Marketing - What is Price?

Marketing - What is Price?

Assessment

Interactive Video

Business

University

Hard

Created by

Quizizz Content

FREE Resource

The video discusses the role of price in the marketing mix, emphasizing that price should reflect the perceived value to the consumer. It introduces two key rules: price equals value, meaning consumers must see the price as matching the product's value, and the price-quality heuristic, where price influences perceived quality. Setting the right price is crucial for balancing consumer perception and profit opportunities.

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5 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the technical definition of price in marketing?

The profit margin of a product

The total sum given in exchange for a good or service

The cost of producing a product

The market value of a product

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Why is it important for the price to match the perceived value in the consumer's mind?

To increase the production cost

To encourage consumers to purchase the product

To prevent consumers from comparing prices

To ensure the product is always sold out

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What might happen if a product's price is set too low?

The product may not sell at all

Consumers will always buy it

The company may miss out on profit opportunities

Consumers may perceive it as high quality

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What does the price-quality heuristic suggest about consumer perception?

Price influences perceived quality

Price has no impact on consumer perception

Lower prices indicate better quality

Higher prices always lead to higher sales

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

How can setting a higher price affect consumer perception of a product?

It suggests the product is of lower quality

It shows the product is not worth buying

It indicates the product is similar to others

It implies the product is of higher quality