MKTG 3310 - Gleim Exam 3 || Questions and 100% Accurate Answers.
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Course
MKTG 3310
Institution
MKTG 3310
amount of money charged for a product or service correct answers price
What differentiates price from other aspects of marketing? correct answers it is the only thing that generates revenue and can be adjusted quickly
Should companies sell price or value? correct answers value
What are pot...
MKTG 3310 - Gleim Exam 3 || Questions and 100%
Accurate Answers.
amount of money charged for a product or service correct answers price
What differentiates price from other aspects of marketing? correct answers it is the only thing
that generates revenue and can be adjusted quickly
Should companies sell price or value? correct answers value
What are potential consequences of price reduction? (2) correct answers 1. cut profits and initiate
price wars
2. cheapen perceptions of brand quality
no profits below this price correct answers price floor
no demand above this price correct answers price ceiling
What external factors are considered when setting price? (2) correct answers 1. competitors
2. market/demand
What are the steps in value-based pricing? (4) correct answers 1. assess customer needs
2. set target price
3. determine costs
4. design product
customer value-based pricing that is characterized by offering customers the lowest prices
correct answers good value pricing
customer value-based pricing where customers are willing to pay more for the quality of the
product or service correct answers value added pricing
pricing based on the costs of producing, distributing, and selling the product plus a fair rate of
return for effort and risk correct answers cost based pricing
cost-based pricing that is characterized by marking up the price of a good or service correct
answers cost plus pricing
What internal factors affect pricing decisions? (2) correct answers 1. overall marketing strategy,
objectives, and mix
2. organizational considerations
starting with an ideal selling price, then targeting costs that will ensure that price is met correct
answers target costing
, Who sets prices in large and small companies? correct answers - large: divisional or product
managers
- small: top management
What is the most common way businesses set their prices? correct answers competition based
pricing
changes in demand due to change in price correct answers price elasticity of demand
small change in demand correct answers inelastic demand
large change in demand correct answers elastic demand
What economic factors can impact pricing strategies? (3) correct answers 1. boom/recession
2. inflation
3. interest rates
setting a high price to skim maximum revenues from the segments willing to pay the high price;
company makes fewer but more profitable sales correct answers market skimming pricing
setting a low price to attract a large number of buyers and a large market share correct answers
market penetration pricing
setting prices across an entire product line correct answers product line pricing
pricing optional or accessory products sold with the main product correct answers optional
product pricing
pricing products that must be used with the main product correct answers captive product pricing
pricing low value by products to get rid of them correct answers by product pricing
price adjustment strategy that features selling a product or service at 2 or more prices, where the
difference in prices is not based on differences in costs correct answers segmented pricing
price adjustment strategy that focuses on the psychology of prices and not simply the economics;
the price is used to say something about the product correct answers psychological pricing
price adjustment strategy that adjusts prices continually to meet the characteristics and needs of
individual customers and situations correct answers dynamic pricing
price adjustment strategy that sets a uniform worldwide price and adjusts prices based on local
market conditions and cost considerations correct answers international pricing
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