Question 21

In __________ pricing, the firm bases its price largely on competitors’ prices.

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Question options:

a) going-rate

b) auction-type

c) markup

d) target-return

Question 22

__________ price refers to what the consumers feel the product should cost.

Question options:

a) Fair

b) Typical

c) Usual discounted

d) List

Question 23

While shopping at the mall, Jane is asked by one of the sales representatives at the cosmetics counter to try out a new lipstick that her company is test marketing. The company representative asks her how much she would be willing to pay for the lipstick. After trying it out, Jane is of the opinion that $5 is just the right price for it. What type of a reference price is Jane using?

Question options:

a) Usual discounted price

b) Fair price

c) Maximum retail price

d) Last price paid

Question 24

Which of the following is the first step in setting a pricing policy?

Question options:

a) Selecting a pricing method

b) Selecting the pricing objective

c) Determining demand

d) Estimating cost

Question 25

A firm that is plagued with overcapacity, intense competition, or changing wants would do better if it pursues __________ as its major objective.

Question options:

a) market skimming

b) product-quality leadership

c) survival

d) profit maximization

Question 26

__________ auctions let would-be suppliers submit only one bid; they cannot know the other bids.

Question options:

a) Descending bid

b) Sealed-bid

c) English

d) Dutch

Question 27

When consumers examine products, they often compare an observed price to an internal price they remember. This is known as a(n) __________ price.

Question options:

a) markup

b) reference

c) market-skimming

d) accumulated

Question 28

Deducting the desired profit margin from the price at which a product will sell, given its appeal and competitors’ prices, is known as:

Question options:

a) overhead costing.

b) target costing.

c) activity based costing.

d) benefit analysis.

Question 29

The key to perceived-value pricing is to:

Question options:

a) reengineer the company’s operations.

b) deliver more unique value than competitors.

c) adopt subtle marketing tactics compared to competitors.

d) deliver more value but at a lower cost.

Question 30

Which of the following is TRUE regarding price elasticity?

Question options:

a) The higher the elasticity, the lesser is the volume growth resulting from a 1 percent price reduction.

b) Within the price indifference band, price changes have little or no effect on demand.

c) If demand is elastic, sellers will consider increasing the price.

d) Price elasticity does not depend on magnitude and direction of the contemplated price change.

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