Price Test

Name

Why would a penny be worth more than a 1 cent?

How does a customer define price?

What is the mathematical equation for profit?

Why is it important for a company to understand the opportunity cost of their target market?

List three things that may go into the "cost" of going to a ball game.

BONUS: After all the trades were completed, what did the Browns give up for the 1st overall pick?

What is the price objective when pricing an item comparable or below competition?

• Maximizing profits
• Maintaining an image
• Increasing Market Share
• None of the above

Setting a high price on an item to satisfy your customer base and not on the value of the product

• Maximizing profits
• Maintaining an image
• Increasing Market Share
• None of the above

A stadium that charges different prices based on the seat location is implementing which strategy?

• Tiered Pricing
• Dynamic Pricing
• Prestige Pricing
• Flexible Pricing