,1. Which of the following pricing strategies focuses on
pricing a product based on what competitors are charging?
a) Cost-plus pricing
b) Value-based pricing
c) Competitive pricing
d) Dynamic pricing
- Answer: c) Competitive pricing
- Rationale: Competitive pricing involves setting prices
based on what competitors are charging for similar
products.
2. In the context of product development, which phase
typically involves testing the product with real customers?
a) Idea generation
b) Concept testing
c) Commercialization
d) Prototype testing
- Answer: b) Concept testing
- Rationale: Concept testing is where the potential
product is introduced to a target audience to gather
feedback before full-scale launch.
, to create positive interactions that drive customer
satisfaction and long-term loyalty.
4. Which of the following is NOT typically considered a
part of the marketing mix?
a) Product
b) People
c) Price
d) Processes
- Answer: b) People
- Rationale: The traditional marketing mix includes
Product, Price, Place, and Promotion; however, more
modern approaches add 'People' in service environments.
5. Dynamic pricing is best described as:
a) A strategy where a product's price remains unchanged
over time
b) A strategy where prices fluctuate based on market
demand
c) A strategy where costs determine the final price
d) A pricing strategy focusing solely on customer
perceptions
- Answer: b) A strategy where prices fluctuate based
on market demand
- Rationale: Dynamic pricing adjusts prices in real-time
based on various factors, such as demand, competitor
pricing, and customer behavior.
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