Question 1

Unlike niche-oriented shopping bots,broad-based shopping bots

Accepted Answer

A)  give pricing power to the retailers. 
B)  search for prices for only one type of product. 
C)  are programs that search websites which are based on a Yellow Pages type of model. 
D)  search sites like SeatGeek and Kayak. 
A)  give pricing power to the retailers. 
B)  search for prices for only one type of product. 
C)  are programs that search websites which are based on a Yellow Pages type of model. 
D)  search sites like SeatGeek and Kayak.

Question 2

A company's product sales as a percentage of total sales for that industry are known as __________.

Accepted Answer

A)  market share 
B)  revenue 
C)  return on investment 
D)  profit 
A)  market share 
B)  revenue 
C)  return on investment 
D)  profit

Question 3

Which of the following is true of Internet auctions?

Accepted Answer

A)  Business-to-business auctions are likely to fade away in the future. 
B)  The seller in a reverse auction sells his products or services to the highest bidder. 
C)  The eBay site is the most popular auction site,with more than 100 million buyers and sellers. 
D)  Consumers do not trust Internet auctions and how they work. 
A)  Business-to-business auctions are likely to fade away in the future. 
B)  The seller in a reverse auction sells his products or services to the highest bidder. 
C)  The eBay site is the most popular auction site,with more than 100 million buyers and sellers. 
D)  Consumers do not trust Internet auctions and how they work.

Question 4

_____ is a price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities.

Accepted Answer

A)  One-part pricing 
B)  Price lining 
C)  Flexible pricing 
D)  Price skimming 
A)  One-part pricing 
B)  Price lining 
C)  Flexible pricing 
D)  Price skimming

Question 5

For businesses,consumer penalties are part of doing business in a highly competitive marketplace.

Accepted Answer

A) True 
 B)False

Question 6

Predatory pricing is illegal under the Robinson-Patman Act of 1936.

Accepted Answer

A) True 
 B)False

Question 7

Consumers are more likely to perceive the value of a product to be less than its price tag says if the product's

Accepted Answer

A)  price is set too high in their minds. 
B)  manufacturer gains very little profit from the product. 
C)  demand is inelastic. 
D)  demand and supply attain the state of price equilibrium. 
A)  price is set too high in their minds. 
B)  manufacturer gains very little profit from the product. 
C)  demand is inelastic. 
D)  demand and supply attain the state of price equilibrium.

Question 8

Which of the following is the first step in the four-step process of setting the right price of a product?

Accepted Answer

A)  Estimate demand,costs,and profits. 
B)  Establish pricing goals. 
C)  Choose a price strategy to help determine a base price. 
D)  Fine-tune the base price with pricing tactics. 
A)  Estimate demand,costs,and profits. 
B)  Establish pricing goals. 
C)  Choose a price strategy to help determine a base price. 
D)  Fine-tune the base price with pricing tactics.

Question 9

Which of the following is true of establishing pricing goals?

Accepted Answer

A)  Pricing objectives are either profit oriented or sales oriented if they are to serve company objectives. 
B)  Reaching the desired market share must not entail sacrificing short-term profits because every dollar counts. 
C)  A profit maximization objective may require a bigger initial investment than the firm can commit to or wants to commit to. 
D)  Pricing objectives rarely have trade-offs and thus managers must set them ambitiously to capture the market. 
A)  Pricing objectives are either profit oriented or sales oriented if they are to serve company objectives. 
B)  Reaching the desired market share must not entail sacrificing short-term profits because every dollar counts. 
C)  A profit maximization objective may require a bigger initial investment than the firm can commit to or wants to commit to. 
D)  Pricing objectives rarely have trade-offs and thus managers must set them ambitiously to capture the market.

Question 10

A cash refund given for the purchase of a product during a specific period is called

Accepted Answer

A)  cash discount. 
B)  quantity discount. 
C)  functional discount. 
D)  rebate. 
A)  cash discount. 
B)  quantity discount. 
C)  functional discount. 
D)  rebate.

Question 11

Which of the following pricing strategies is subject to government regulation?

Accepted Answer

A)  Penetration pricing 
B)  Status quo pricing 
C)  Price skimming 
D)  Price fixing 
A)  Penetration pricing 
B)  Status quo pricing 
C)  Price skimming 
D)  Price fixing

Question 12

A basic,long-term pricing framework that establishes the initial price for a product and the intended direction for price movements over the product life cycle is called ___________.

Accepted Answer

A)  strategic management 
B)  a price strategy 
C)  a promotional strategy 
D)  advertising strategy 
A)  strategic management 
B)  a price strategy 
C)  a promotional strategy 
D)  advertising strategy

Question 13

Diffusion Research Company specializes in conducting market research for various firms.When it receives a new research proposal,its management first estimates the cost of conducting the research and delivering the final research report.The management then attempts to reduce the costs through efficient operations.In this scenario,Diffusion Research Company has a _____ pricing objective.

Accepted Answer

A)  cash maximization 
B)  status quo 
C)  sales-oriented 
D)  profit-oriented 
A)  cash maximization 
B)  status quo 
C)  sales-oriented 
D)  profit-oriented

Question 14

Among the following,that which is given up in an exchange to acquire a good or service is known as ______.

Accepted Answer

A)  price 
B)  cost 
C)  margin 
D)  profit 
A)  price 
B)  cost 
C)  margin 
D)  profit

Question 15

Psychological pricing is marketing two or more products in a single package for a special price.

