Exam 12: Pricing Concepts and Management

French Quarter Inns reduces the price of a suite from $225 to $195 per night and experiences a reduction in the quantity of rooms demanded by an average of five per night. This is an indication that suites at this hotel are an example of a(n) product.

(Multiple Choice)

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Question 41

How can a marketer use product quality as a pricing objective to influence purchasing decisions?

(Essay)

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Question 42

If a product has an inelastic demand and the manufacturer raises its price:

(Multiple Choice)

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Question 43

The owner of Big Bike Motorcycles is opening a retail outlet at a new location. Which of the following is most likely to be a fixed cost for Big Bike Motorcycles?

(Multiple Choice)

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Question 44

Steinway produces concert grand pianos, often using the custom materials and designs desired by a specific customer. The average price of these pianos runs about $50,000 depending on the exact piano. What type of pricing does Steinway most likely use for these pianos?

(Multiple Choice)

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Question 45

Cost-based pricing does not necessarily take into account the economic aspects of supply and demand.

(True/False)

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Question 46

If Roberts Electronics finds that the average total cost of its radar detectors and the marginal cost of its radar detectors are both $85, then its:

(Multiple Choice)

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Question 47

Markup can be stated as a percentage of the cost or as a percentage of the selling price.

(True/False)

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Question 48

Price skimming is designed to yield maximum unit sales volume.

(True/False)

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Question 49

If Wrigley set its pricing objective as attaining 38 percent of the chewing gum market, what else would be needed to make this a true pricing objective?

(Multiple Choice)

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Question 50

To determine the break-even point in units, divide the fixed costs by:

(Multiple Choice)

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Question 51

Marketers generally view as the minimum price a product can be sold for.

(Multiple Choice)

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Question 52

A firm that considers costs and revenue secondary to competitors' prices when setting its own prices is using a competition-based pricing strategy.

(True/False)

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Question 53

Most pricing objectives based on are achieved by trial and error because not all cost and revenue data are available when prices are set.

(Multiple Choice)

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Question 54

Captive pricing, premium pricing, and price lining are all strategies aimed at maximizing the profits of an entire product line rather than an individual product.

(True/False)

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Question 55

Ryan orders 16 dozen fishing lures from Strike Right for $375. When he gets the invoice, he is furious that $25 in freight charges has been tacked on to his bill because he thought the price included freight costs. Ryan should have been certain that the order terms were:

(Multiple Choice)

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Question 56

Which of the following statements about price elasticity is false?

(Multiple Choice)

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Question 57

Kohl's pays $16.50 for a sixounce bottle of cologne and sells it for $25.95. Its markup as a percentage of cost is approximately percent for this product.

(Multiple Choice)

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Question 58

Electricity is an example of a product that is price elastic.

(True/False)

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Question 59

If a business decides to reduce its prices once in a while on an unsystematic basis, it is using:

(Multiple Choice)

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Question 60

Showing 41 - 60 of 230

French Quarter Inns reduces the price of a suite from $225 to $195 per night and experiences a reduction in the quantity of rooms demanded by an average of five per night. This is an indication that suites at this hotel are an example of a(n) product.

How can a marketer use product quality as a pricing objective to influence purchasing decisions?

If a product has an inelastic demand and the manufacturer raises its price:

The owner of Big Bike Motorcycles is opening a retail outlet at a new location. Which of the following is most likely to be a fixed cost for Big Bike Motorcycles?

Steinway produces concert grand pianos, often using the custom materials and designs desired by a specific customer. The average price of these pianos runs about $50,000 depending on the exact piano. What type of pricing does Steinway most likely use for these pianos?

Cost-based pricing does not necessarily take into account the economic aspects of supply and demand.

If Roberts Electronics finds that the average total cost of its radar detectors and the marginal cost of its radar detectors are both $85, then its:

Markup can be stated as a percentage of the cost or as a percentage of the selling price.

Price skimming is designed to yield maximum unit sales volume.

If Wrigley set its pricing objective as attaining 38 percent of the chewing gum market, what else would be needed to make this a true pricing objective?

To determine the break-even point in units, divide the fixed costs by:

Marketers generally view as the minimum price a product can be sold for.

