Ch.9 MML

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What are the three major pricing strategies used by​ marketers?

-customer value based pricing - cost based pricing -competition based pricing

What are the five product mix pricing​ situations?

-product line pricing -optional product pricing -captive product pricing - by-product pricing -product bundle pricing

Which of the following statements is true regarding initiating price​ increases?

Wherever​ possible, the company should consider ways to meet higher costs or demand without raising prices.

Which of the following is a​ cost-oriented pricing​ approach?

breakeven pricing

Gillette charges a fairly low price for its razors​ (relative to​ costs) and a high price for razor blades. It is using a strategy of​ ___________ pricing.

captive-product

Printer companies often charge a fairly low price for their ink jet printers​ (relative to​ costs) and a high price for replacement cartridges. These companies are using a strategy of​ ________ pricing.

captive-product

The price​ ceiling, the maximum price a company can​ charge, is set by​ ________.

customer perceptions of the product's value

​________ refers to setting price based on​ buyers' perception of value rather than on the​ seller's cost.

customer value-based pricing

Which of the following statements is true regarding initiating price​ cuts?

cutting prices in an industry loaded with excess capacity might lead to price wars

Which of the following is a potentially effective action a company could take in response to a​ competitor's price​ cut?

increase both price and quality

Many state colleges and universities charge one price for​ in-state students and a higher price for​ out-of-state students. Which form of segmented pricing are these schools​ using?

location-based pricing

When Apple Computer Company introduced its​ iPhone, its priced the new product at​ $599, considerably higher than either their iPod or competing cellular phones. Apple Computer was pursuing a​ ___________________ new product pricing​ strategy.

market skimming

A company has set a low price on a new product it introduced. It wants to maximize its market share and attract a large number of buyers quickly. Which new product pricing strategy should the company​ use?

market-penetration pricing

When a company sets a high price as the initial price of a new​ product, it is pursuing a​ ________ new product pricing​ strategy.

market-skimming

Dynamic pricing is when companies continually adjust prices to meet the characteristics and needs of individual customers and situations. Where is this method especially prevalent​ today?

online buying

A car buyer can choose a base model at one​ price, or one with a premium sound and navigation system at a higher price. This is an example of​ _______ pricing.

optional-product

Which of the following statements is true regarding how price might play an important role in helping to accomplish company​ objectives?

pricing can create excitement for a brand

Bath​ & Body Works offers​ "three-fer" deals on its soaps and lotions​ (such as three antibacterial soaps for​ $10). This is an example of​ _______ pricing.

product-bundle

Companies that use​ ________ continually adjust prices to meet the characteristics and needs of individual customers and situation

psychological pricing

Many state colleges and universities charge one price for​ in-state students and a higher price for​ out-of-state students. Which price adjustment strategy are these schools​ using?

segmented pricing

Geared2Beer, a craft beer​ brand, identifies a market segment that is willing to pay premium prices for its craft​ beer, and Geared2Beer managers select an ideal selling price. Managers then determine the costs to create craft beer that meets the ideal selling price. The​ company's pricing approach is referred to as​ ________.

target costing

Internal factors that affect pricing include​ ________.

the​ company's overall marketing​ strategy, objectives, marketing​ mix, and other organizational considerations.

​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, super-wide​ screens, and other amenities for which they charge a higher price. This is an example of which type of​ pricing?

value-added pricing

One major objective associated with a​ market-penetration pricing strategy is to​ ________.

win a large market share


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