Exam (elaborations)
CSUF MKTG 351 CHAPTER 20|41 QUESTIONS AND ANSWERS
- Module
- MKTG 351
- Institution
- Oxford University (OX)
CSUF MKTG 351 CHAPTER 20|41 QUESTIONS AND ANSWERS
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CSUF: MKTG 351 CHAPTER 20 41QUESTIONS 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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