In what way does cost-based pricing influence a company's pricing strategy?

<p>Cost-based pricing sets prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for the company’s effort and risk. (D)</p> Signup and view all the answers

How do companies differentiate their offers in value-added pricing?

<p>By adding quality, services, and value-added features to their offers. (D)</p> Signup and view all the answers

What is the role of top management in setting prices in large companies?

<p>Top management often approves the prices proposed by lower-level management or salespeople. (D)</p> Signup and view all the answers

How do customer perceptions of value affect the prices that they are willing to pay?

<p>Customers are willing to pay higher prices if they perceive higher quality and more benefits. (B)</p> Signup and view all the answers

What is the primary focus of good-value pricing?

<p>The primary focus is on offering quality and good service at a fair price. (D)</p> Signup and view all the answers

What role does price play in creating customer value and building customer relationships?

<p>Price plays a key role in creating customer value and building customer relationships (A)</p> Signup and view all the answers

What sets the ceiling for the price of a product according to the text?

<p>Customer value (A)</p> Signup and view all the answers

How does effective customer-oriented pricing involve setting the price?

<p>Understanding how much value consumers place on the benefits they receive from the product (C)</p> Signup and view all the answers

What is the focus of cost-based pricing?

<p>Designing a product and adding up the costs of making the product (A)</p> Signup and view all the answers

What is the starting point for setting the target price in value-based pricing?

<p>Analyzing consumer needs and value perceptions (B)</p> Signup and view all the answers

What does 'good value' refer to according to the text?

<p>Not the same as low price (B)</p> Signup and view all the answers

What is one common pricing objective that companies might have?

<p>Building profitable customer relationships (C)</p> Signup and view all the answers

What should price decisions be coordinated with to form a consistent and effective marketing program?

<p>Product design, distribution, and promotion decisions (D)</p> Signup and view all the answers

Who within the organization is responsible for setting price?

<p>Management (A)</p> Signup and view all the answers

What external pricing considerations can impact pricing decisions?

<p>Government actions (B)</p> Signup and view all the answers

What determines whether the company has set the right price?

<p>Customer perception of value and price (B)</p> Signup and view all the answers

What concept helps the company understand consumer sensitivity to prices?

<p>Demand curves (C)</p> Signup and view all the answers

What did the Great Recession cause consumers to rethink?

<p>The price–value equation (D)</p> Signup and view all the answers

How have marketers responded to consumers' thriftier ways?

<p>By increasing emphasis on value-for-the-money pricing strategies (A)</p> Signup and view all the answers

What do consumers not buy based on alone according to the text?

<p>Prices alone (C)</p> Signup and view all the answers

What has a major impact on pricing decisions according to the text?

<p>Environmental factors such as economy and government actions (A)</p> Signup and view all the answers

In a purely competitive market, what role do marketing research, product development, pricing, advertising, and sales promotion play?

<p>They play no role in shaping the market and influencing customer behavior. (A)</p> Signup and view all the answers

How do sellers in monopolistic competition differentiate their offers to buyers?

<p>By freely using branding, advertising, and personal selling to set their offers apart. (D)</p> Signup and view all the answers

What distinguishes the pricing strategies in an oligopolistic market from those in a purely competitive market?

<p>In an oligopolistic market, sellers are less affected by competitors’ pricing strategies. (B)</p> Signup and view all the answers

What is the major competitive tool for sellers in an oligopolistic competition?

<p>Price (D)</p> Signup and view all the answers

When does demand become elastic?

<p>When demand changes greatly with a small change in price. (A)</p> Signup and view all the answers

How do economic factors such as inflation and interest rates affect pricing decisions?

<p>They affect consumer perceptions of the product’s price and value. (C)</p> Signup and view all the answers

What pricing strategy involves initially setting high prices to 'skim' the maximum amount of revenue from various segments of the market?

