BUSML 3250 Chapter 10

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Which of the following statements is true regarding​ costs?

Average cost tends to decrease with accumulated production experience.

Which of the following correctly identifies the three major pricing strategies used by​ marketers?

Customer value-based pricing, cost-based pricing, and competition-based pricing

Which of the following statements about price is​ correct?

Customers have put increasing pricing pressures on many companies.

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

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

Which type of market consists of many buyers and sellers trading over a range of prices rather than a single market​ price?

Monpolistic competition

Which factor sets the floor on setting a​ product's price?

Product costs

​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?

Value-added pricing

Two external factors which must be considered in pricing decisions are​ __________.

demand and the nature of the market

The strategy of​ __________ means that the firm attempts to offer the right combination of quality and good service at a fair price.

good-value pricing

Internal factors that affect pricing include​ __________.

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


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