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mktg 3701 chapter 11 Certification Review Exam With Multiple Choices And Correct Answers., £11.99
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mktg 3701 chapter 11 Certification Review Exam With Multiple Choices And Correct Answers.,
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  • Module
  • ENGR 3701
  • Institution
  • ENGR 3701

price - correct answer The amount of something—money, time, or effort—that a buyer exchanges with a seller to obtain a product. revenue - correct answer The result of the price charged to customers multiplied by the nu...

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  • December 29, 2024
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mktg 3701 chapter 11

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  • ENGR 3701
  • ENGR 3701

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mktg 3701 chapter 11
price - correct answer The amount of something—money, time, or effort—that a
buyer exchanges with a seller to obtain a product.



revenue - correct answer The result of the price charged to customers multiplied by
the number of units sold.



profits - correct answer Revenue minus total costs.



profit maximization - correct answer A pricing objective that involves setting a
relatively high price for a period of time after the product launches.



volume maximization/ penetration pricing - correct answer A pricing objective that
involves setting prices low to encourage a greater volume of purchases.



survival pricing - correct answer A pricing objective that involves lowering prices to
the point at which revenue just covers costs, allowing the firm to endure during a difficult time.



marginal cost - correct answer The change in total cost that results from producing
one additional unit of product.



marginal revenue - correct answer The change in total revenue that results from
selling one additional unit of product.



price sensitivity - correct answer The degree to which the price of a product affects
consumers' purchasing behavior.



price elasticity of demand - correct answer A measure of price sensitivity that gives
the percentage change in quantity demanded in response to a percentage change in price (holding
constant all the other determinants of demand, such as income).

, inelastic demand - correct answer Demand for which a given percentage change in
price results in a smaller percentage change in quantity demanded.



elastic demand - correct answer Demand for which a given percentage change in
price results in an even larger percentage change in quantity demanded.



fixed costs - correct answer Costs that remain constant and do not vary based on
the number of units produced or sold.



variable costs - correct answer Costs that vary depending on the number of units
produced or sold.



break-even analysis - correct answer The process of calculating the break-even
point, which equals the sales volume needed to achieve a profit of zero.



break-even point - correct answer The point at which the costs of producing a
product equal the revenue made from selling the product.



reference prices - correct answer The prices that consumers consider reasonable
and fair for a product.



underpricing - correct answer Charging someone less than they are willing to pay.



unbundling - correct answer Separating out the individual goods, services, or ideas
that make up a product and pricing each one individually.



escalator clause - correct answer a section in a contract that provides for price
increases if certain, specified conditions occur.



shrinkflation - correct answer The process of items shrinking in size or quantity
while their prices remain the same or increase.

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