MKT 350

Price fixing is the illegal tactic of cooperating with other firms to ______ prices. Multiple choice question. publicly list artificially establish discretely hide constantly reduce

artificially establish

Assuming the economy and other factors stay the same, a downward-sloping demand curve for a product shows which of the following? (Select all that apply.) Multiple select question. As price increases, demand decreases. As price increases, demand increases. As price decreases, demand increases. As price decreases, demand decreases.

as price increases, demand decreases as price decreases, demand increases

A useful technique that enables managers to examine the relationships among cost, price, revenue, and profit over different levels of production and sales is called ______. Multiple choice question. cost-benefit analysis break-even analysis fixed costs cross-price elasticity

break-even analysis

The five Cs of pricing include ______. Multiple choice question. cost uniqueness customer salaries channel dynamics company objectives

company objectives

One of the five Cs of pricing is ______. Multiple choice question. cost saving competition customer advantage company knowledge

competition

Which of the following are considered part of the five Cs of pricing? (Select all that apply.) Multiple select question. Customers Channel members Change management Charter membership Competition Company objectives

customers channel members competition company objectives

The graph that shows how many units of a product or service consumers will want during a specific period at different prices is known as the ______ curve. Multiple choice question. price versus sales consumer supply demand

demand

Using predatory pricing, a firm sets a very low price for one or more of its products with the goal of ______. Multiple choice question. making its annual sales report look better capturing market share with competitive advantage driving its competition out of business driving up the value of the company's stock

driving its competition out of business

If McDonald's reduces the price of a Big Mac by 25% and sales increase by more than 50%, the firm could describe demand as which of the following? (Select all that apply.) Multiple select question. elastic price sensitive inelastic price insensitive

elastic price sensitive

With the ______ pricing strategy, a company adopts retail prices that are typically somewhere between the product's regular price and the sharply discounted sale prices that competitors occasionally offer. Multiple choice question. high/low odd everyday low reference

everyday low

Which of the following do you need to know to calculate target return price? (Select all that apply.) Multiple select question. Expected unit sales Variable costs Break-even point Fixed costs

expected unit sales variable costs fixed costs

True or false: A firm with a primary objective of very high sales growth will have the same pricing strategy as a firm with a primary objective of being a quality leader. True false question. True False

false

True or false: Puffery is illegal in advertising. True false question. True False

false

The ______ pricing strategy features frequent sales, during which prices are lowered for a short time. Multiple choice question. everyday low odd high/low reference

high/low

When consumers relish the challenge of getting the lowest price and are willing to expend the time and effort to seek out the lowest price every time, retailers should use the ______ pricing strategy. Multiple choice question. predatory everyday low reference high/low

high/low

When the price of DVD players drops, theoretically based on demand elasticity, the demand for DVDs is likely to ______. Multiple choice question. decrease first increase then decrease increase remain unchanged

increase

Channel members include which of the following? (Select all that apply.) Multiple select question. Manufacturers Retailers Wholesalers Consumers

manufacturers retailers wholesalers

Which of the following is another term for target return percentage? Multiple choice question. Contribution per unit Profit Break-even point Markup

markup

When a new product or service is launched, companies that use a ______ strategy will attempt to attract customers quickly by offering a very low price at first. Multiple choice question. reference point value-based price skimming penetration pricing

penetration pricing

Break-even analysis examines the relationships between which of the following? (Select all that apply.) Multiple select question. Value Price Cost Unions

price cost

If a firm sells the same product to different resellers at different prices, it can be considered ______. Multiple choice question. deceptive reference pricing price discrimination uniform delivery loss-leader pricing

price discrimination

target return pricing is an example of what type of orientation? competitor customer profit sales

profit

Price is best defined as ______. Multiple choice question. the consumer's break-even point the overall sacrifice a consumer is willing to make to acquire a specific product or service the overall sacrifice a consumer will make to obtain one of the five Cs the last element of the marketing mix a consumer will always agree with

the overall sacrifice a customer is willing to make to acquire a specific product or service

True or false: Customers are one of the five Cs of pricing. True false question. True False

true

Total cost is ______. Multiple choice question. variable costs plus fixed costs fixed costs divided by variable costs variable costs minus fixed costs variable costs times fixed costs

variable costs plus fixed costs