1) Understanding how to solve pricing problems involving fixed or variable pricing, odd-cent pricing, and loss leader pricing is an essential part of marketing and business. Briefly define each pricing term and provide a concrete example that illustrates how to solve a related pricing problem. 2) A store is selling carpet steam cleaners for $350. It costs them $100 to manufacture these steam cleaners. What is the numerical profit margin and the markup percentage? If this company wants to bring in more customers by reducing the price of their steam cleaners by $50, what would the markdown percentage be? Show your work and explain how you got your answers, in addition to defining product markups and markdowns.

3) What do economic concepts such as pricing, risk, productivity, competition, and cycles have to do with marketing? Imagine that you are about to interview for a marketing position and were told that you may need to explain how these concepts relate to marketing and what their relevance is. Prepare what you might say.

4) You recently got your friend a job at the retail store where you work. Your manager has tasked you with showing them basic stock-keeping techniques and initiatives in maintaining stock like sorting by color, size, classification, the maintenance of merchandise fixtures, rehanging merchandise, studying hang tags, restocking merchandise. How would you explain these to your friend?

5) How can understanding the laws, regulations, and self-regulatory measures for products help a company avoid lawsuits? Differentiate between laws, regulations, and self-regulatory measures and provide an example of each to help explain its purpose.