MKT 300 Exam 3- Ch. 12

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price elasticity of demand

Dividing the percentage change in quantity demanded by the percentage change in price gives the

selective or exclusive distribution

Premium-priced products are usually marketed through

product quality

The pricing of Clinique makeup considerably higher than brands such as Cover Girl, Revlon, and Maybelline is used to communicate ____, which is the company's primary pricing objective.

false

t or f: It is usually easy to obtain an accurate price list for a competitor's products.

False

t or f: Setting prices for business customers is very similar to setting prices for consumers.

true

t or f: ​Noncumulative discounts are one-time reductions in prices based on the number of units purchased, the dollar value of the order, or the product mix purchased.

an external reference point

​Lucy buys a new dress at T.J. Maxx that has a price tag with "Compare at $150.00. Our Price $89.99." This is an example of the use of

interpretation

​What a price means or what it communicates to customers is called


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