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...
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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