question
Which of the following statements does NOT describe price?
answer
Price is the only element in the marketing mix that represents costs.
question
Which of the following statements does not apply to the description of prices?
answer
In recent decades price factors have gained increasing importance.
question
The amount of money charged for a product or service is its ______.
answer
price
question
Price is the only part of the marketing mix that __________.
answer
produces revenue
question
Which of the following statements about price is correct?
answer
Customers have put increasing pricing pressures on many companies.
question
In a broad sense, price is __________.
answer
the sum of all the values that customers give up to gain the benefits of having or using a product or service
question
__________ uses buyers' perceptions of value as the key to pricing.
answer
Customer value-based pricing
question
The goal of the competition-based pricing is __________.
answer
not to match or beat competitors' price
question
What is the first step in a value-based pricing strategy?
answer
Assess customer needs and value perceptions.
question
Which of the following is a cost-based pricing approach?
answer
Break-even pricing
question
Which of the following statements is true regarding costs?
answer
Average cost tends to decrease with accumulated production experience.
question
New, premium movie theaters offer features such as online reserved seating, high-backed leather executive chairs with armrests and footrests, the latest in digital sound and super-wide screens, and other amenities for which they charge a higher price. This is an example of which type of pricing?
answer
Value-added pricing
question
__________ reverses the usual process of first designing a new product, determining its cost, and then asking, "Can we sell it for that?"
answer
Target costing
question
Under __________, the market consists of many buyers and sellers trading in a uniform commodity.
answer
pure competition
question
Which of the following statements is correct regarding different types of markets?
answer
Under oligopolistic competition, each seller is alert and responsive to competitors' pricing strategies and marketing moves.
question
Which of the following is true regarding the price-demand relationship?
answer
If demand is elastic, sellers will consider lowering their price.
question
Internal factors that affect pricing include ________.
answer
the company's overall marketing strategy, objectives, and marketing mix
question
Beyond the market and the economy, what other factors in its external environment must a company consider when setting prices?
answer
Resellers, the government, and social concerns
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