Question 1Question Show
118) On the Internet, price can easily be adjusted to meet changes in the marketplace. This is called ________. Answer
Question 2Question 59) The most common cost-based approach to pricing is ________. Answer
Question 3Question 119) Which of the following allow shoppers to bid on everything from bobble heads to health-and-fitness equipment? Answer
Question 4Question 60) The method of setting prices in which marketers total all the costs for the product and then add an amount to arrive at the selling price is called ________. Answer
Question 5Question 120) In a(n) ________, all of the buyers know the highest price bid at any point in time. Answer
Question 6Question 61) Which of the following is an advantage of using cost-based pricing methods? Answer
Question 7Question 62) In which type of pricing is the selling price based on an estimate of volume or quantity a firm can sell in different markets at different prices? Answer
Question 8Question 121) In a(n) ________, sellers compete for the right to provide a product to a buyer. Answer
Question 9Question 1) ________ is the assignment of value, or the amount a consumer must give to receive a Answer
Question 10Question 63) With target costing, marketers first ________ and then ________.
Answer
Question 11Question 122) ________ is a new business strategy of offering a basic version of a product free of charge and then charging for upgraded versions of the product. Answer
Question 12Question 64) Two forms of demand-based pricing are ________. Answer
Question 13Question 2) Which of the following statements about price is true? Answer
Question 14Question 65) Using ________, marketers charge different prices to different customers in order to manage capacity and maximize revenue. Answer
Question 15Question 126) Which of the following is a set price or price range in consumers' minds that they refer to in evaluating a product's price? Answer
Question 16Question 66) Which of the following is an example of a pricing strategy that focuses on customers' needs? Answer
Question 17Question 3) The value of something we give up in order to obtain something else is referred to as a(n) ________. Answer
Question 18Question 67) A firm is using ________ when it charges a high, premium price for a new product with the intention of reducing the price in the future. Answer
Question 19Question 127) Often consumers base their perception of price on what they perceive to be the customary or ________. Answer
Question 20Question 4) Which of the following is NOT a type of pricing objective? Answer
Question 21Question 128) A(n) ________ occurs when customers decide that two different brands of pain reliever have the same product quality because they have basically the same product characteristics and similar prices. Answer
Question 22Question 68) Which of the following should be true for a skimming price to be successful? A) Answer
Question 23Question 69) A firm is using a(n) ________ strategy when it introduces a product at a very low price to gain market share early on. Answer
Question 24Question 129) A(n) ________ strategy is implemented when a store places two similar items next to each other, highlighting the fact that the price of one item is slightly lower than that of the other item. Answer
Question 25Question 5) In price planning, a firm would be most likely to set a profit objective for which of the following products? Answer
Question 26Question 70) Which of the following is a reason that a marketer would choose a penetration pricing strategy? Answer
Question 27Question 130) When consumers are unable to judge the quality of a product through examination or prior experience, they usually do which of the following? Answer
Question 28Question 71) A new product carries a low price for a limited period of time to attract customers in what type of pricing strategy? Answer
Question 29Question 72) A retailer that uses the list price for products but runs frequent promotions that heavily discount some products is using which type of pricing strategy? Answer
Question 30Question 131) Consumers usually perceive higher-priced products as ________. Answer
Question 31Question 6) A company that intends to maintain low-end pricing policies to make the market unattractive for its competitors is using which of the following pricing objectives in its price planning? Answer
Question 32Question 73) Using ________, a company raises the price of its product as demand goes up and lowers it as demand declines. Answer
Question 33Question 7) When setting prices, a leading manufacturer of nutritional supplements decided to institute a pricing strategy that would support a five percent increase in sales over the next three years. Answer
Question 34Question 132) A business using price lining is doing which of the following? Answer
Question 35Question 74) Which pricing tactic calls for offering three similar products, one that is lower priced and less attractive and two that are comparable but more expensive? Answer
Question 36Question 75) ________ refers to the sale of two or more goods or services as a single package for one price. Answer
Question 37Question 8) When Home Depot stores entered the Canadian market, there were already stores providing similar services and products. To get people to try Home Depot, the chain deliberately sold merchandise below the price that the Canadians were used to. What type of pricing objective did Home Depot use? Answer
Question 38Question 133) From a marketer's point of view, price lining is a way to do which of the following? Answer
Question 39Question 76) ________ is a pricing tactic a firm uses for two products that work only when used together. The firm sells one item at a very low price and then makes its profit on the second high-margin item. Answer
Question 40Question 134) Which of the following is a pricing strategy that reverses the typical assumption about price-demand relationships?
