Principles of Marketing Exam 4 Review | Price

Question 1

Quantitative data collects emotional response, opinions and thoughts from consumers

Accepted Answer

False

Question 2

As the price increases ___________ typically decrease.

Accepted Answer

Consumers

Question 3

Which of the following is NOT a determinant of elasticity?

Accepted Answer

Ease of use of the product

Question 4

Which of these is a common Test Marketing site?

Accepted Answer

Cincinnati

Question 5

Prestige Pricing Objective is aimed at achieving a particular sales volume or market share

Accepted Answer

False

Question 6

The two exceptions to the pricing rule are....

Accepted Answer

Scarcity and Time

Question 7

What effect has online shopping had on elasticity?

Accepted Answer

We can compare the price easily

Question 8

Test Marketing is cheap

Accepted Answer

False

Question 9

What is an example of scarcity concerning supply and demand?

Accepted Answer

A Rare Star Wars Action Figure

Question 10

What is great about using internal sources for data?

Accepted Answer

It is inexpensive

Question 11

The Delphi Technique....

Accepted Answer

Gathers several rounds of feedback from internal and external sources

Question 12

What is elasticity?

Accepted Answer

A consumers willingness to change products based on price

Question 13

The Survey of Buyer Intention is always accurate

Accepted Answer

False

Question 14

What happens when supply is limited and demand is high?

Accepted Answer

High price

Question 15

Price is not related to demand

Accepted Answer

False

Question 16

What is an example of Odd Number Pricing?

Accepted Answer

$10.99

Question 17

The Unfair-Trade laws are fool proof and protect consumers from all deception and misrepresentation.

Accepted Answer

False

Question 18

What does FTC stand for?

Accepted Answer

Federal Trade Commission

Question 19

Pre-Made Easter Baskets at Walmart are an example of.....

Accepted Answer

Bundle Pricing

Question 20

Which of these is a pricing objective?

Accepted Answer

Prestige

Question 21

A trend analysis takes into account the current market conditions

Accepted Answer

False

Question 22

The penetration pricing strategy sets a lower price than competitors to stimulate demand and market acceptance

Accepted Answer

True

Question 23

What is the skimming price strategy?

Accepted Answer

Setting our price higher than the competition

Question 24

Competitive Pricing Objective emphasizes overall product value and avoids direct price comparison

Accepted Answer

True

Principles of Marketing Exam 4 Review | Price

Questions 24

Principles of Marketing Exam 4 Review | Price

Questions 24