Price

Front

High pricing is better for a company to use then low pricing if they want to increase profits.

Back

False

Front

If consumers believe they will gain a great deal of satisfaction from a product they will place a high value on it.

Back

True

Front

Is Shrinkflation a strategy companies use to maintain profits when costs & expenses increase?

Back

True

Front

Regardless of brand loyalty consumers are not willing to buy a product that increases in price.

Back

False

Front

When customers see a product with higher-than-average prices they often believe it has status and better quality.

Back

True

Front

Which of the following products is inelastic?
Toilet Paper, Gasoline, Leather Belt, Netflix

Back

Gasoline

Front

Why is Xfinity internet able to increase the price of their service every year and not lose customers?

Back

There are very few substitutes in the Reading area.

Front

Which of the following is an example of Urgency of Purchase?
Options:
Target increasing the price of umbrellas when it is raining outside.
Charmin toilet paper increasing its pricing to appear to have higher quality.
Nike selected a drop date for Jordan 14 "Pandas" on December 23.

Back

Target increasing the price of umbrellas when it is raining outside.

Front

Which of the following factors BEST explains how is Apple able to put out a new iPhone every year and increase the price without losing customers? Brand Loyalty, Necessity, Price Relative to Income, Urgency

Back

Brand Loyalty

Front

What is one disadvantage of artificial intelligence?

Back

There is a decrease in job opportunities.