Test 7 19-20_ Marketing

a psychological pricing strategy.

Odd-even pricing is

the value that is exchanged for products in a marketing transaction.

Price is

Most flexible.

Price is considered to be the variable in the marketing mix that is

promotional pricing.

Price leaders, comparison discounting, and special-event pricing are applications of

nonprice competition

Sellers that emphasize distinctive product features to encourage brand preferences among customers are practicing

professional pricing

Services that are performed by lawyers, dentists, or doctors are typically priced using ____; sometimes these prices are not based on the amount of time that is spent in each situation, but are based on a flat fee regardless of the difficulty involved.

periodic discounting.

The "White Sale" that many department stores have every year a few weeks after Christmas is an example of

barter

The oldest form of exchange trading of products is known as

Market share

Under Armour is establishing a ______ pricing objective to maintain or increase its product's sales in relation to total industry sales.

Premium pricing

A product that has more features than those of its competition, or that is perceived to be of higher quality, warrants using which type of pricing strategy?

they prefer buying a combination of bundled products in a single transaction, which saves time, effort, and perhaps money.

Bundle pricing may be perceived to be of value by customers because

special-event pricing.

Chris is planning three sales during the third quarter of the year at Toys R' Us. The first is at the beginning of the school year, the second is the week before Halloween, and the third is Black Friday. These sales would be considered to be

product quality

If an organization sets prices to recover research and development expenses and establish a premium quality image for its product, it would be using a ____ pricing objective.

overall; marketing

Marketers must take steps to make sure that the pricing objectives they set are consistent with the organization's ____ objectives and ____ objectives.

selling price; cost

Markup is measured either as a percentage of ____ or a percentage of ____.

return on investment

Most pricing objectives based on ____ are achieved by trial and error because not all cost and revenue data are available when prices are set.

bait pricing

When Gabriella logs on to Dell's website, she sees a notebook model priced well below $1,000. As she continues through the site to view the other options, she realizes the first one she saw was the cheapest model available, but she of course wants more features. Dell is utilizing

cost-plus

When a seller's costs are usually determined during or after a product is made and then a specified percentage or dollar amount is added to the cost to establish a price, an organization is using ____ pricing.

value

When consumers are making do with less expensive products and shopping more selectively, manufacturers and retailers must focus on the ____ of their products.

develop pricing objectives.

When establishing prices, a marketer's first step is to