Question 1

The less ________ the demand,the ________ it benefits the seller to raise the price.

Accepted Answer

A)  focused; more 
B)  elastic; more 
C)  elastic; less 
D)  constant; more 
E)  concentrated; more 
A)  focused; more 
B)  elastic; more 
C)  elastic; less 
D)  constant; more 
E)  concentrated; more

Question 2

Price competition is minimized when all firms in an industry use which pricing method?

Accepted Answer

A)  variable pricing 
B)  markup pricing 
C)  elasticity pricing 
D)  value-added pricing 
E)  value-based pricing 
A)  variable pricing 
B)  markup pricing 
C)  elasticity pricing 
D)  value-added pricing 
E)  value-based pricing

Question 3

The relationship between the price charged and the resulting demand level can be shown as the ________.

Accepted Answer

A)  demand curve 
B)  variable cost 
C)  target cost 
D)  break-even pricing 
E)  experience curve 
A)  demand curve 
B)  variable cost 
C)  target cost 
D)  break-even pricing 
E)  experience curve

Question 4

Explain the concept of a price ceiling.

Accepted Answer

A price ceiling is the highest

Question 5

Companies are fortunate to have demand that is more ________ because they may be able to set higher prices.

Accepted Answer

A)  elastic 
B)  external 
C)  internal 
D)  inelastic 
E)  fixed 
A)  elastic 
B)  external 
C)  internal 
D)  inelastic 
E)  fixed

Question 6

As production workers become better organized and more familiar with equipment,the average cost per unit decreases.This is called the ________.

Accepted Answer

A)  demand curve 
B)  experience curve 
C)  short-run average cost curve 
D)  long-run average cost curve 
E)  marginal utility 
A)  demand curve 
B)  experience curve 
C)  short-run average cost curve 
D)  long-run average cost curve 
E)  marginal utility

Question 7

In ________,price is considered along with the other marketing mix variables before the marketing program is set.

Accepted Answer

A)  value-based pricing 
B)  cost-based pricing 
C)  variable costs 
D)  price elasticity 
E)  markup pricing 
A)  value-based pricing 
B)  cost-based pricing 
C)  variable costs 
D)  price elasticity 
E)  markup pricing

Question 8

Costs that do not vary with production or sales level are referred to as ________.

Accepted Answer

A)  fixed costs 
B)  variable costs 
C)  target costs 
D)  total costs 
E)  unit costs 
A)  fixed costs 
B)  variable costs 
C)  target costs 
D)  total costs 
E)  unit costs

Question 9

The company designs what it considers to be a good product,totals the expenses of making the product,and sets a price that adds a standard markup to the cost of the product.This approach to pricing is called ________.

Accepted Answer

A)  value-based pricing 
B)  fixed cost pricing 
C)  cost-plus pricing 
D)  variable pricing 
E)  skimming pricing 
A)  value-based pricing 
B)  fixed cost pricing 
C)  cost-plus pricing 
D)  variable pricing 
E)  skimming pricing

Question 10

SRAC is the acronym for which concept related to costs at different levels of production?

Accepted Answer

A)  strategic reasoning and costs 
B)  short-run accounting costs 
C)  short-run average cost 
D)  strategic rights and company 
E)  strategic revenues and costs 
A)  strategic reasoning and costs 
B)  short-run accounting costs 
C)  short-run average cost 
D)  strategic rights and company 
E)  strategic revenues and costs

The less the demand,the it benefits the seller to raise the price.

Price competition is minimized when all firms in an industry use which pricing method?

The relationship between the price charged and the resulting demand level can be shown as the ________.

Explain the concept of a price ceiling.

Companies are fortunate to have demand that is more ________ because they may be able to set higher prices.

As production workers become better organized and more familiar with equipment,the average cost per unit decreases.This is called the ________.

In ________,price is considered along with the other marketing mix variables before the marketing program is set.

Costs that do not vary with production or sales level are referred to as ________.

The company designs what it considers to be a good product,totals the expenses of making the product,and sets a price that adds a standard markup to the cost of the product.This approach to pricing is called ________.

SRAC is the acronym for which concept related to costs at different levels of production?

Marketing: Managing Profitable Customer Relationships

Company and Marketing Strategy: Partnering to Build

The Marketing Environment

Managing Marketing Information

Consumer Markets and Consumer Buyer Behavior

Business Markets and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products,Services,and Brands: Building Customer Value

New Product Development and Product Life-Cycle Strategies

Pricing Products: Pricing Strategies

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct and Online Marketing: Building Direct Customer Relationships

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

Exam 10: Pricing Products: Understanding and Capturing Customer Value

The less ________ the demand,the ________ it benefits the seller to raise the price.

Price competition is minimized when all firms in an industry use which pricing method?

The relationship between the price charged and the resulting demand level can be shown as the ________.

Explain the concept of a price ceiling.

Companies are fortunate to have demand that is more ________ because they may be able to set higher prices.

As production workers become better organized and more familiar with equipment,the average cost per unit decreases.This is called the ________.

In ________,price is considered along with the other marketing mix variables before the marketing program is set.

Costs that do not vary with production or sales level are referred to as ________.

The company designs what it considers to be a good product,totals the expenses of making the product,and sets a price that adds a standard markup to the cost of the product.This approach to pricing is called ________.

SRAC is the acronym for which concept related to costs at different levels of production?

Marketing: Managing Profitable Customer Relationships

Company and Marketing Strategy: Partnering to Build

The Marketing Environment

Managing Marketing Information

Consumer Markets and Consumer Buyer Behavior

Business Markets and Business Buyer Behavior

Customer-Driven Marketing Strategy: Creating Value for Target Customers

Products,Services,and Brands: Building Customer Value

New Product Development and Product Life-Cycle Strategies

Pricing Products: Pricing Strategies

Marketing Channels: Delivering Customer Value

Retailing and Wholesaling

Communicating Customer Value: Integrated Marketing

Advertising and Public Relations

Personal Selling and Sales Promotion

Direct and Online Marketing: Building Direct Customer Relationships

Creating Competitive Advantage

The Global Marketplace

Sustainable Marketing: Social Responsibility and Ethics

Filters

The less the demand,the it benefits the seller to raise the price.