Question 1

State laws requiring sellers to maintain minimum prices for comparable merchandise are called _____ laws.

Accepted Answer

A) tax-exemption 
B) unfair-trade 
C) price-discrimination 
D) loss-leader 
A) tax-exemption 
B) unfair-trade 
C) price-discrimination 
D) loss-leader

Question 2

Full-cost pricing allows the marketer to recover all costs plus the amount added as a profit margin.

Accepted Answer

A) True 
 B)False

Question 3

Price setting is based on the marketer's ability to strike a balance between desired profits,and the customer's perception of a product's value.

Accepted Answer

A) True 
 B)False

Question 4

A value pricing strategy works best for relatively high-priced goods and services.

Accepted Answer

A) True 
 B)False

Question 5

Prestige pricing establishes a relatively high price to develop and maintain an image of quality and exclusiveness that appeals to status-conscious consumers.

Accepted Answer

A) True 
 B)False

Question 6

When a state decides to double the tax on alcoholic beverages and consequently,increases their market price,the state is aiming at:

Accepted Answer

A) market suppression. 
B) profit maximization. 
C) cost recovery. 
D) market domination. 
A) market suppression. 
B) profit maximization. 
C) cost recovery. 
D) market domination.

Question 7

Manufacturers attempt to balance consumer expectations of customary prices with the realities of rising costs by increasing overall product size.

Accepted Answer

A) True 
 B)False

Question 8

When the elasticity of demand or supply is greater than 1.0,then that demand or supply is said to be inelastic.

Accepted Answer

A) True 
 B)False

Question 9

Explain the concept of value pricing.

Accepted Answer

Value pricing is a pricing strategy that

Question 10

The average total cost is the cost calculated by dividing the sum of the variable and fixed costs by the number of units produced.

Accepted Answer

A) True 
 B)False

Question 11

Explain the concept of marginal analysis.

Accepted Answer

Marginal analysis is the method of analy

Question 12

​You've attempted to maximize profits on sales of your bakery's gluten-free bread by taking a number of steps: for example,by responding quickly to competitors' discounts,setting target return objectives,and marketing the product as a necessity for people who are allergic to wheat.Unfortunately,profits still haven't reached your goals.You hope to explain the disappointing results to your partners in a way that won't reflect poorly on your marketing judgment.Which of the following explanations do you choose?

Accepted Answer

A) ​The cost structure of the business is unclear. 
B) ​The demand curve for the product is unclear. 
C) ​The market for gluten-free bread -- people with wheat allergies -- is much smaller than you projected. 
D) ​Your advertising budget is inadequate. 
E) ​The price of your brand is too high. 
A) ​The cost structure of the business is unclear. 
B) ​The demand curve for the product is unclear. 
C) ​The market for gluten-free bread -- people with wheat allergies -- is much smaller than you projected. 
D) ​Your advertising budget is inadequate. 
E) ​The price of your brand is too high.

Question 13

Firms with large shares accumulate greater operating experience and lower overall costs relative to competitors with smaller market shares.

Accepted Answer

A) True 
 B)False

Question 14

Microeconomics suggests a way of determining prices that assumes a profit-maximization objective.

Accepted Answer

A) True 
 B)False

Question 15

In which of the following market structures the entry of new firms into the industry is regulated by the government?

Accepted Answer

A) Pure competition 
B) Monopolistic competition 
C) Oligopoly 
D) Monopoly 
A) Pure competition 
B) Monopolistic competition 
C) Oligopoly 
D) Monopoly

Question 16

Match each item with the correct statement below.
-The change in total cost that results from producing an additional unit of output is called _____ cost.

Accepted Answer

A) breakeven analysis 
B) tariffs 
C) unfair-trade laws 
D) incremental-cost pricing 
E) profit maximization
F)demand
G)value pricing
H)monopoly
I)elasticity
J)marginal
K)fair-trade laws
L)yield management
M)oligopoly
N)cost-plus pricing
O)full-cost pricing
P)supply
Q)marginal analysis
R)target-return objectives
S)market-share objectives
T)pure competition 
A) breakeven analysis 
B) tariffs 
C) unfair-trade laws 
D) incremental-cost pricing 
E) profit maximization
F)demand
G)value pricing
H)monopoly
I)elasticity
J)marginal
K)fair-trade laws
L)yield management
M)oligopoly
N)cost-plus pricing
O)full-cost pricing
P)supply
Q)marginal analysis
R)target-return objectives
S)market-share objectives
T)pure competition

Question 17

Match each item with the correct statement below.
-A pricing method that attempts to use only costs directly attributable to a specific output in setting prices is known as _____.

Accepted Answer

A) breakeven analysis 
B) tariffs 
C) unfair-trade laws 
D) incremental-cost pricing 
E) profit maximization
F)demand
G)value pricing
H)monopoly
I)elasticity
J)marginal
K)fair-trade laws
L)yield management
M)oligopoly
N)cost-plus pricing
O)full-cost pricing
P)supply
Q)marginal analysis
R)target-return objectives
S)market-share objectives
T)pure competition 
A) breakeven analysis 
B) tariffs 
C) unfair-trade laws 
D) incremental-cost pricing 
E) profit maximization
F)demand
G)value pricing
H)monopoly
I)elasticity
J)marginal
K)fair-trade laws
L)yield management
M)oligopoly
N)cost-plus pricing
O)full-cost pricing
P)supply
Q)marginal analysis
R)target-return objectives
S)market-share objectives
T)pure competition

Question 18

A pricing strategy that emphasizes benefits of a product in comparison to the price and quality levels of competing offerings is called _____ pricing.

