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WorksheetsMM 8 MIDTERM QUIZ
Total questions: 20
Worksheet time: 15mins
A step in decision-making process where the customer determines what to buy and does so.
(a)
Price discrimination can lead to a perception of unfair practice among consumers.
(a)
Scaling from 1-10 is the approach used in this type of method.
(a)
The cost incurred by customers in buying substitute products instead of the usual product they purchase.
(a)
This price sensitivity driver states that when the price of a product or service is to be paid by someone else, on behalf of the consumer, they may not be price sensitive.
(a)
It is also known as price elasticity of demand.
(a)
In this method of measuring price sensitivity, respondents are exposed to a randomly chosen price from the predetermined price list after introducing the product.
(a)
A step in buyer decion-making where the buyer realizes that he or she is somewhere between a “real and preferred state.”
(a)
It is the process of fixing the value that a manufacturer will receive in the exchange of services and goods.
(a)
It measures customers' willingness to pay by giving price options in ranges.
(a)
The more products there are, the more customers will turn to a brand they know and trust.
False
True
If customers receive quality information rather than cost information, price sensitivity is reduced, and quality becomes the primary factor.
Focus on benefits rather than features
Build your brand
Focus on quality rather than price
Research relevant data
Social media or post-sale surveys are a good way to assess how customers rate one product or another.
Track customer activities
Communicate with current customers
Research relevant data
Build your brand
Loyalty to particular brands can become a significant factor that can increase or decrease price sensitivity.
Unique value
Sense of urgency
Bottom line benefit
Brand perception
An example of this is the case of emergency medical service.
Ease of comparison
Expense
Sense of urgency
Perceived substitutes
If the utility of the product is high for the buyer and efficiently meets the purchase objective, then he is less concerned about the price.
Bottom line benefit
Unique value
Price and quality
Fairness
Price laddering is most often used for already existing products.
False
True
Price laddering is useful only when you want to look at your brand without considering the competition.
True
False
To compute for price sensitivity, divide % change in price over % change in quantity.
True
False
Customer satisfaction can be measured through feedbacks.
True
False