<p>Market-skimming pricing (D)</p> Signup and view all the answers

In the context of product life cycles, what pricing strategy involves setting a low initial price to penetrate the market deeply and win a large market share?

<p>Market-penetrating pricing (C)</p> Signup and view all the answers

In the context of product mix pricing, what strategy does a company use when it adjusts product prices to account for variations in buyers and situations?

<p>Adaptive pricing (A)</p> Signup and view all the answers

What type of pricing structure does a company design to cover all its products and adjust over time to account for different customers and situations?

<p>Dynamic pricing (A)</p> Signup and view all the answers

Which external factor can impact a company's pricing decisions?

<p>Technological advancements (B)</p> Signup and view all the answers

What is the main focus of good-value pricing as described in the text?

<p>Balancing price and product quality (D)</p> Signup and view all the answers

What is the primary objective of market-penetrating pricing strategy?

<p>Gaining a large market share (D)</p> Signup and view all the answers

What is the major focus of a company using market-skimming pricing strategy?

<p>Maximizing short-term revenue (C)</p> Signup and view all the answers

"Pricing is a dynamic process" implies that:

<p>&quot;Pricing changes over time&quot; (A)</p> Signup and view all the answers

"Companies adjust product prices to reflect changes in costs and demand" implies that:

<p>&quot;Prices are responsive to changes in costs and demand&quot; (B)</p> Signup and view all the answers

What does 'initiating price changes and reacting to them' signify for a company?

<p>The company should consider when to initiate price changes and when to respond to them (A)</p> Signup and view all the answers

What is the primary role of top management in setting prices in large companies as mentioned in the text?

<p>Setting broad price guidelines and policies (C)</p> Signup and view all the answers

In product line pricing, what does the company decide on?

<p>Price steps for the entire set of products (B)</p> Signup and view all the answers

Which pricing strategy involves the company selling a product at two or more prices to accommodate different customers, product forms, locations, or times?

<p>Segmented pricing (A)</p> Signup and view all the answers

What approach involves a company adjusting prices continually to meet the characteristics and needs of individual customers and situations?

<p>Dynamic and personalized pricing (A)</p> Signup and view all the answers

When a company faces a price change initiated by a competitor, what are the possible strategic reactions mentioned in the text?

<p>Sit tight, improve quality and raise price (D)</p> Signup and view all the answers

What are the major public policy concerns in pricing mentioned in the text?

<p>Deceptive pricing, price-fixing (C)</p> Signup and view all the answers

What type of products are described as waste or residual products produced when making the main product?

<p>By-products (C)</p> Signup and view all the answers

What is the strategy where a company offers discounts or temporarily sells a product below list price as a special event?

<p>Promotional pricing (B)</p> Signup and view all the answers

What is the primary concern when considering initiating a price change?

<p>Buyer reactions to the price change (D)</p> Signup and view all the answers

What is one of the implications of initiating price cuts according to the text?

<p>Influence on buyer reactions to the price change (B)</p> Signup and view all the answers

What does promotional pricing involve according to the text?

<p>Selling a product below list price as a special event (D)</p> Signup and view all the answers

What is one of the key pieces of legislation that affect pricing decisions according to the text?

<p>Predatory pricing laws (A)</p> Signup and view all the answers

What type of products are included with the main product and required for its use according to the text?

<p>Captive products (B)</p> Signup and view all the answers

What is the term for products that are required for the use of the main product?

<p>Captive products (B)</p> Signup and view all the answers

What pricing strategy involves the company selling a product at two or more prices to accommodate different customers, product forms, locations, or times?

<p>Segmented pricing (C)</p> Signup and view all the answers

What does dynamic and personalized pricing involve?

<p>Adjusting prices continually to meet the characteristics and needs of individual customers and situations (D)</p> Signup and view all the answers

What is the primary focus of market-skimming pricing strategy?

<p>Setting high prices to skim maximum revenue from various market segments (A)</p> Signup and view all the answers

What are the major public policy issues in pricing mentioned in the text?

