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Unit 5 Review Strategic Marketing Flashcards | StudBud
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Unit 5 Review Strategic Marketing
Unit 5 Review Strategic Marketing
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Questions
35
Answers
1
Laws that prohibit wholesalers and retailers from selling below cost.?
Product Line Pricing
Price Fixing
Unfair Trade Practices
Robinson-Patman Act
2
Money that is left over after all expenses are covered?
current assets
price
profit
revenue
3
What is price equilibrium?
Price where supply and demand are equal
sales x profit
where price is inflated
Where revenue exceeds costs
4
Price, a perceived value of good or service that is exchanged for a certain $ amount.
False
True
5
ROI is what?
Replace on Investment
Return on Investment
Replace on Interest
Return on Interest
6
What pays for every activity of the company?
revenue
expenses
price
assets
7
Many small retailers m,ark up merchandise 100% over cost. What is that tactic called?
keystoning
price maximization
mark-up cost
increasing price
8
Gasoline is an example of an inelastic good
FALSE
TRUE
9
What is price?
money exchanged for a good or service
ROI
perceived value of a good or service
money spend
10
A cost that varies with changes in the level of output is called?
variable cost
Invisible cost
limited cost
operating cost
11
What is an agreement between two or more firms on the price they will charge for a product?
predatory pricing
joint costs
price fixing
value based pricing
12
Break even analysis is reached when when revenue equals all business costs.
TRUE
FALSE
13
Revenue gained by producing one additional unit of a good/service is defined as marginal cost.
FALSE
TRUE
14
Status quo pricing objectives indicate that prices are adjusted to meet the competition
True
False
15
A firm charges a high introductory price, often coupled with heavy promotion.?
Pricing Strategy
Status Quo Pricing
Price Skimming
Price Discrimination
16
Money that is left over after paying for company activities is called:
profit
net worth
ROI
contribution margin
17
When is price skimming NOT successful?
unique advantages/superior
elastic demand
blocked entry to competitors
legal protection of product
18
What type of pricing objective indicates that prices are adjusted to meet the competition?
escalator pricing
price skimming
status quo pricing
recession
19
Mathematical software to profit and fill unused/insold capacity?
Price equilibrium
Market share
Yield management Systems
Keystoning
20
What are the three categories of price objectives?
profit oriented, sales oriented, status quo
profit, expenses, investment
price, current assets, profit
elastic, inelastic, variable
21
What is price equillibrium?
Quantity of goods supplied is equal to the goods demanded.
Quantity of goods supplied is less than quantity demanded.
Quantity of goods supplied is greater than quantity demand.
When people buy a lot of goods.
22
What are the fees paid by customers for violating the terms of a purchase agreement?
consumer penalties
consumer fees
violation fees
unbundles
23
How many elements are needed for a violation the Robinson-Patman Act?
5
4
6
3
24
What is fixed price?
Price fluctuates
Price increases
Price decreases
Price stays the same.
25
Maximization of sales should never be a long-term objective.
False
True
26
How does supply impact price?
The lower the supply, the higher the price can be
The higher the supply, the higher the price can be
The lower the supply,the lower the price can be
The higher the supply, the lower the price can be
27
What is the first step in setting a price on a product or service?
choose a price strategy
establishing pricing goals
estimate demand, cost and profits
fine tune with pricing tactics
28
What is NOT a cost-oriented tactic?
escalator pricing
hold prices constant but add new fees
heighten buyer dependence
delayed quotient pricing
29
Profit maximization strategy is the mos common pricing objective used by firms.
True
False
30
What is the disadvantage of status quo pricing?
simplicity
Strategy may ignore demand and or cost
Batman
sales rate of long-term survival for small firms
31
The extra revenue associated with selling an extra unit of output is called what?
Total Revenue
Marginal Cost
Marginal Revenue
Maximum Revenue
32
What is price fixing?
charging less than others
an agreement between firms to have the same price
document pricing
matching profits without an agreement
33
The use of discounts by salespeople to increase demand for one or more products in a line.?
Value-Based Pricing
Penetration pricing
Price Shading
Predatory pricing
34
Charging a high price to promote a high quality is known as what?
customer pricing
prestige pricing
promotion pricing
price evaluation
35
The point in which there is no inclination for the price to rise or fall is called price?
symmetry
equilibrium
stability
leverage
