MPP - Pricing

Which pricing strategy involves setting prices based on competitors’ strategies, costs, prices and market offerings?

• Customer Value based pricing

• Cost based pricing

• Competition based pricing

Which of the following market consists of many buyers and sellers trading in a uniform commodity and no single buyer or seller has much effect on the going market price?

• Oligopolistic market

• Monopoly

• Monopolistically competitive market

• Pure competition market

Which of the following market consists of many buyers and sellers who trade over a range of prices rather than a single market price because sellers can differentiate their offers to buyers?

• Monopolistic competition market

• Pure competition market

• Oligopolistic market

• Monopoly

Which of the following market consists of only a few large sellers and each seller is alert and responsive to competitors’ pricing strategies and marketing moves?

• Pure competition market

• Oligopolistic market

• Monopoly

• Monopolisitc competition market

Which of the following market is dominated by one seller?

• Pure competition market

• Monopolistically competitive market

• Monopoly

• Oligopolistic market

________ is the amount of money charged for a product or service.

• Demand curve

• salary

• wage

• price

Product costs set a(n) ________ to a product's price.

• floor

• break-even cost

• ceiling

• demand curve

When companies set prices, the government and social concerns are two ________ affecting pricing decisions.

• economic conditions

• internal factors

• external factors

• temporary influences

________ uses buyers' perceptions of what a product is worth, not the seller's cost, as the key to pricing.

• Product image

• Price elasticity

• Variable costs

• Value-based pricing

Each of the following economic factors can have a strong impact on a firm's pricing strategy EXCEPT ________.

• economic downturn

• interest rates

• the reseller's reaction to price changes

• inflation