Accepted Answer

A) True 
 B)False

Question 16

Shopping bots allow sellers to collect detailed data about customers' buying habits,preferences,and even spending limits.

Accepted Answer

A) True 
 B)False

Question 17

For convenience,pricing objectives can be divided into three categories:

Accepted Answer

A)  refundable,competitive,and attainable. 
B)  perceived,actual,and situational. 
C)  differentiated,niche,and undifferentiated. 
D)  profit oriented,sales oriented,and status quo. 
A)  refundable,competitive,and attainable. 
B)  perceived,actual,and situational. 
C)  differentiated,niche,and undifferentiated. 
D)  profit oriented,sales oriented,and status quo.

Question 18

Riya saw a box of collector's edition comic books at Fournotts,a retail corporation.Each comic was priced at $28.50.A friend of hers who bought five books was required to pay only $19.99 per book.Riya bought just one book and received no discount.Fournotts' revenue from Riya's and her friend's combined purchases was _____.

Accepted Answer

A)  $158.51 
B)  $19.99 
C)  $28.50 
D)  $128.45 
A)  $158.51 
B)  $19.99 
C)  $28.50 
D)  $128.45

Question 19

The big advantage of price skimming is that it typically discourages or blocks competition from entering a market.

Accepted Answer

A) True 
 B)False

Question 20

The assertion,"price is that which is given up to get a good or service" indicates which of the following effects of price?

Accepted Answer

A)  The sacrifice effect of price 
B)  The information effect of price 
C)  The perceived satisfaction effect of price 
D)  The quality effect of price 
A)  The sacrifice effect of price 
B)  The information effect of price 
C)  The perceived satisfaction effect of price 
D)  The quality effect of price

Unlike niche-oriented shopping bots,broad-based shopping bots

A company's product sales as a percentage of total sales for that industry are known as __________.

Which of the following is true of Internet auctions?

_____ is a price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities.

For businesses,consumer penalties are part of doing business in a highly competitive marketplace.

Predatory pricing is illegal under the Robinson-Patman Act of 1936.

Consumers are more likely to perceive the value of a product to be less than its price tag says if the product's

Which of the following is the first step in the four-step process of setting the right price of a product?

Which of the following is true of establishing pricing goals?

A cash refund given for the purchase of a product during a specific period is called

Which of the following pricing strategies is subject to government regulation?

A basic,long-term pricing framework that establishes the initial price for a product and the intended direction for price movements over the product life cycle is called ___________.

Among the following,that which is given up in an exchange to acquire a good or service is known as ______.

Psychological pricing is marketing two or more products in a single package for a special price.

Shopping bots allow sellers to collect detailed data about customers' buying habits,preferences,and even spending limits.

For convenience,pricing objectives can be divided into three categories:

The big advantage of price skimming is that it typically discourages or blocks competition from entering a market.

The assertion,"price is that which is given up to get a good or service" indicates which of the following effects of price?

An Overview of Marketing

Strategic Planning and Competitive Advantage

Ethics and Social Responsibility

The Marketing Environment

Developing a Global Vision

Consumer Decision Making

Business Marketing

Segmenting and Targeting Markets

Marketing Research

Product Concepts

Developing and Managing Products

Services and Nonprofit Organization Marketing

Supply Chain Management and Marketing Channels

Retailing

Marketing Communications

Advertising,public Relations,and Sales Promotion

Personal Selling and Sales Management

Social Media and Marketing

Filters

Exam 19: Pricing Concepts

Unlike niche-oriented shopping bots,broad-based shopping bots

A company's product sales as a percentage of total sales for that industry are known as __________.

Which of the following is true of Internet auctions?

_____ is a price tactic in which different customers pay different prices for essentially the same merchandise bought in equal quantities.

For businesses,consumer penalties are part of doing business in a highly competitive marketplace.

Predatory pricing is illegal under the Robinson-Patman Act of 1936.

Consumers are more likely to perceive the value of a product to be less than its price tag says if the product's

Which of the following is the first step in the four-step process of setting the right price of a product?

Which of the following is true of establishing pricing goals?

A cash refund given for the purchase of a product during a specific period is called

Which of the following pricing strategies is subject to government regulation?

A basic,long-term pricing framework that establishes the initial price for a product and the intended direction for price movements over the product life cycle is called ___________.

Among the following,that which is given up in an exchange to acquire a good or service is known as ______.

Psychological pricing is marketing two or more products in a single package for a special price.

Shopping bots allow sellers to collect detailed data about customers' buying habits,preferences,and even spending limits.

For convenience,pricing objectives can be divided into three categories:

The big advantage of price skimming is that it typically discourages or blocks competition from entering a market.

The assertion,"price is that which is given up to get a good or service" indicates which of the following effects of price?

An Overview of Marketing

Strategic Planning and Competitive Advantage

Ethics and Social Responsibility

The Marketing Environment

Developing a Global Vision

Consumer Decision Making

Business Marketing

Segmenting and Targeting Markets

Marketing Research

Product Concepts

Developing and Managing Products

Services and Nonprofit Organization Marketing

Supply Chain Management and Marketing Channels

Retailing

Marketing Communications

Advertising,public Relations,and Sales Promotion

Personal Selling and Sales Management

Social Media and Marketing

Filters