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10.BUSML 3250 Final Exam Review Questions with Correct Answers
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10.BUSML 3250 Final Exam ReviewQuestions with Correct Answers
What is a price? - Answer-The amount of money charged for a product or service.
What is value-based pricing? - Answer-Price is considered along with other marketing
mix variables before the marketing program is set
What are the steps in (customer) value-based pricing? - Answer-1. Assess customer
needs and value perceptions
2. Set target price to match customer perceived value
3. Determine the costs that can be incurred
4. Design product to deliver value at target price
What is cost-based pricing? - Answer-Setting prices based on the costs of producing,
distributing, and selling the product plus a fair rate of return for effort and risk
What are the steps in cost-based pricing? - Answer-1. Design a good product
2. Determine product costs
3. Set price based on cost
4. Convince buyers of product's value
What is competition-based pricing? - Answer-Setting prices based on competitors'
strategies, prices, costs, and market offerings
What is a demand curve? - Answer-A curve that shows the number of units the market
will buy in a given time period, at different prices that might be changed
What are the different types of demand? - Answer-Elastic Demand - demand is very
sensitive to changes in price
Inelastic Demand - demand is not so sensitive to small changes in price (insulin, people
need it, demand won't change)
What is the price elasticity of demand? - Answer-A measure of the sensitivity of demand
to changes in price
What is good-value pricing? - Answer-Offering just the right combination of quality and
good service at a fair price
What is value-added pricing? - Answer-Attaching a value-added features and services
to differentiate a company's offers and charging higher prices
, What is an example of value-added pricing? - Answer-AMC Premium Theaters - prices
are higher, but customers pay for the value-added activities - such as food delivered to
seat, better seating, extra space, etc.
What are the three different types of costs? - Answer-Fixed Costs
Variable Costs
Total Costs
What are fixed costs? - Answer-Costs that do not vary with production or sales level
What are variable costs? - Answer-Costs that vary directly with the level of production
What are total costs? - Answer-The sum of the fixed and variable costs for any given
level of production
What is cost-plus pricing? - Answer-Adding a standard mark-up to the cost of the
product
What is pure competition? - Answer-The market consists of many buyers and sellers
trading in a uniform commodity (ex: wheat)
What is monopolistic competition? - Answer-The market consists of many buyers and
sellers who trade over a range of prices
What is a pure monopoly? - Answer-Power company
How does the economy affect pricing? - Answer-Economic factors that can affect pricing
strategies: recession, interest rates, inflation, etc
What is market-skimming pricing? - Answer-Setting a high price for a new product to
skim maximum revenues layer by layer from the segments willing to pay the high price,
the company makes fewer but more profitable sales
What is market-penetrating pricing? - Answer-Setting a low price for a new product in
order to attract a large number of buyers and a large market share
What is psychological pricing? - Answer-Pricing that considers the psychology of prices
and not simply the economics, the price is used to say something about the product
What is promotional pricing? - Answer-Temporarily pricing products below the list price,
and sometimes even blow cost, to increase short-run sales
What is geographical pricing? - Answer-Setting prices for customers located in different
parts of the country or world
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