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Pricing Strategy
Long Quiz 1
| Question | Answer |
|---|---|
| What refers to decisions surrounding pricing, discount pricing, special offer pricing, credit payment, or credit terms? | Price |
| What refers to the total cost for customers to acquire a product, including both monetary and psychological costs such as time and effort? | Price |
| What determines the value of a good or service to buyers and sellers and is the amount of money needed to acquire a product or service? | Price |
| What is the monetary value of a product or service expressed in pesos and centavos? | Price |
| Which pricing objective focuses on increasing sales? | Sales-based objective |
| Which pricing objective focuses on earning profit? | Profit-based objective |
| Which pricing objective focuses on maintaining the current market position? | Status-quo based objective |
| Which pricing policy uses low prices to capture or attract the larger or mass market? | Penetration pricing |
| Which pricing policy uses high prices to attract customers concerned more with quality, uniqueness, or status than price? | Skimming pricing |
| Which pricing strategy sets prices by computing merchandise, service, and overhead costs then adding the desired profit? | Cost-based price strategy |
| Which pricing strategy sets prices after researching consumer desires and making sure prices are acceptable to the target market? | Demand-based price strategy |
| Which pricing strategy sets prices based on competitors' prices? | Competition-based price strategy |
| Which pricing strategy is based on consumers' perception of the value of a product or service? | Value-based pricing strategy |
| Which pricing strategy maintains one price over an extended period? | Customary pricing |
| Which pricing strategy changes prices in response to cost fluctuations or differences in demand? | Variable pricing |
| Which pricing policy charges the same price to all customers buying under similar conditions? | One-price policy |
| Which pricing strategy allows prices to vary based on the customer's ability to negotiate or buying power? | Flexible pricing |
| Which pricing strategy sets prices slightly below even values? | Odd pricing |
| What describes the belief that high prices represent high quality while low prices represent low quality? | Price-quality association |
| Which pricing strategy occurs when customers set price floors and will not buy below those prices? | Prestige price |
| Which pricing strategy sells key items at low prices to gain customer loyalty? | Leader pricing |
| Which pricing strategy offers discounts for buying in large quantities? | Multiple-unit pricing |
| Which pricing strategy sells different models with different quality and features at different prices? | Price lining |
| Which pricing strategy offers a basic product, options, and customer service for one total price? | Price bundling |
| Which pricing strategy sells products by individual components and lets customers decide what to buy? | Unbundled pricing |
| Which pricing strategy sets prices depending on the buyer's distance from the seller? | Geographic pricing |
| Which pricing method requires the buyer to pay all freight charges regardless of distance? | FOB factory |
| Which pricing method charges all buyers the same delivered price for the same quantity of goods? | Uniform delivered pricing |
| Which pricing method charges buyers within the same geographic zone the same delivered price? | Zone pricing |
| Which pricing method computes transportation cost from the base point nearest the buyer? | Based-point pricing |
| What includes price agreements, discounts, timing of payments, and credit agreements? | Terms of payment |
| What are the regularly quoted prices shown in catalogs, price tags, and purchase orders? | List prices |
| What allows a price increase after a sale is concluded but before delivery? | Escalator clauses |
| What is supplementary to the list price? | Surcharge |
| What refers to raising regular selling prices because demand is unexpectedly high or costs are rising? | Mark-ups |
| What refers to reductions from the original selling prices to meet lower prices? | Markdowns |
| Which internal factor involves the goals a business wants to achieve through pricing? | Marketing objectives |
| Which internal factor involves coordinating price with product, place, and promotion? | Marketing mix strategy |
| Which internal factor adds a profit to the total cost when setting prices? | Cost plus pricing strategy |
| Which external factor refers to customers' willingness to buy? | Market demand |
| Which external factor involves competitors' pricing strategies? | Competitors strategy |
| Which external factor refers to economic conditions affecting pricing? | Economy |
| Which external factor includes social issues affecting pricing decisions? | Other social concerns |
| Which principle states that customers deserve affordable prices while sellers deserve reasonable profits? | Dual Entitlement Principle |
| What is the price against which buyers compare the actual selling price of a product? | Reference pricing |
| Which reference price is based on the shopper's own experience or knowledge? | Internal reference price |
| Which reference price is supplied by marketers to influence buyers? | External reference price |
| Which pricing method sets prices based on customer demand and perceived value? | Demand-based pricing |
| Which demand-based pricing method sets a very high initial price so only customers with greater purchasing power buy first? | Price skimming |
| Which pricing method charges different customers different prices based on demand? | Price discrimination |
| Which demand-based pricing method is the exact opposite of price skimming? | Price penetration |
| Which pricing strategy sells the same product to different customers at different prices? | Differential pricing |
| Which basis for differential pricing charges different groups of people different prices for the same product? | Customer-segment pricing |
| Which basis for differential pricing charges different prices based on a product's image? | Image pricing |
| Which basis for differential pricing charges different prices for different variants of the same product? | Product-form pricing |
| Which basis for differential pricing charges different prices depending on where the product is offered? | Location pricing |
| Which basis for differential pricing changes prices depending on the time or season? | Time pricing |
| Which markdown discount is given because of the buyer's position in the channel of distribution? | Trade discount |
| Which markdown discount is given for products with seasonal demand? | Seasonal discount |
| Which markdown discount is based on the quantity purchased? | Quantity discount |
| Which markdown discount is given to buyers who pay within the required deadline? | Cash discount |
| Which pricing strategy changes prices based on changing circumstances and is demand-based? | Dynamic pricing |
| Which apparel pricing method starts with what consumers are willing to pay and deducts costs afterward? | Backward pricing method |
| Which apparel pricing method simply doubles the wholesale cost to determine the retail price? | Keystone markup method |
| Which apparel pricing method includes both fixed and variable manufacturing costs to determine the cost per unit? | Absorption pricing method |
Created by:
lykieee