E-Trip Chapter 5 Test Review

There usually will be more than one price that can be charged for a product.

• True

• False

All product lines have different features.

• True

• False

The total market for a product must be known in order for a market share to be determined.

• True

• False

The objective of every pricing strategy is to increase profits.

• True

• False

In a consumer-driven economy, entrepreneurs realize that sometimes they must include products in their mix as a convenience for customers even though they may not be profitable.

• True

• False

A business’s marketing plan should never be included in the business plan.

• True

• False

Over the past 50 years, the U.S. market has changed from being a product-driven market to one that is consumer-driven.

• True

• False

Different products and services within the same category serve different customer needs.

• True

• False

Short-term goals are what you want your business to achieve in the next month.

• True

• False

Pricing objectives should be developed only after prices have been set.

• True

• False