Pricing Strategies Quiz

What do businesses need to give their customers for their products or services?

• Free samples

• Prices

• Discounts

• Gifts

How do many businesses, such as hairdressers, provide their prices?

• By guessing

• By using a standardised price list

• By asking the customer

• By changing prices daily

What do businesses like builders need to provide for specific products or services?

• Free services

• Tailored prices

• Standard prices

• Discounts

How is pricing usually done for specific products or services?

• With an estimate or a quote

• By guessing

• By asking the customer

• By using a standard price list

How are larger, more complicated projects often priced?

• By guessing

• By using a standard price list

• On the basis of a detailed tender document

• By asking the customer

What is a quote?

• A promise to do work at an agreed price

• A promise to do work for free

• A promise to do work without any conditions

• A promise to do work at a variable price

What should a quote set out?

• What work will be done for the agreed price

• The time it will take to do the work

• The materials needed for the work

• The number of workers required

When should you not be asked to pay extra for a quote?

• When you ask the trader to do extra work

• When the trader had to do extra work to do a satisfactory job

• When the trader couldn't reasonably have known they needed to do extra work

• All of the above

What happens if you accept a quote?

• You will probably have to pay what was quoted

• You will not have to pay anything

• You can change the price later

• You can ask for a discount

What is an estimate?

• An agreed price beforehand

• An offer to do the job for a specific amount

• The trader's best guess as to how much the work will cost

• A final bill