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CSUF MKTG 351 CHAPTER 20|41 QUESTIONS AND ANSWERS

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CSUF MKTG 351 CHAPTER 20|41 QUESTIONS AND ANSWERS

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  • October 20, 2023
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  • 2023/2024
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CSUF: MKTG 351 CHAPTER 20 41
QUESTIONS AND ANSWERS
What roles does price play in evaluating product alternatives? - answer - measure of sacrifice
- information cue


Define price. - answer that which is given up in an exchange to acquire a good or service


What is the sacrifice effect of price? - answer - time and money


What is the information effect of price? - answer - price-quality; higher price, better quality


What is the importance of price to marketing managers? - answer - results in revenue
- results in profit


Define revenue. - answer price charged to customers multiplied by the number of units sold


Price x Units Sold = Revenue


Define profit. - answer revenue minus expenses


What are the 3 categories of pricing objectives? - answer -profit-oriented pricing objectives
-sales oriented pricing objectives
-status quo pricing objectives


What factors determine profit oriented pricing objectives? - answer -profit maximization
-satisfactory profits

, -target return on investment (ROI)


Define ROI. - answer firm's return on total assets, net profits after taxes divided by total assets


ROI = net profits after taxes ÷ total assets


What factors determine sales oriented pricing objectives? - answer -market share
-sales maximization


Define market share. - answer a company's product sales as a percentage of total sales for that
industry


What factors determine status quo pricing objectives? - answer -requires little planning
-meet competitors prices
-ignores demand and costs


Define status quo pricing. - answer seeks to maintain existing prices or to meet the
competition's prices


Price for each product depends on what factors? - answer -demand for the good or service
-the cost to the seller for that good or service


Define demand. - answer the quantity of a product that will be offered to the market by a
supplier or supplies at various prices for a specified period


How do merchants eliminate surplus? - answer -by lowering price

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