Exam 13: Pricing Concepts for Establishing Value

Marketer of products and services associated with the wedding industry know that customers often do not care what the price is.They just want the wedding to be perfect.For these customers demand,is likely to be:

Brands that have developed loyal customers have a higher price elasticity of demand.

If a firm in a purely competitive market can differentiate its product or service,it becomes part of a ____________________ market.

Bernard's firm has set corporate direction to become one of the leaders in each of its significant market segments.It was Bernard's job to examine the pricing to determine how to maximize market share,even at the expense of profits in the short run.What kind of company objective would guide Bernard's effort?

Rarely is the lowest-price product offering the dominant brand in a given market.

Darcy is the marketing director for a small chain of jewelry stores.She was interested in opportunities for the store to use eBay for some aspects of its business.Which of the following would be good strategies for doing this?

If firms price their products too low,it may:

Variable costs,primarily labor and materials,are those costs that vary with:

A demand curve shows the relationship between income and demand.

A _________________ strategy involves accurately measuring all the factors needed to predict sales and profits at various price levels,so that the price level that produces the highest return can be chosen.

A change in ______________ would probably cause a change in the demand curve for a product.

Marketers spend millions of dollars annually trying to create or reinforce brand loyalty.Brand loyalty changes the demand curve for the firm's products by:

Rodi owns Hallman's auto repair service.He has observed over the years that customers keep their high-mileage cars longer when the economy is doing poorly,creating demand for his maintenance and repair service.Rodi has observed the impact of ______________ on demand for his service.

One of the limitations associated with break-even analysis is that:

When Ursula decides how to price new products in her gift store,she measures the value of her product offerings against those of the other stores in her area.Ursula uses a __________________ pricing strategy.

There is an old saying,"If you have to ask the price of a yacht,you cannot afford it." Products like yachts are most likely to be associated with:

Often,at the beginning of a semester,professors are encouraged or directed to allow students to be added to a class after the course has started.For the university,the variable cost of adding another student to a class:

Price is the _______________________ a consumer is willing to make to acquire a specific product or service.

Managers of Wendy's fast food restaurants keep track of prices at competitors such as McDonald's,Burger King,and Arby's,knowing that a decrease in the prices at these other fast food restaurants will:

Which of the following markets is most likely to be characterized by oligopolistic competition in the United States?