In __________ pricing, the firm bases its price largely on competitors’ prices.
__________ price refers to what the consumers feel the product should cost.
c) Usual discounted
While shopping at the mall, Jane is asked by one of the sales representatives at the cosmetics counter to try out a new lipstick that her company is test marketing. The company representative asks her how much she would be willing to pay for the lipstick. After trying it out, Jane is of the opinion that $5 is just the right price for it. What type of a reference price is Jane using?
a) Usual discounted price
b) Fair price
c) Maximum retail price
d) Last price paid
Which of the following is the first step in setting a pricing policy?
a) Selecting a pricing method
b) Selecting the pricing objective
c) Determining demand
d) Estimating cost
A firm that is plagued with overcapacity, intense competition, or changing wants would do better if it pursues __________ as its major objective.
a) market skimming
b) product-quality leadership
d) profit maximization
__________ auctions let would-be suppliers submit only one bid; they cannot know the other bids.
a) Descending bid
When consumers examine products, they often compare an observed price to an internal price they remember. This is known as a(n) __________ price.
Deducting the desired profit margin from the price at which a product will sell, given its appeal and competitors’ prices, is known as:
a) overhead costing.
b) target costing.
c) activity based costing.
d) benefit analysis.
The key to perceived-value pricing is to:
a) reengineer the company’s operations.
b) deliver more unique value than competitors.
c) adopt subtle marketing tactics compared to competitors.
d) deliver more value but at a lower cost.
Which of the following is TRUE regarding price elasticity?
a) The higher the elasticity, the lesser is the volume growth resulting from a 1 percent price reduction.
b) Within the price indifference band, price changes have little or no effect on demand.
c) If demand is elastic, sellers will consider increasing the price.
d) Price elasticity does not depend on magnitude and direction of the contemplated price change.
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