PRE- QUIZ

What is pricing?

• a) The cost of production for a product

• b) The process of determining the value customers place on a product

• c) The act of promoting a product through advertising

• d) A fixed amount that never changes

Which of the following best defines pricing?

• 
  a) The strategy used to set the selling price of products or services
  

• b) The act of reducing costs to increase profits
  

• c) The process of increasing sales by lowering prices
  

• d) A strategy used only by high-end brands

Which of the following is NOT a major pricing strategy?

• 
  a) Customer value-based pricing
  

• b) Cost-based pricing
  

• c) Competition-based pricing
  

• d) Random pricing

What is the key focus of customer value-based pricing?

• 
  a) Setting prices based on production costs
  

• b) Setting prices based on customer perceptions of value
  

• c) Matching the prices of competitors
  

• d) Reducing costs to maximize profits

Which pricing strategy primarily considers production and distribution costs?

• 
  a) Customer value-based pricing
  

• b) Cost-based pricing
  

• c) Competition-based pricing
  

• d) Demand-based pricing