<p>Price-fixing and predatory pricing (C)</p> Signup and view all the answers

In value-based pricing, what is the starting point for setting the target price?

<p>Customer perceptions of value (B)</p> Signup and view all the answers

What factors should a company consider when responding to competitor’s price changes?

<p>Understanding the competitor's intent and likely duration and impact of the change (C)</p> Signup and view all the answers

What type of pricing structure does a company design to cover all its products and adjust over time to account for different customers and situations?

<p>Pricing structure changes (C)</p> Signup and view all the answers

What is the role of geographical pricing?

<p>Deciding how to price to near or distant customers (C)</p> Signup and view all the answers

How do companies differentiate their offers in value-added pricing?

<p>By adding features to the product to differentiate it from competitors' offerings (C)</p> Signup and view all the answers

What does promotional pricing involve?

<p>Offering discounts or temporarily selling a product below list price as a special event (B)</p> Signup and view all the answers

What is a common misconception about initiating price changes and reacting to them?

<p>It always leads to increased market share (A)</p> Signup and view all the answers

Psychological pricing aims to achieve which objective?

<p><strong>Better communicating</strong> a product’s intended position (C)</p> Signup and view all the answers

What strategy does a company use when it adjusts product prices to account for variations in buyers and situations?

<p>Good-value pricing (C)</p> Signup and view all the answers

Discount and allowance pricing involves establishing which of the following?

<p><strong>Cash, quantity, functional, or seasonal discounts</strong> (B)</p> Signup and view all the answers

'Pricing is a dynamic process' implies that:

<p>Prices change over time based on various factors (C)</p> Signup and view all the answers

International pricing involves adjusting prices to meet what?

<p><strong>Different world markets' conditions and expectations</strong> (B)</p> Signup and view all the answers

What makes pricing a big headache for many marketing executives?

<p>The complexity of considering different customer segments and situations (D)</p> Signup and view all the answers

In promotional pricing, what does a company sometimes do as a special event?

<p>Sell below cost as a loss leader. (D)</p> Signup and view all the answers

'Good value' refers to:

<p>'Getting more for less' (B)</p> Signup and view all the answers

What strategy does the company use when it decides on price steps for the entire set of products it offers?

<p>Product line pricing. (B)</p> Signup and view all the answers

'Companies adjust product prices to reflect changes in costs and demand' implies that:

<p>'Value-based' approach influences pricing decisions (A)</p> Signup and view all the answers

When does demand become elastic?

<p>When a change in price leads to a proportionally larger change in quantity demanded (D)</p> Signup and view all the answers

What are some of the functions fulfilled by some members of the distribution channel?

<p>All of the above (D)</p> Signup and view all the answers

Why is leadership and power not formally set in a distribution channel composed of independent firms?

<p>Because traditional distribution channels have lacked leadership for role assignment and conflict management (B)</p> Signup and view all the answers

What is the first step in channel design according to the text?

<p>Assessing customer channel service needs (B)</p> Signup and view all the answers

What does channel management call for according to the text?

<p>Selecting qualified intermediaries and motivating them (A)</p> Signup and view all the answers

What does marketing logistics address according to the text?

<p>Inbound logistics and reverse logistics (B)</p> Signup and view all the answers

What sets the ceiling for the price of a product?

<p>Economic factors like inflation and interest rates (B)</p> Signup and view all the answers

What is the primary concern when considering initiating a price change according to the text?

<p>Effect on customer perceived value (B)</p> Signup and view all the answers

What is the primary objective of a market-penetrating pricing strategy according to the text?

<p>Capturing a large market share quickly (C)</p> Signup and view all the answers

What is the strategy where a company offers discounts or temporarily sells a product below list price as a special event according to the text?

<p>Promotional pricing strategy (A)</p> Signup and view all the answers

What type of pricing structure does a company design to cover all its products and adjust over time to account for different customers and situations according to the text?

