BUS 240: Ch 10 and 19 Quiz

Price is the only element in the marketing mix that directly generates revenue.

• True

• False

Barter refers to the trading of products instead of using money.

• True

• False

Which factor influences the perception of a product's price?

• Quality of the product

• Marketing mix variables

• Both a and b

Price competition focuses on non-price attributes to distinguish a product.

• True

• False

Price elasticity of demand measures sensitivity of demand to price changes.

• True

• False

What is a “price war”?

• Intense price competition among companies

• A long-term increase in prices

• Collusion to set prices

Nonprice competition emphasizes the brand's unique features.

• True

• False

Which concept involves selling better at higher prices within a specific range?

• Price war

• Prestige pricing

• Cost-volume analysis

Marginal analysis examines revenue changes with each unit sold.

• True

• False

Which term is used to describe customers who strive to pay low prices?

• Prestige-sensitive

• Price-conscious

• Value-conscious