The way marketers use pricing in the marketing mix will affect the final price.
Indicate whether the statement is true or false
Question 2Which of the following characteristics is unique to pricing more so than other variables of the marketing mix?
A) Challenging
B) Truthfulness
C) Flexibility
D) Consistency
E) Clarity
Question 3After selecting a pricing strategy, what is the next step in the establishment of prices?
A) Developing pricing objectives
B) Determining a specific price
C) Assessing the target market's evaluation of price
D) Selecting a basis for pricing
E) Evaluating competitors' prices
Question 4Target released a promotional campaign with the tagline, Expect more. Pay less. Which of the following pricing strategies is Target most likely using?
A) Psychological pricing
B) Promotional pricing
C) Product-line pricing
D) Differential pricing
E) New-product pricing
Question 5Another name for bundle pricing is multiple-unit pricing.
Indicate whether the statement is true or false
Question 6In 2003 Frito-Lay introduced its Stax brand of potato chips. These chips were meant to compete directly against Pringles. The intent was to gain market share quickly. During the first few months they were on the market, Stax retailed for 69 cents. What type of pricing strategy is Frito-Lay likely using?
A) Price-skimming
B) Captive pricing
C) Periodic discounting
D) Penetration pricing
E) Bait pricing
Question 7High-end luxury products that will be priced high do not need to evaluate their competitor's prices.
Indicate whether the statement is true or false
Question 8George is excited because he has obtained the price list of his company's major competitor. His supervisor, Homer, is also optimistic. However, he has much more experience in the industry than George and cautions him that just because they have access to their competitor's price list
A) doesn't mean the list has not been completely fabricated.
B) doesn't mean their firm will be able to match their competitor's prices.
C) doesn't mean that knowing competitor prices is important.
D) doesn't entail actually using the price list when establishing prices.
E) doesn't mean they reflect the actual prices at which competitive products are sold.
Question 9Janet works at ITZ, a new makeup brand. Her company has decided that they want to lead the makeup industry in product quality. They have assessed the market and determined that women will associate higher-priced makeup with being higher in quality. What is the next step that Janet's company must do?
A) Determine the pricing objective
B) Select a pricing strategy
C) Determine a specific price
D) Select a basis for pricing
E) Evaluate competitors' prices
Quick Reply
