MARKETING (CHAPTER 6: PRICING)

Price is the only element in the marketing mix that produces ________.

• revenue

• variable costs

• expenses

• outfixed costs

________ is an important element in the marketing mix. It is the only element that does not represent costs.

• Current profit maximization

• Market share leadership

• Price

• Product quality leadership

Consumer perceptions of the product's value set the ________ for prices.

• demand curve

• floor

• ceiling

• variable cost

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

• demand curve

• floor

• ceiling

• break-even cost

Which of the following is a customer-oriented approach to pricing?

• value-based pricing

• sealed-bid pricing

• break-even pricing

• target profit pricing

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

• Value-based pricing

• Value-added pricing

• Variable cost

• Price elasticity

In ________, price is considered along with the other marketing mix variables before the marketing program is set.

• value-based pricing

• cost-based pricing

• variable costs

• price elasticity

Value-based pricing is the reverse process of ________.

• variable cost pricing

• cost-plus pricing

• cost-based pricing

• good-value pricing

With ________, price is set to match consumers' perceptions of product value.

• variable cost pricing

• cost-plus pricing

• cost-based pricing

• value-based pricing

Measuring ________ can be difficult. A company might conduct surveys or experiments to test this in the different products they offer.

• price elasticity

• the demand curve

• perceived value

• break-even pricing