Chap 5: Pricing

A product be discounted during holidays. Is ____________ of the 4 P's of marketing.

• promotion

• product

• place

• price

The amount a business charges customer for a product.

• place

• price

• promotion

• product

Which function of marketing includes deciding how much to charge for a product or service?

• Promotion

• Product/Service Management

• Financing

• Pricing

Target discounts their selection of winter coats in mid-February. What marketing function did they implement?

• Promotion
• Selling
• Distribution
• Pricing

According to marketing four Ps, the credit terms can be classified as

• Place

• Product

• Price

• Promotion

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

• Experience curve

• Demand curve

• Price

• Wage

• Salary

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

• Value-based pricing

• Target return pricing

• Variable costs

• Price elasticity

• Product image

When there is price competition, many companies adopt ________ rather than cutting prices to match competitors.

• pricing power

• value-added pricing strategies

• fixed costs

• price elasticity

• image pricing

Which of the following would NOT support a market-skimming policy for a new product?

• The product's quality and image must support its higher price.

• Enough buyers must want the products at that price.

• Competitors are not able to undercut the high price.

• Competitors can enter the market easily.

• The cost of producing a smaller volume is not so high that it negates the advantage of charging more per unit.

Which pricing strategy uses the

buyers’ perceptions of value rather than seller’s cost?

• Customer Value-Based Pricing

• Competition-Based Pricing

• Cost-Based Pricing

• Dynamic Pricing