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MKTG 2500 QUIZZES AND ANSWERS WITH COMPLETE SOLUTIONS
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MKTG 2500 QUIZZES AND ANSWERS WITH COMPLETE SOLUTIONS Lovely Skin is establishing a pricing strategy for a new moisturizer. The total cost to produce each unit is $3.50. The company has decided to add a $1.50 markup, so the unit price to distributors will be $5. Lovely Skin is using a ________ app...

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  • November 10, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
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  • mktg 2500 quizzes and answers with complete soluti

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MKTG 2500 QUIZZES AND ANSWERS WITH COMPLETE

SOLUTIONS

Lovely Skin is establishing a pricing strategy for a new moisturizer. The total cost

to produce each unit is $3.50. The company has decided to add a $1.50 markup,

so the unit price to distributors will be $5. Lovely Skin is using a ________

approach to price the new moisturizer.

cost-plus

A ________ pricing strategy for an offering begins with an assessment of

customer needs and perceptions. Then a target price is set based on customer

perceptions of worth.

value-based

Unlike the other marketing mix elements, price plays a minor role in creating

customer value and building customer relationships. true or false

false

Dynamic pricing is particularly suitable for Internet-based companies like

Amazon who want to be responsive to shoppers' desires and marketplace

changes. true or false

true

Which of the following statements about break-even analysis is most likely true?

A) It determines how customer-perceived value changes with value-added

pricing.

B) It is a tool used to calculate fixed costs.

,C) It is used to determine the maximum price that can be set on a product.

D) It is a tool marketers use to examine the relationship between supply and

demand.

E) It fails to consider customer value and the relationship between price and

demand.

E.It fails to consider customer value and the relationship between price and demand.

If demand hardly changes with a small change in price, the demand is ________.

inelastic

Establishing prices for razor blades that must be used with a razor blade system

is known as ________ pricing.

captive-product

When establishing prices, it's important for a manager to understand that "good

value" is not the same as ________.

low price

The first Target store opened in 1962. Its initial strategy was to set prices low to

attract a large number of buyers quickly and win a large market share. This is

referred to as ________.

market-penetration pricing

The first generation Apple iPod was introduced in 2001 and sold for $500. The

following year a mini version was introduced for $250. Apple initially used a

________ strategy to price their digital music innovation.

market-skimming

, Which of the following sets the upper limit for a product's pricing?

A) profits

B) product costs

C) consumer perceptions of value

D) elements of the product mix

E) competition

c. consumer perceptions of value

________ pricing involves setting prices based on the costs for producing,

distributing, and selling the product plus a fair rate of return for the company's

efforts and risks.

cost-based

Salon Du Jour offers special combination packages at a reduced price.

Separately, a haircut is $30 and a conditioning treatment is $35. But the combo

price is $50. This is referred to as ________ pricing.

product bundle

Some companies deemphasize price and use other marketing mix tools to create

non-price positions in the marketplace. true or false

true

Which of the following is true of an intensive distribution strategy?

It strives to make products available where and when consumers want them.

Introducing intermediaries into a distribution chain increases the number of

direct channel transactions between a manufacturer and its customers. true or

false

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