<p>Product mix pricing structure (D)</p> Signup and view all the answers

Which external factor can impact a company's pricing decisions according to the text?

<p>Nature and intensity of competition in market (A)</p> Signup and view all the answers

Why is the goal of logistics management NOT to maximize customer service and minimize distribution costs?

<p>It is impossible to achieve both goals simultaneously (A)</p> Signup and view all the answers

What does the integrated supply chain management concept recognize about achieving improved logistics?

<p>It requires cross-functional teamwork within the company and across the supply chain (A)</p> Signup and view all the answers

How can companies achieve logistics harmony among functions, according to the text?

<p>By creating integrative supply manager positions (C)</p> Signup and view all the answers

What is a form of channel partnership mentioned in the text?

<p>Creating cross-company teams (A)</p> Signup and view all the answers

Why are some companies outsourcing their logistics functions to third-party providers?

<p>To save costs and increase efficiency (C)</p> Signup and view all the answers

What is the primary focus of logistics management?

<p>Providing a targeted level of service at the least cost (D)</p> Signup and view all the answers

How does the integrated supply chain management concept recognize the need for improved logistics?

<p>By requiring close working relationships across functional areas inside the company and across various organizations in the supply chain (C)</p> Signup and view all the answers

What is an example of a strategic reaction mentioned in the text when a company faces a price change initiated by a competitor?

<p>Undertaking a promotional pricing strategy (C)</p> Signup and view all the answers

What does a company need to create customer engagement and value?

<p>A value delivery network (D)</p> Signup and view all the answers

What role do intermediaries play in bringing products to the market?

<p>Forging marketing channels (B)</p> Signup and view all the answers

What is the primary reason for most producers to use intermediaries in the distribution process?

<p>To achieve more than they can on their own (C)</p> Signup and view all the answers

What is the main focus of a company using a market-skimming pricing strategy?

<p>Maximizing short-term profits from early adopters (B)</p> Signup and view all the answers

Why can't a company go it alone in creating customer engagement and value?

<p>Because it must work within an entire network of partners—a value delivery network—to accomplish this task (C)</p> Signup and view all the answers

What is the significance of management carefully making channel decisions?

<p>To incorporate today’s needs with tomorrow’s likely selling environment (C)</p> Signup and view all the answers

What do marketing channels directly affect?

<p>Every other marketing decision (A)</p> Signup and view all the answers

What is the primary function of some help in the distribution channel?

<p>Gathering and distributing information (D)</p> Signup and view all the answers

What does channel design begin with, according to the text?

<p>Assessing customer channel service needs (B)</p> Signup and view all the answers

In a large company, what provides needed leadership and assigns roles?

<p>Formal organization structure (A)</p> Signup and view all the answers

What is the starting point for setting the target price in value-based pricing?

<p>Identifying major channel alternatives (C)</p> Signup and view all the answers

What does marketing logistics (or physical distribution) address according to the text?

<p>The entire supply chain management (B)</p> Signup and view all the answers

What calls for selecting qualified intermediaries and motivating them?

<p>Channel management (C)</p> Signup and view all the answers

What does the company need to forge with channel members to create a marketing system that meets the needs of both the manufacturer and the partners?

<p>Strong partnerships (B)</p> Signup and view all the answers

What are three important trends affecting channel cooperation, conflict, and competition?

<p>Vertical, horizontal, and multichannel marketing systems (C)</p> Signup and view all the answers

What does the entire supply chain management involve according to the text?

<p>Addressing inbound logistics and reverse logistics as well (D)</p> Signup and view all the answers

What role does price play in creating customer value and building customer relationships as described in the text?

<p>It can serve as an important part of creating value and building relationships. (A)</p> Signup and view all the answers

What is one of the implications of initiating price cuts according to the text?

<p>It often results in a decrease in perceived quality. (B)</p> Signup and view all the answers

What is the primary reason for a company to use marketing channels?

