Exam 16: Pricing Concepts

Which of the following prohibits any firm from selling to two or more different buyers,within a reasonably short time,commodities (not services)of like grade and quality at different prices where the result would be to substantially lessen competition?

When consumers are sensitive to price changes,_____ occurs.

Status quo pricing objectives suggest that the firm should try to keep its price consistent regardless of what competition does with its prices.

What are the problems associated with the use of a cost-based pricing strategy? What contribution does cost make to the setting of prices?

The _____ is the quantity of a product that will be sold in the market at various prices for a specified time period,and _____ is the quantity of a product that will be offered to the market by suppliers at various prices for a specified period.

JC Penney sends representatives to shop at similar retailers to make sure it is charging comparable prices for its products.JC Penney probably uses a _____ strategy.

Laurie knows little about cooking and does not want to spend the time to learn how to make a quiche.However,she has been asked to bring a quiche to an office retirement party.Not wanting to make a poor choice,she is likely to:

An educational toy store can buy a world globe for $30.If the store owner sells the globe for $45,what is the markup based on the selling price?

Sales-oriented pricing objectives are either based on market share or dollar or unit sales.

In the mature and highly competitive furniture industry,you would expect furniture manufacturers to engage in:

Price discrimination can sometimes be justified.

At a price of $1,192,057,the Bugatti Veyron may be the most expensive street legal car currently on the market today.Obviously,Bugatti is NOT using a _____ pricing objective in setting the price for this car.

The greater the number of different uses for a product,the more _____ demand tends to be.

States developed unfair trade practice acts to

While the sales of the Apple iPhone have been great from the beginning,when Apple released its iPhone 3G cut the price of the iPhone for $399 to $199 sales exploded with one million iPhones sold the first weekend.Demand for the iPhone appears to be _____.

When Insight Research Associates quotes a marketing research project management will first estimate the cost to conduct the research and produce and deliver the final client report.The next step in determining the price is to add 30% to that cost estimate.This becomes the price estimate given to the potential research client.This suggests that Insight Research Associates uses a(n)_____ pricing objective.

Consumers' responsiveness or sensitivity to changes in prices is known as:

Which of the following statements about yield management systems (YMS)is true?

_____ is a company's product sales as a percentage of total sales for that industry.

David likes New Balance running shoes.However,when he stopped by the Foot Locker to buy a new pair of running shoes he notice that Nike had a new pair of running shoes that cost $350.To David the higher price of the Nike shoe indicated that it would be a better pair of running shoes.This is an example of _____.