Accepted Answer

A) incremental-cost 
B) full-cost 
C) cost-plus 
D) value 
A) incremental-cost 
B) full-cost 
C) cost-plus 
D) value

Question 19

Explain customary prices.

Accepted Answer

Customary prices are retail prices consu

Question 20

A schedule of the amounts of a good or service that will be offered for sale at different prices during a specified period is referred to as _____.

Accepted Answer

A) demand 
B) supply 
C) surplus 
D) ration 
A) demand 
B) supply 
C) surplus 
D) ration

State laws requiring sellers to maintain minimum prices for comparable merchandise are called _____ laws.

Full-cost pricing allows the marketer to recover all costs plus the amount added as a profit margin.

Price setting is based on the marketer's ability to strike a balance between desired profits,and the customer's perception of a product's value.

A value pricing strategy works best for relatively high-priced goods and services.

Prestige pricing establishes a relatively high price to develop and maintain an image of quality and exclusiveness that appeals to status-conscious consumers.

When a state decides to double the tax on alcoholic beverages and consequently,increases their market price,the state is aiming at:

Manufacturers attempt to balance consumer expectations of customary prices with the realities of rising costs by increasing overall product size.

When the elasticity of demand or supply is greater than 1.0,then that demand or supply is said to be inelastic.

Explain the concept of value pricing.

The average total cost is the cost calculated by dividing the sum of the variable and fixed costs by the number of units produced.

Explain the concept of marginal analysis.

Firms with large shares accumulate greater operating experience and lower overall costs relative to competitors with smaller market shares.

Microeconomics suggests a way of determining prices that assumes a profit-maximization objective.

In which of the following market structures the entry of new firms into the industry is regulated by the government?

Match each item with the correct statement below. -The change in total cost that results from producing an additional unit of output is called _____ cost.

Match each item with the correct statement below. -A pricing method that attempts to use only costs directly attributable to a specific output in setting prices is known as _____.

A pricing strategy that emphasizes benefits of a product in comparison to the price and quality levels of competing offerings is called _____ pricing.

Explain customary prices.

A schedule of the amounts of a good or service that will be offered for sale at different prices during a specified period is referred to as _____.

Marketing: the Art and Science of Satisfying Customers

Strategic Planning in Contemporary Marketing

The Marketing Environment, ethics, and Social Responsibility

Social Media: Living in the Connected World

E-Business: Managing the Customer Experience

Consumer Behavior

Business-To-Business B2bmarketing

Global Marketing

Market Segmentation, targeting, and Positioning

Marketing Research in the Era of Big Data

Relationship Marketing and Customer Relationship Management Crm

Product and Service Strategies

Developing and Managing Brand and Product Categories

Marketing Channels and Supply Chain Management

Retailers, wholesalers, and Direct Marketers

Integrated Marketing Communications, advertising, and Public Relations

Personal Selling and Sales Promotion

Pricing Strategies

Developing an Effective Marketing Plan

Financial Analysis in Marketing

Filters

Exam 18: Pricing Concepts

State laws requiring sellers to maintain minimum prices for comparable merchandise are called _____ laws.

Full-cost pricing allows the marketer to recover all costs plus the amount added as a profit margin.

Price setting is based on the marketer's ability to strike a balance between desired profits,and the customer's perception of a product's value.

A value pricing strategy works best for relatively high-priced goods and services.

Prestige pricing establishes a relatively high price to develop and maintain an image of quality and exclusiveness that appeals to status-conscious consumers.

When a state decides to double the tax on alcoholic beverages and consequently,increases their market price,the state is aiming at:

Manufacturers attempt to balance consumer expectations of customary prices with the realities of rising costs by increasing overall product size.

When the elasticity of demand or supply is greater than 1.0,then that demand or supply is said to be inelastic.

Explain the concept of value pricing.

The average total cost is the cost calculated by dividing the sum of the variable and fixed costs by the number of units produced.

Explain the concept of marginal analysis.

Firms with large shares accumulate greater operating experience and lower overall costs relative to competitors with smaller market shares.

Microeconomics suggests a way of determining prices that assumes a profit-maximization objective.

In which of the following market structures the entry of new firms into the industry is regulated by the government?

Match each item with the correct statement below. -The change in total cost that results from producing an additional unit of output is called _____ cost.

Match each item with the correct statement below. -A pricing method that attempts to use only costs directly attributable to a specific output in setting prices is known as _____.

A pricing strategy that emphasizes benefits of a product in comparison to the price and quality levels of competing offerings is called _____ pricing.

Explain customary prices.

A schedule of the amounts of a good or service that will be offered for sale at different prices during a specified period is referred to as _____.

Marketing: the Art and Science of Satisfying Customers

Strategic Planning in Contemporary Marketing

The Marketing Environment, ethics, and Social Responsibility

Social Media: Living in the Connected World

E-Business: Managing the Customer Experience

Consumer Behavior

Business-To-Business B2bmarketing

Global Marketing

Market Segmentation, targeting, and Positioning

Marketing Research in the Era of Big Data

Relationship Marketing and Customer Relationship Management Crm

Product and Service Strategies

Developing and Managing Brand and Product Categories

Marketing Channels and Supply Chain Management

Retailers, wholesalers, and Direct Marketers

Integrated Marketing Communications, advertising, and Public Relations

Personal Selling and Sales Promotion

Pricing Strategies

Developing an Effective Marketing Plan

Financial Analysis in Marketing

Filters