<p>To bring their products to market (A)</p> Signup and view all the answers

What is the role of intermediaries in a marketing channel?

<p>To offer more than the firm can achieve on its own (B)</p> Signup and view all the answers

What does a value delivery network refer to?

<p>The network of partners working to accomplish customer engagement and value creation (B)</p> Signup and view all the answers

Why do most producers use intermediaries to bring their products to market?

<p>To benefit from intermediaries' contacts, experience, and scale of operation (B)</p> Signup and view all the answers

What is the purpose of a marketing channel or distribution channel?

<p>To make a product or service available for use or consumption by the consumer or business user (D)</p> Signup and view all the answers

What is the main focus of logistics management as mentioned in the text?

<p>Maximizing customer service and minimizing distribution costs (B)</p> Signup and view all the answers

How do marketing channels impact other marketing decisions?

<p>They directly affect every other marketing decision (D)</p> Signup and view all the answers

In what way do some companies gain a competitive advantage in distribution?

<p>By using imaginative distribution systems (D)</p> Signup and view all the answers

What is meant by 'a company can’t go it alone' in the context of creating customer engagement and value?

<p>'Going it alone' means that companies need to work within a network of partners to achieve customer engagement and value creation (D)</p> Signup and view all the answers

What are some key functions performed by marketing channels as mentioned in the text?

<p>Perform many key functions related to making a product or service available for use or consumption by consumers or business users (B)</p> Signup and view all the answers

Why do companies need to make channel decisions carefully?

<p>To incorporate today’s needs with tomorrow’s likely selling environment (D)</p> Signup and view all the answers

What is the primary focus of integrated supply chain management concept?

<p>Recognizing the need for improved logistics (B)</p> Signup and view all the answers

How can companies achieve logistics harmony among functions, as mentioned in the text?

<p>By creating cross-functional logistics teams (B)</p> Signup and view all the answers

What is the significance of channel partnerships according to the text?

<p>Creating cross-company teams (D)</p> Signup and view all the answers

In the context of logistics management, what is the primary role of senior-level logistics executive positions with cross-functional authority?

<p>Achieving logistics harmony among functions (A)</p> Signup and view all the answers

What is the primary objective of companies outsourcing their logistics functions to third-party logistics (3PL) providers?

<p>Gaining faster and more effective access to global markets (D)</p> Signup and view all the answers

Why is the goal of logistics management NOT to maximize customer service and minimize distribution costs?

<p>To provide a targeted level of service at the least cost (C)</p> Signup and view all the answers

What role do channel partnerships play in achieving improved logistics?

<p>Creating close working relationships across functional areas inside the company and across various organizations in the supply chain (C)</p> Signup and view all the answers

What is one implication of the integrated supply chain management concept's recognition of the need for improved logistics?

<p>Increased teamwork across functional areas inside the company (A)</p> Signup and view all the answers

What is the primary goal of creating cross-functional logistics teams, according to the text?

<p>Achieving logistics harmony among functions (B)</p> Signup and view all the answers

Why do some companies choose to outsource their logistics functions to third-party logistics (3PL) providers?

<p>Saving costs and increasing efficiency (C)</p> Signup and view all the answers

What is the definition of advertising as mentioned in the text?

<p>Non-personal presentation and promotion of ideas, goods, or services by an identified sponsor (A)</p> Signup and view all the answers

Which tool focuses on providing short-term incentives to encourage the purchase or sale of a product or service?

<p>Sales Promotion (A)</p> Signup and view all the answers

What is the primary focus of personal selling as mentioned in the text?

<p>Personal presentation by the firm’s sales force for making sales and building customer relationships (D)</p> Signup and view all the answers

Which element is included in a company's total promotion mix according to the text?

<p>Direct and Digital Marketing (A)</p> Signup and view all the answers

What is the primary concept that companies have adopted to prevent creating a communications hodgepodge for consumers?