A firm that considers costs and revenue secondary to competitors' prices when setting its own prices is using a competition-based pricing strategy.

Most pricing objectives based on are achieved by trial and error because not all cost and revenue data are available when prices are set.

Captive pricing, premium pricing, and price lining are all strategies aimed at maximizing the profits of an entire product line rather than an individual product.

Ryan orders 16 dozen fishing lures from Strike Right for $375. When he gets the invoice, he is furious that $25 in freight charges has been tacked on to his bill because he thought the price included freight costs. Ryan should have been certain that the order terms were:

Which of the following statements about price elasticity is false?

Kohl's pays $16.50 for a sixounce bottle of cologne and sells it for $25.95. Its markup as a percentage of cost is approximately percent for this product.

Electricity is an example of a product that is price elastic.

If a business decides to reduce its prices once in a while on an unsystematic basis, it is using:

Customer-Driven Strategic Marketing

Planning, Implementing, and Evaluating Marketing Strategies

The Marketing Environment, Social Responsibility, and Ethics

Marketing Research and Information Systems

Target Markets: Segmentation and Evaluation

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product, Branding, and Packaging Concepts

Developing and Managing Goods and Services

Marketing Channels and Supply-Chain Management

Retailing, Direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Filters

Exam 12: Pricing Concepts and Management

French Quarter Inns reduces the price of a suite from $225 to $195 per night and experiences a reduction in the quantity of rooms demanded by an average of five per night. This is an indication that suites at this hotel are an example of a(n) product.

How can a marketer use product quality as a pricing objective to influence purchasing decisions?

If a product has an inelastic demand and the manufacturer raises its price:

The owner of Big Bike Motorcycles is opening a retail outlet at a new location. Which of the following is most likely to be a fixed cost for Big Bike Motorcycles?

Steinway produces concert grand pianos, often using the custom materials and designs desired by a specific customer. The average price of these pianos runs about $50,000 depending on the exact piano. What type of pricing does Steinway most likely use for these pianos?

Cost-based pricing does not necessarily take into account the economic aspects of supply and demand.

If Roberts Electronics finds that the average total cost of its radar detectors and the marginal cost of its radar detectors are both $85, then its:

Markup can be stated as a percentage of the cost or as a percentage of the selling price.

Price skimming is designed to yield maximum unit sales volume.

If Wrigley set its pricing objective as attaining 38 percent of the chewing gum market, what else would be needed to make this a true pricing objective?

To determine the break-even point in units, divide the fixed costs by:

Marketers generally view as the minimum price a product can be sold for.

A firm that considers costs and revenue secondary to competitors' prices when setting its own prices is using a competition-based pricing strategy.

Most pricing objectives based on are achieved by trial and error because not all cost and revenue data are available when prices are set.

Captive pricing, premium pricing, and price lining are all strategies aimed at maximizing the profits of an entire product line rather than an individual product.

Ryan orders 16 dozen fishing lures from Strike Right for $375. When he gets the invoice, he is furious that $25 in freight charges has been tacked on to his bill because he thought the price included freight costs. Ryan should have been certain that the order terms were:

Which of the following statements about price elasticity is false?

Kohl's pays $16.50 for a six­ounce bottle of cologne and sells it for $25.95. Its markup as a percentage of cost is approximately percent for this product.

Electricity is an example of a product that is price elastic.

If a business decides to reduce its prices once in a while on an unsystematic basis, it is using:

Customer-Driven Strategic Marketing

Planning, Implementing, and Evaluating Marketing Strategies

The Marketing Environment, Social Responsibility, and Ethics

Marketing Research and Information Systems

Target Markets: Segmentation and Evaluation

Consumer Buying Behavior

Business Markets and Buying Behavior

Reaching Global Markets

Digital Marketing and Social Networking

Product, Branding, and Packaging Concepts

Developing and Managing Goods and Services

Marketing Channels and Supply-Chain Management

Retailing, Direct Marketing, and Wholesaling

Integrated Marketing Communications

Advertising and Public Relations

Personal Selling and Sales Promotion

Filters

Kohl's pays $16.50 for a sixounce bottle of cologne and sells it for $25.95. Its markup as a percentage of cost is approximately percent for this product.