ch 10 quiz

price

the amount of money charged for a product is its ________

in using this strategy, companies often find it hard to measure the value customers attach to their product

which of the following statements regarding customer value-based pricing is correct?

pure competition

in which type of market does no buyer or seller have much impact on setting the going market price?

the company's overall marketing strategy, objectives, and marketing mix

internal factors that affect pricing include ________

value-added pricing

luxury automobile manufacturers typically add quality, services, and other features to differentiate their offers and thus support their higher price. this is an example of ______

value-added pricing

new, premium movie theaters offer features such as online reserved seating, high-backed leather executive chairs with armrests and footrests, the latest in digital sound and super-wide screens, and other amenities for which they charge a higher price. this is an example of which type of pricing?

assess customer needs and value perceptions

what is the first thing marketers must do when using value-based pricing?

customer's value perceptions

which factor sets the ceiling on setting a product's price?

if demand is elastic, sellers will consider lowering their price

which of the following is true regarding the price-demand relationship?

average cost tends to decrease with accumulated production experience

which of the following statements is true regarding costs?