Product 11.1 & Price 11.2

What does the term 'inseparable' mean in the context of services?

• B. A service that is performed by multiple people

• A. A service that can be separated into different parts

• D. A service that is only available in certain locations

• C. A service that cannot be separated from the person who performs it

What does the term 'intangible' mean?

• D. Something that is highly valuable

• C. Something that is difficult to understand

• B. Something that is easily breakable

• A. Something that cannot be touched

What is the purpose of 'loss leader pricing' strategies?

• A. To sell products at a price below its market cost to stimulate other sales of more profitable goods

• B. To set very low prices to remove competition

• C. To raise prices on certain goods during an emergency

• D. To intentionally mislead customers with pricing

What is the purpose of packaging?

• D. To increase the price of products

• C. To make products easier to transport

• B. To protect products until customers are ready to use them

• A. To attract customers with fancy designs

What does the term 'perishable' mean in relation to services?

• C. Services that cannot be stored for later use

• B. Services that have a short lifespan

• D. Services that are highly valuable

• A. Services that are easily damaged

What is the definition of 'warranty'?

• C. A written agreement between a buyer and seller

• B. A promise that a product has a certain quality or will perform in a specific way

• A. A document that states the quality of a product with a promise to correct certain problems

• D. A legal document that protects the rights of consumers

What is the purpose of 'psychological pricing' strategies?

• A. To create an image of a product and entice customers to buy

• B. To set very low prices to remove competition

• D. To raise prices on certain goods during an emergency

• C. To intentionally mislead customers with pricing

What is the purpose of 'deceptive pricing' strategies?

• A. To sell products at a price below its market cost to stimulate other sales of more profitable goods

• B. To set very low prices to remove competition

• C. To raise prices on certain goods during an emergency

• D. To intentionally mislead customers with pricing

What is the purpose of 'predatory pricing' strategies?

• A. To sell products at a price below its market cost to stimulate other sales of more profitable goods

• B. To set very low prices to remove competition

• C. To raise prices on certain goods during an emergency

• D. To intentionally mislead customers with pricing

What is the purpose of 'price fixing' strategies?

• A. To sell products at a price below its market cost to stimulate other sales of more profitable goods

• B. When a group of competitors get together and a set price for a specific item

• C. To raise prices on certain goods during an emergency

• D. To advertise one product with the intent of persuading customers to buy a more expensive item