Answer
Question 41Question 77) Another name for F.O.B. factory pricing is ________ pricing. Answer
Question 42Question 17) Which of the following is true about the demand curve? Answer
Question 43Question 135) Enforcing laws against ________ is complicated because such practices are similar to the legal practice of "trading up." Answer
Question 44Question 78) With ________, the seller pays both the cost of loading and transporting the product to the customer. Answer
Question 45Question 18) According to the law of demand, which of the following is true? Answer
Question 46Question 79) A list price is also referred to as a ________. Answer
Question 47Question 136) Some retailers advertise items at very low prices or even below cost just to get customers into the store. The rationale for implementing this ________ strategy is the belief that once a customer is in the store she will buy the advertised item as well as other items at regular prices. Answer
Question 48Question 137) In some states, unfair trade practices acts are designed to ________. Answer
Question 49Question 19) Why are prestige products often an exception to the law of demand? Answer
Question 50Question 80) When a company charges the same rate to ship a product anywhere in the United States, it is using which form of pricing? Answer
Question 51Question 20) What is the first step a marketer should take to estimate a product's potential sales? Answer
Question 52Question 138) The Robinson-Patman Act does NOT include regulations that ________. Answer
Question 53Question 81) When the seller takes on part or all of the cost of shipping, it is called ________. Answer
Question 54Question 82) Trade or functional discounts are offered by manufacturers to which of the following? Answer
Question 55Question 139) Price fixing occurs when two or more companies conspire to ________. Answer
Question 56Question 21) Which of the following is a measure of customers' sensitivity to changes in price? Answer
Question 57Question 83) A quantity discount is a price reduction to buyers who purchase ________. Answer
Question 58Question 84) Which of the following is true about noncumulative quantity discounts? Answer
Question 59Question 140) Which of the following occurs when competitors making the same product jointly determine what price each will charge customers for the item? Answer
Question 60Question 22) How is the price elasticity of demand calculated? Answer
Question 61Question 85) When a snow blower shop offers a price reduction to customers who buy during the spring and summer, the shop is giving a(n) ________ discount. Answer
Question 62Question 141) Which of the following occurs when manufacturers or wholesalers attempt to force retailers to charge a certain price for their products? Answer
Question 63Question 23) Which of the following occurs when price is inelastic? Answer
Question 64Question 86) Joe Bergerson makes and sells maple racks for cooling cakes and cookies. Joe knows that it costs $15 to make one rack, and he wants to earn a 25 percent profit on each rack. Which approach to pricing is Joe most likely to use? Answer
Question 65Question 87) Swatch surveyed the market and identified an unserved segment of watch buyers. Using these results, Swatch created a watch at a price consumers were willing to pay. The unorthodox order of this marketing mix decision is an example of ________. Answer
Question 66Question 142) Federal legislation on price-fixing requires that sellers set their prices ________. Answer
Question 67Question 24) When demand is ________, increases in price result in increases in total revenues, while decreases in price result in decreases in total revenue. Answer
Question 68Question 88) The average price Xerox charged when it introduced the first stand-alone fax machine was $12,700. This premium price was a way for Xerox to recoup some of the research and development costs that went into production. Xerox used ________. Answer
Question 69Question 143) By using ________, a company deliberately sets a low price with the intention of driving its competition out of business. Answer
Question 70Question 89) Valeo Fashions has just introduced a new line of fashion dresses for teens. The line will initially enter the market at high prices in a ________ strategy. Answer
Question 71Question 25) When demand is ________, increases in price result in increases in total revenues, while decreases in price result in decreases in total revenue. Answer
Question 72Question 144) As a result of the ________, Rick decided the candy priced at $2.50 per pound could not be nearly as good as the candy priced at $9.50 per pound. Answer
Question 73Question 90) When a beverage maker came out with a new drink and priced it at half price for a month to attract buyers, the company was using a(n) ________ strategy. Answer
Question 74Question 91) Johnson Boats wants to introduce a new model of boat into mature markets in highly developed countries with the goal of quickly gaining mass-market share. As a consultant, you should recommend a ________ pricing strategy. Answer
Question 75Question 145) A local restaurant sells lunch entrees for $7.95, $9.95, and $11.95. From this information, you can infer the restaurant uses which of the following? Answer
Question 76Question 92) Mach 5 razor blades must be used in the Mach 5 razor. Which type of pricing is most likely used for the razor blades? Answer
Question 77Question 26) The changes in prices of other products affect the demand for an item. This is a phenomenon called ________. Answer
