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Service Marketing, Pricing Concepts and Strategies Flashcards | StudBud
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Service Marketing, Pricing Concepts and Strategies
Service Marketing, Pricing Concepts and Strategies
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Questions
15
Answers
1
You put a product on sale for 25% off. Is this technically referred to as a ‘
Markdown
’ or ‘
Discount
’?
Discount
Markdown
2
What is not part of the Five C’s of Pricing?
Consumer Behaviour
Competition
Customers
Costs
3
Select a false statement about cost-based pricing:
It includes taking competitor prices as a baseline
It depends on the cost of production
It depends on the cost of providing a service
4
Which of the following is NOT a reason for using a pricing strategy?
To reduce costs
To improve employee productivity
To increase sales
To compete with competitors
5
Seasonal Discounts are only offered on “
seasonal
” products, like Summer and Winter products.
True or False?
False
True
6
Which gap occurs when a company overpromises on a product?
Delivery Gap
Standards Gap
Knowledge Gap
Communication Gap
7
Which of these is NOT a difference between product and service marketing?
Inventory
Incompatible
Inconsistent
Intangible
8
You should set your price below the competition if you have a unique product within the market.
False
True
9
Pricing strategy is only important for luxury products, not everyday goods
True
False
10
Which of the following is NOT a key step to service recovery:
Resolve problems quickly
Offer refunds to all customers
Find a fair solution
Listen to the customer
11
Value-based pricing requires more investment into researching consumer behaviour.
True
False
12
What does intangible mean?
Can’t use indefinitely
Can’t use separately from production
Can’t find the tangent
Cannot be touched, tasted, or seen
13
What does inventory mean?
Where you find crafting recipes
Can’t always access
Can’t use indefinitely
Must always have enough staffers
14
What is the difference between
Price
Bundling and
Pure
Bundling?
Pure Bundling bundles only brand-new products.
No difference.
Pure Bundling bundles products that consumers can’t buy individually.
Pure Bundling bundles exclusively in-store products.
15
What does the ‘E’ stand for in the RATER model?
Effectiveness
Efficiency
Ethics
Empathy
