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Exam 11: Pricing Products and Services

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Question 71

Multiple Choice

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The maximum quantity of products consumers will buy at given price is shown by

A) a demand curve.
B) a price constraint.
C) a break-even point.
D) a supply curve.
E) a marginal revenue curve.

F) A) and E)
G) C) and D)

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Question 72

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Factors that limit the range of prices a firm may set are referred to as

A) pricing restraints.
B) pricing constraints.
C) demand factors.
D) pricing barriers.
E) pricing restrictions.

F) C) and E)
G) D) and E)

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Question 73

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Insurance premiums,entrance fees,train fares,and organization dues are all examples of

The manufacturer of a new kind of fat-free ice cream that has the consistency and taste of regular ice cream is thinking of using a penetration pricing strategy for its new product.Which of the following conditions would argue against using a penetration pricing strategy for the tasty,fat-free ice cream?

This is an example of a __________ strategy.

Determining cost,volume,and profit relationships would occur during which stage of the price-setting process?

Figure 11-2 -Figure 11-2 represents the four approaches to selecting an appropriate price level.Box D includes customary and loss leader so it represents which approach?

Pricing objectives involve

During the iPad's __________ stage of its product life cycle,Apple had great latitude in setting a price for the product because of a lack of competition.

A firm's profit objective is often measured in terms of ROI.The acronym ROI stands for

Mark Johnson,the manager of a discount consumer electronics store,was approached by the manufacturer's representative on behalf of a marketer of a popular and profitable line of storage racks.The manufacturer's representative implied that if Johnson didn't raise the retail prices for the storage racks to those paid by the marketer's non-discount customers,Johnson's supply of racks may be severely curtailed.The manufacturer's representative was guilty of attempting

A conspiracy among firms to set prices for a product is referred to as

Yield management is considered to be a __________ approach to pricing.

Prestige pricing is considered to be a __________ approach to pricing.

Which of the following is a cost-oriented pricing method?

Southern gardeners normally pay $5 for a two-cubic-foot bag of pine bark mulch that they buy at their local gardening-supply and home-improvement stores to keep the weeds down in their gardens.If the price being charged by a retailer is not within a narrow range that gardeners feel is appropriate,they will use substitutions-newspaper,grass clippings,or some other kind of covering.When pricing pine bark mulch,a garden-supply or home-improvement retailer should use

Setting one price for all buyers of a product or service is referred to as

Setting a price to achieve a profit that is a specified percentage of the sales volume is referred to as

Odd-even pricing is considered to be a __________ approach to pricing.

Which of the following is a demand-oriented approach to pricing?