Question 78Question 146) A hamburger stand near the local mall sells hamburgers for $3.99, drinks for $1.99, and fries for $1.49, while a gourmet restaurant nearby sells entrees for $20, $30, and $45. Both of these restaurants are using ________. Answer
Question 79Question 93) Manufacturers of which of the following would be most likely to use freight absorption pricing? Answer
Question 80Question 27) If a product has a close substitute, its demand will likely be ________ Answer
Question 81Question 147) After looking at the ads in her Sunday paper, Ruby decided to visit a local nursery and buy potting soil for her plants at $1.99 a bag. The regular price is $4.99 a bag. While Ruby was there she also purchased three bushes, six flowering plants, and a bird bath. You can infer from this information that the nursery used the bags of potting soil as a ________. Answer
Question 82Question 148) When Circuit Town Electronics sets its televisions at three price levels of $699, $899, and $1,099, it is most likely using ________. Answer
Question 83Question 28) ________ are the per-unit costs of production that will fluctuate depending on how many units or individual products a firm produces. Answer
Question 84Question 149) A number of top fashion-modeling agencies were charged with ________ because they were jointly determining what commissions they would charge for models. Answer
Question 85Question 29) ________ do not vary with the number of units produced. Answer
Question 86Question 150) Bayer AG agreed to pay $46 million as part of a law settlement for conspiring with Archer-Daniels-Midland (ADM) to keep prices of citric acid at a certain level. These two international companies were guilty of ________. Answer
Question 87Question 30) Break-even analysis is used to examine the relationship between ________. Answer
Question 88Question 31) Which of the following statements about the break-even point is true? Answer
Question 89Question 32) The break-even point is the point at which ________. Answer
Question 90Question 40) Which of the following consumer trends is a response to the frequent reports of terrorism and political unrest? Answer
Question 91Question 46) As a manufacturer increases price, the ________ drops. Answer
Question 92Question 33) To determine the break-even point, a firm needs to first do which of the following? Answer
Question 93Question 41) Many people rely on a prescription drug to control their cholesterol. An increase in the price of the drug would have little effect on the quantity demanded because there are no substitutes for the drug and because people who take it have no choice but to continue taking it if they wish to stay healthy. The demand for the cholesterol drug is ________. Answer
Question 94Question 34) The manufacturer's suggested retail price is also referred to as the ________. Answer
Question 95Question 35) Each member of a channel of distribution adds a ________ to create the price at which they will sell the product Answer
Question 96Question 42) When Joe's Coffee Nook raised the price of a latte, Joe noticed a substantial change in his daily latte sales. A price reduction caused his sales to increase. From this information, you can assume the demand for lattes is ________. Answer
Question 97Question 43) Sellers should know that the less elastic the demand for their product, the more advantageous it is for them to ________. Answer
Question 98Question 36) Which of the following is an external influence that affects pricing decisions? Answer
Question 99Question 44) Which of the following is an example of a variable cost for an amusement park? Answer
Question 100Question 37) When setting prices, a company must consider factors in its pricing environment. ________ such as the business cycle, economic growth, and consumer confidence can have a significant impact on the firm's pricing strategies. Answer
Question 101Question 45) For a company that manufactures plastic signs, the printing press to make the signs, the manager's salary, and the utilities are all examples of ________. Answer
Question 102Question 38) In a market with ________, there are many sellers, each offering a slightly different product. Firms can differentiate products and focus on nonprice competition. Answer
Question 103Question 39) In a market with ________, the market consists of many buyers and a few sellers who are likely to have similar pricing. Answer
What should be the first step in setting a price for a product?The first step in setting a price is always to discover your baseline pricing. This means the amount you need to charge to recoup your development costs and break even on each sale. From there, you can use several strategies to arrive at the correct pricing for your product.
Which of the following is the first step in the marketing process?The first part of the marketing process is to define who you are as a company. It's not good enough to simply say, "we sell IT services." You need to spell out what problem you solve and why it is that you do what you do.
What are the 4 pricing strategies?What are the 4 major pricing strategies? Value-based, competition-based, cost-plus, and dynamic pricing are all models that are used frequently, depending on the industry and business model in question.
What four factors must be taken into consideration to determine the right price for a product?Market Factors Affecting Prices
Four key market factors that must be considered when reviewing and establishing prices are: costs and expenses, supply and demand, consumer perceptions, and competition.
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What is the first step a marketer should take to estimate a products potential sales?
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