Statements about price-setting process is most accurate

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Reference no: EM132279784

1. A reference value __________.

is relative to the amount of time and energy a consumer puts into the purchase process

is based upon the value assigned to similar items used by the consumer's peers

results from performing a careful break-even analysis

involves comparing the costs and benefits of substitute items

is based upon the differential between customers' "needs" and "wants"

2. Penetration pricing is intended to appeal to which market?

highly selective, quality-seeking consumers

price-insensitive markets

specialty product markets

the same markets as those targeted with a skimming pricing strategy

the mass market

3. Marketing two or more products in a single package price is referred to as

package pricing.

loss-leader pricing.

bundle pricing.

tie-in pricing.

multi-product pricing.

4. All of the following are examples of a price EXCEPT:

a premium.

barter.

tuition.

a commission.

profit.

5. Price refers to

the value assigned to the exchange of products and services for other products and services.

the value judgment made by both the buyer and seller regarding an item's worth.

the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service.

the value assessed for the benefits of using a product or service.

the highest monetary value a customer is willing to pay for a product or service.

6. Which of the following statements regarding a trade-in allowance is most accurate?

A trade-in allowance is a noncash exchange of one product for another of equal or lesser value.

A trade-in allowance is an effective way to lower the price a buyer has to pay without formally reducing the list price.

A trade-in allowance is a cash-back payment when a more expensive item is replaced with a less expensive one.

A trade-in allowance is the return of money based on proof of purchase.

A trade-in allowance is a cash payment to a retailer for extra in-store support or special featuring of the brand.

7. Hallmark was the official supplier of flowers at the last Winter Olympics. Hallmark presented each Olympic winner with a special bouquet of roses designed to resemble the Olympic torch. Consumers were able to buy a smaller version of this same bouquet at the Hallmark website for $74.95. The Olympic bouquet that consumers could buy contained two dozen yellow roses, yet you could buy the same two dozen yellow roses for less than $35 at most supermarkets. If Hallmark is treating the Olympic bouquet as an innovative product, then it is using which demand-oriented pricing approach?

bundle pricing

yield management pricing

skimming pricing

target return-on-sales pricing

penetration pricing

8. Several companies produce latex gloves that are used in a variety of different industries. If one of the glove manufacturers decreases its price by just a few percentage points, it will result in a significant increase in quantity demanded. The demand for latex gloves is

synergistic.

inelastic.

unitary.

elastic.

entropic.

9. Manufacturers use seasonal discounts to

get rid of dated merchandise.

prevent retailers from purchasing competitors' products.

prolong the peak seasonal selling season.

establish an immediate feeling of goodwill between the buyer and seller that hopefully will continue when prices return to normal.

entice dealers to purchase seasonal merchandise earlier in the selling season.

10. Deceptive pricing practices are outlawed by legislation and enforced by which federal agency?

Consumer Protection Agency

U.S. Department of Justice

Federal Communications Commission

U.S. Department of Commerce

Federal Trade Commission

11. Which of the following statements about the price-setting process is most accurate?

When selecting a strategy for setting an initial price, it doesn't matter which one you use as long as you stick with it.

Sometimes pricing strategies overlap, and a seasoned marketer will consider several strategies when choosing an approximate price level.

Demand-oriented pricing approaches rely heavily on competitors' prices.

Skimming pricing is a competition-oriented pricing strategy.

Penetration pricing is the best pricing strategy for companies trying to meet the goals of a profit-oriented pricing approach.

12. Mail order selling, catalog sales, telemarketing, and televised home shopping are all examples of

direct marketing channels.

indirect marketing channels.

multimarketing channels.

virtual marketing channels.

personal selling.

13. A marketing channel intermediary that purchases merchandise for resale at retail outlets would be engaging in a(n) __________ function.

transactional

logistical

facilitating

risk taking

assorting

14. You probably own several pairs of shoes. Further, it is likely you purchased those shoes at retail stores located in a shopping mall and not directly from the manufacturer. In fact, most products are brought to you from a series of other individuals or firms known as a __________.

marketing intermediary

distribution hierarchy

marketing chain of command

distribution matrix

marketing channel

15. There are three variations of contractual systems: wholesaler-sponsored voluntary chains, retailer-sponsored cooperatives, and __________.

franchising

service-oriented voluntary chains

channel-dominated voluntary chains

distributorship cooperatives

reseller franchising

Reference no: EM132279784

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