Monetization Strategy & Pricing Quiz

What is the definition of monetization?

• Creating a strategic management tool

• Managing a business idea

• Deciding the amount required as payment

• Earning revenue from an asset

What is the definition of pricing?

• Earning revenue from an asset

• Creating a strategic management tool

• Deciding the amount required as payment

• Managing a business idea

Which business model offers a basic service for free, with additional premium functions available for a fee?

• Value Based Pricing

• Hook & Bait

• Subscription

• Sharing Economy

What is a potential risk of the freemium business model?

• Reliable service/product delivery

• Large number of free users but not of paying customers

• Low switching cost

• High customer retention

What is the benefit of the subscription model in terms of cash flow?

• High seasonal fluctuation

• Unpredictable cash flow

• High switching costs

• More reliable cash flow

What is the pricing strategy that involves setting the price based on the value perceived by the customer?

• Decoy Effect

• Magic Number 9

• Cost Based Pricing

• Value Based Pricing

What is the psychological effect where prices ending with 9 or 99 tend to be perceived as cheaper?

• Left-digit bias

• Decoy effect

• The Power of Free

• Anchoring Price Master Class

Who is known for using the anchoring price strategy effectively?

• Mark Zuckerberg

• Steve Jobs

• Elon Musk

• Bill Gates

What is the decoy effect in pricing?

• Adding an option to make another option more attractive

• Disassociating payment with consumption

• Reducing the feeling of losing money

• Increasing the 'feeling right' about purchase

What is the psychological pain associated with parting with money and reduction in wealth?

• Decoy Effect

• The Power of Free

• Pain of paying

• Magic Number 9