<p>Integrated marketing communications (IMC) (A)</p> Signup and view all the answers

What is the first task of the communicator when preparing marketing communications?

<p>Identifying the target audience (A)</p> Signup and view all the answers

What approach is NOT commonly used by companies to determine how much to spend for promotion?

<p>Base promotion on competitors' spending (A)</p> Signup and view all the answers

What is the strategy that involves both push and pull promotional strategies?

<p>Integrated promotion strategy (B)</p> Signup and view all the answers

What must companies be aware of in relation to legal and ethical issues surrounding marketing communications?

<p>Communicating openly, honestly, and agreeably with customers and resellers (A)</p> Signup and view all the answers

What is the starting point for setting the target price in value-based pricing?

<p>Identifying the target audience (B)</p> Signup and view all the answers

What is a common misconception about initiating price changes and reacting to them?

<p>Price changes always result in increased demand (C)</p> Signup and view all the answers

'Companies adjust product prices to reflect changes in costs and demand' implies that:

<p>'Pricing decisions are independent of changes in costs or demand' (D)</p> Signup and view all the answers

'International pricing' involves adjusting prices to meet what?

<p>'To meet varying economic conditions' (D)</p> Signup and view all the answers

'Pricing is a dynamic process' implies that:

<p>'Prices change over time based on different factors' (C)</p> Signup and view all the answers

What is the primary objective of market-penetrating pricing strategy?

<p>Gaining market share by offering lower prices than competitors (D)</p> Signup and view all the answers

What is one of the key functions performed by marketing channels as mentioned in the text?

<p>Facilitating the exchange process by reducing the number of transactions (C)</p> Signup and view all the answers

What is the purpose of integrated marketing communications (IMC) as mentioned in the text?

<p>To engage current and prospective consumers and communicate customer value (C)</p> Signup and view all the answers

Which of the following is NOT part of a company’s total promotion mix or marketing communications mix according to the text?

<p>Strategic planning (A)</p> Signup and view all the answers

What is the focus of public relations in a company’s marketing communications mix?

<p>Building good relations with the company’s various publics (C)</p> Signup and view all the answers

What is the primary purpose of using sales promotion in a company’s promotion mix?

<p>To provide short-term incentives to encourage the purchase or sale of a product or service (B)</p> Signup and view all the answers

What is the purpose of integrated marketing communications (IMC) as mentioned in the text?

<p>To coordinate the promotional activities and timing of major campaigns (D)</p> Signup and view all the answers

What is the first task of a communicator when preparing marketing communications?

<p>Identifying the target audience and its characteristics (C)</p> Signup and view all the answers

Which method is commonly used to determine the promotion budget according to the text?

<p>Use a percentage of sales (D)</p> Signup and view all the answers

What are the elements involved in the communication process as mentioned in the text?

<p>Sender, receiver, encoding, decoding, response, and feedback (D)</p> Signup and view all the answers

In marketing communications, what do marketers aim to guide customers through according to the text?

<p>The five As of the customer journey: awareness, appeal, ask, act, and advocacy (D)</p> Signup and view all the answers

What is the primary role of top management in setting prices according to the text?

<p>To set prices based on competitors’ pricing (B)</p> Signup and view all the answers

What is the main focus of logistics management as described in the text?

<p>To maximize customer service and minimize distribution costs (C)</p> Signup and view all the answers

Why do companies adopt integrated marketing communications (IMC) according to the text?

<p>To prevent a communication hodgepodge for consumers (D)</p> Signup and view all the answers

What are some of the elements involved in preparing effective marketing communications according to the text?

<p>Identifying the target audience and its characteristics (B)</p> Signup and view all the answers

Which strategy does cost-based pricing involve according to the text?

<p>Establishing prices based on production and other costs plus a standard markup for profit (A)</p> Signup and view all the answers

What is an important consideration when determining how much to spend for promotion according to the text?

<p>Using a percentage of sales as a method to determine promotion budget (A)</p> Signup and view all the answers

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