Entrepreneurship Ch 5

Question 1

A general pricing strategy where prices have an impact on how customers perceive a product

Accepted Answer

psychological pricing

Question 2

A businesses % of the total sales generated by all companies in the same market

Accepted Answer

market share

Question 3

Selling your idea to a company

Accepted Answer

licensing

Question 4

3% discount if paid in 7 days otherwise payment is due in full in 30 days

Accepted Answer

3/7 net 30

Question 5

Pricing that is determined by how much customers are willing to pay for a product or service

Accepted Answer

demand-based pricing

Question 6

Product characteristics that will satisfy consumer needs are called....

Accepted Answer

features

Question 7

Which shape says RED

Accepted Answer

RED

Question 8

Creating and image for a product in the customer's mind is called...

Accepted Answer

positioning

Question 9

Establishing formal ties with people who can help your business

Accepted Answer

networking

Question 10

The different products and services a business sells

Accepted Answer

product mix

Question 11

This involves offering different levels of prices for a specific category of products

Accepted Answer

price lining

Question 12

The name, symbol, fonts, or design used to identify your product

Accepted Answer

brand

Question 13

This price, $39.99, is perceived to be ....

Accepted Answer

a bargain

Question 14

A pricing strategy where the price is set high to create a feeling of quality & superiority

Accepted Answer

prestige pricing

Question 15

When you ADD a % onto the wholesale cost you are determining the...

Accepted Answer

mark-up price

Questions 15