Pricing Concepts Quiz

What is the value that customers give up to obtain a desired product?

• Price

• Gift

• Discount

• Coupon

What can payment be in the form of?

• Only money

• Only goods

• Money, goods, services, or anything of value

• Only services

What must be considered when pricing a new product?

• Weather conditions

• Market conditions and competitors' prices

• Color of the product

• Size of the product

What is the value placed on what is exchanged called?

• Price

• Gift

• Discount

• Coupon

Which perspective includes functional, quality, operational, financial, and personal aspects?

• Seller's perspective

• Consumer's perspective

• Manufacturer's perspective

• Distributor's perspective

What is the first step in price setting according to the diagram?

• Estimate Demand

• Develop Pricing Objectives

• Determine Costs

• Choose a Pricing Strategy

Which step involves evaluating the pricing environment?

• Step 2

• Step 4

• Step 5

• Step 6

What is the last step in the price setting process?

• Develop Pricing Tactics

• Choose a Pricing Strategy

• Determine Costs

• Estimate Demand

What is the second step in the price setting process?

• Determine Costs

• Estimate Demand

• Evaluate the Pricing Environment

• Develop Pricing Tactics

What is the ceiling price based on?

• Costs

• Competitors’ prices

• Customers’ assessment of unique product features

• Floor price