Pricing Concept & Strategy

Pricing Concept & Strategy

Professional Development

8 Qs

quiz-placeholder

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Pricing Concept & Strategy

Pricing Concept & Strategy

Assessment

Quiz

Business

Professional Development

Practice Problem

Hard

Created by

shafeeqa salman

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8 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a key feature of cost-plus pricing?

a) Pricing based on customer perceived value

b) Adding a fixed profit margin to the cost of production

c) Setting prices based on competitors' prices

d) Dynamic pricing based on demand fluctuations

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Value-based pricing primarily focuses on:

a) Covering costs and ensuring profit margins

b) Setting prices based on competitors’ prices

c) The perceived value of the product to the customer

d) Minimizing production costs

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which factor most influences competition-based pricing?

Customer willingness to pay

Economic conditions in the region

Costs incurred in production

Prices set by competitors

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How do economic factors influence pricing strategies in different regions?


They affect customers’ purchasing power and willingness to pay

They only influence production costs, not pricing

They have no impact on pricing decisions

They determine the legal constraints on pricing

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Revenue management primarily aims to:


Reduce customer demand to match supply

Minimize inventory


Maximize revenue by selling the right product to the right customer at the right time and price

Maximize production efficiency

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following is a common promotional tool used in revenue management?

Discounting and special offers

Eliminating demand during peak periods

Cost reduction

Increasing fixed costs

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A key principle of revenue management is:

Fixed pricing to maintain brand consistency

Uniform pricing regardless of demand fluctuations

Ignoring customer segmentation


Adjusting prices based on real-time demand and capacity constraints

8.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following best describes the "promotional mix" in revenue management?

The process of eliminating demand during off-peak periods

The set of prices used during promotional periods only

The combination of advertising, sales promotion, personal selling, and public relations used to influence demand

A fixed set of discounts offered on all products