Marketing chapter 9

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Competitors are not able to enter the market quickly and undercut the high price

To successfully implement a​ market-skimming strategy for a new​ product, which of the following conditions needs to be​ present?

optional-product

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.

Market-penetration pricing

Which of the following pricing strategies would a company use to attract a large number of buyers quickly and win a large market​ share?

Customer​ value-based pricing

Which of the following refers to setting prices based on​ buyers' perception of value rather than on the​ seller's cost?

target costing

Which of the following reverses the usual process of first designing a new​ product, determining its​ cost, and then​ asking, "Can we sell it for​ that?"

Customer​ perceptions; costs

_______ of the​ product's value set the ceiling on​ pricing, while​ _______ set the floor.

customer and situational

Setting the base price for a product is only the start. The company must then adjust the price to account for​ ____________________________ differences.

price-fixing

Federal legislation on​ _________ states that sellers must set prices without talking to competitors.

If demand is​ elastic, sellers will consider lowering their prices

Which of the following is true regarding the​ price-demand relationship?

They apply a variety of price adjustment strategies.

How do companies apply pricing strategies to accommodate differences in customer segments and​ situations?

Price competition

Of the​ following, which is core element of our​ free-market economy?

discount and allowance​ pricing, segmented​ pricing, psychological pricing

The seven price adjustment strategies are​ _____, ______,​ _____, promotional​ pricing, geographical​ pricing, dynamic​ pricing, and international pricing.

customer​ value-based pricing,​ cost-based pricing, and​ competition-based pricing

The three major pricing strategies are​ ______.

overall marketing​ strategy, objectives, marketing​ mix, and other organizational considerations

A​ company's pricing strategy is affected by internal factors such as​ ___________________.

product bundle pricing

Combining products for one price can promote the sales of products consumers might not otherwise​ buy, but the combined price must be low enough to get them to buy the package. This is known as​ ______.

Buyer and competitor reactions

Companies have to think carefully when considering price changes. They must consider which of the​ following?

the nature of the market and demand and environmental factors

External factors when considering pricing include​ ________________________________ such as the​ economy, reseller​ needs, and government actions.

​Value-added pricing

New, premium movie theatres 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?

Penetration pricing

Of the​ following, which is NOT one of the​ product-mix pricing​ situations?

deceptive pricing

One form of​ ______ involves bogus reference or comparison​ prices, as when a retailer sets artificially high​ "regular" prices and then announces​ "sale" prices close to its previous everyday prices.

introductory

Pricing strategies usually change as a product passes through its life cycle but are especially challenging during the​ _______ stage.

captive-product

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

an indicator of quality

Roshika has been invited to a fancy dinner party and wants to bring a good bottle of wine as a gift for the host. Since she does not know much about​ wine, she will likely use the price of the wines as​ ________.

predatory pricing

The illegal practice of​ ______________________ is selling below cost with the intention of punishing a competitor or gaining higher​ long-run profits by putting competitors out of business.


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