BUS 312 Chapter 10 Quiz

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Which of the following correctly identifies the three major pricing strategies used by​ marketers?

Customer value-based ​pricing, cost-based​ pricing, and​ competition-based pricing

​A(n) __________ shows the number of units the market will buy in a given time period at different prices.

demand curve

How is price determined using​ cost-plus pricing?

The price is set by adding a standard​ mark-up to the cost of the product.

Internal factors that affect pricing include​ __________.

the​ company’s overall marketing​ strategy, objectives, and marketing mix

Which of the following statements about price is​ correct?

Customers have put increasing pricing pressures on many companies.

Retailers such as​ Macy’s and JC Penney charge higher prices on an everyday​ basis, but run frequent promotions to lower prices temporarily on selected items. This is an example of​ __________.

​high-low pricing

Which of the following is true regarding the price-demand ​relationship?

If demand is​ elastic, sellers will consider lowering their price.

Two external factors which must be considered in pricing decisions are​ __________.

demand and the nature of the market

New, premium movie theaters offer features such as online reserved​ seating, high-backed leather executive chairs with armrests and​ footrests, the latest in digital sound and​ super-wide screens, and other amenities for which they charge a higher price. This is an example of which type of​ pricing?

​Value-added pricing

Which of the following is a​ cost-based pricing​ approach?

​Break-even pricing

Which of the following statements is true regarding​ costs?

Average cost tends to decrease with accumulated production experience.

The amount of money charged for a product is its​ __________.


The strategy of​ __________ means that the firm attempts to offer the right combination of quality and good service at a fair price.

​good-value pricing

In which type of market does no buyer or seller have much impact on setting the going market​ price?

Pure competition

Which of the following statements is correct regarding different types of​ markets?

Under oligopolistic competition each seller is alert and responsive to​ competitors’ pricing strategies and marketing moves.

Which type of market consists of many buyers and sellers trading over a range of prices rather than a single market​ price?

Monopolistic competition

Which factor sets the ceiling on setting a​ product’s price?

​Customer’s value perceptions

Luxury automobile manufacturers typically add​ quality, services, and other features to differentiate their offers and thus support their higher price. This is an example of​ __________.

​value-added pricing

Which of the following statements regarding customer value-based pricing is​ correct?

In using this​ strategy, companies often find it hard to measure the value customers attach to their product.

Price is the only part of the marketing mix that​ __________.

produces revenue

What is the first thing marketers must do when using​ value-based pricing?

Assess customer needs and value perceptions.

Beyond the nature of the​ market, demand, and the​ economy, what other factors in a​ firm’s external environment must a company consider when setting​ prices?

​Resellers, the​ government, and social concerns

What is target​ costing?

Setting a price and then setting costs that will ensure that the price is met

Which factor sets the floor on setting a​ product’s price?

Product costs

On a​ break-even chart, the​ break-even volume is located​ __________.

at the intersection of total revenue and total costs

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