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Which term applies to the model that estimates the actual profit made on sales of an item after transactional costs have been applied? a. Maintenance profit analysis b. Break-even analysis c. Retained revenue analysis d. Price waterfall analysis QUESTION 2 When a clothing retailer temporarily adjusts prices downward in order to get rid of last scason's fashions, that is an example of a: a. Pull tactic b. Trade allowance c. Sales promotion d. Premiums QUESTION 3 When selecting the methodology by which a company will caleulate its prices, which method and associated rationalo is increasingly recommended, and why? a. The value-based method, because it offers the greatest potential for competitive differentiation. b. The target profit method, because it guarantees that every sale will more than cover the costs of making and marketing an offering. P. The value-based method, because it makes price the primary driver of the exchange between buyer and seller. d. The competition-based method, because it guarantees that a cornpany's offerings will experiece similar demand. Which example BEST illustrates co-creation of value as a pricing strategy? A computer company offers a base price for specific features, but then charges more or less depending on which features customers opt to purchase. b. In a popular tourist destination, prices of many goods rise during the summer season. c. A software company offers to upgrade customers' templates at no additional cost to reduce the switching costs associated with adopting their product. d. A retailer advertises few discounts or sales but promotes the overall value of its everyday prices. QUESTION 5 Which of the following examples represents a "pull" sales promotion strategy? A. Motorcycle manufacturer offers an incentive pregram that rewards direct channel partners that generate high sales volume with a trip to a Sturgis motorcycle nally. b. Grocer offern free trial samples of new children's lunch items to mothers shopping with childree. C. Fower distributor offers florists a financial incentive for promoting house plants for Mother's Day d. Shipping company offers manufacturen free delivery to retailers in order to leverage excess trucking capacity. QUESTION 6 Which of the following is NOr an illegal pricing policy? A. Roquiring a customer to buy a separate item in order to buy the dosired item. b. Giving prizes to winuers who have completed a required task. c. Selling identical offerings to diffetent people at different prices. d. Selling below the breakeven point to undermine competitors. Which of the following sentences BEST reflects the fundumental concept of "price"? - A specified price that makes a profit for the seller must be attractive to a buyer. b. Adjustments that raise or lower the price to a buyer must be reflected in value to the seller. 0. Customer have to make a sacrifice in moncy, time, and/or effort to get what they want to buy. d. The buying exchange can be valued in rent, price, inserest, foe, fares, or dues. The answer can be found in Section 5.1, Pricing Basics in Basic Principles of Markering QUESTION 8 Which of the following examples BEST illustrates a permanen pricing strategy that uscs reductions from base price? a. Placing sale sigas near ooe third of the merchandise on display b. Offering a discount for customers who pay cash. C. Posting prices ending in 9. d. Changing prices as supplies of goods fluctuate. Which of the following statements BEST represents a chanael coafict ansing from pricing strategies? a. A retailer deeply discounts certain fashion accessones, which the manufactarer resents because of the message that the deep discount scids to consumers fegarding its products' perceived quality. b. A travel operator creates a "name yoar own price" model in which the consumer doesn't know exactly what's included until afler coneracting to bury the package. c. Consumers, leoling the pinch of the roceasion, begin asking for customized pricing on fems prevously contidered non-negotiable, such as phamacy products. d. A gas station begins using segmented pricing in oeder to allow those on fired income to live within tbeir means without sacrificiag auto ose. QUESTION 10 Which examplo BEST illostrates the Law of Supply and Demand? As the price of corn syrup increases, cereal manufacturen raise their prices. b. As the price of gas increases, drivers find ways to use their vehicles less - As the price of clothiag increases, shoppers increasingly use coupon promotions. d. As the ibterest rete on tank deposits fall, conamers use credit cands more. QUESTION 11 What information doss the, break-cven abalyais conaribute 10 a paciag decision? a. The price above which derand for an itera will decrease sigaificantly; b. The cost below which rales of an item canoot yield a profit. C. The rariable (incremencabl) cont, on average, of each unit wold. d. The fieed perzentage that must be addod to an hem to arrive at is selling price Which of the following represents the BEST response to the increasingly complex task of establishing effective pricing strategies? apting for a fixed price strategy in order to avoid complexity. b. Foregoing the use of sales promotions to avoid angeting custoners who pay full price. C. Tracking the effectiveness of strategies curtently in use. d. Uxing high-low pricing to strategically raise consumers' reference price expoctations QUESTION 13 Which of the following examples BEST illustrates the impact of product strategy on pricing? As smartphones gain consumer adoption in the market, the sales of Sony's Flip video camera go down, even though its tochnical capacities are excellent; the company ceases to offer she camera. b. A major appliance retailer raises prices on all seasooul products, such ax snow blowers and lawn mowers, maintaining the incremental difference between prices for each P. A theater proup sets the price of its tickets based upon the price of competing cultural offerings during the same time period. d. Sundance Cinema introduces un improved movie experience by eliminating pre-movie advertising, and allowing advabce scat zeservations, succesfully chaging higher ticket prices. The term "reference pricing" refers to a. The price consumers typically have in mind when they consider a fair exchange for the value offered by a specific good or service. b. The average price point consumers will calculate when researching a specific good or service. c. The practice by sellers of posting competitors' prices or oflering a blanket promise to match other sellers' prices. d. The value customers assign based on their expectations of customer service and post-sale support in addition to product features. QUESTION 15 What condition is a variable price strategy required to meet in order to avoid being classified as price discrimination, probibited by federal law in the U.S. A. - Goods or services of identical grade or quality must be offered to all buyers at the same price. b. Prices for like goods or services offered at different price points to different buyers must be open to negotiation (t.e, hageling). E. Thered pricing plans mast represent identical levels of sorvice across all buyers regardless of tier. d. Volume maximization, rather than protit maximization, must be the goal of the variable pricing strategy. QUESTION 16 Which of the following is NOT a likely rosult of a businoss faling to follow an appropriate price strategy? - The business loses its competivive odge. b. The business beings products to market but cannot attract sufficient buyerh. C. The busibess yenerates insufficient rovenue to cover costs of production. d. The busiocas witches from a fixed price to a sariahle price atrategy. Which of the following is NOT a factor that qualifies a pronotional campaign as a sales promotion? ancreasing recall of favorable experiences with an item oe brand. b. Rewarding customers who have been loyally buying at fall price. C. Encounging new customers to try an offering for the first time. d. Offering quantity diseounts to buyers at specified volume levels. QUESTION 18 Which of the following is NOT a componcet of the Enviroement factor that affecs pricing decisions? a. Competions b. Social concems o. Target profit Economic cooditions QUESTION 19 Law firms were among the last user groups to give up the computer progran WordPerfect for docuencat processing because of the cosf of convertisg larye tibraries af documen templates to new software. Which term BEST applies to this example? a. Refereace pricing bisignpeats C. Switehing costs d. Price menuitivity When price sensitivity differs among custweners in different makket segments, which type of pricing strategy gains in importance? N-Modified pricing surategy b. Variable pricing strategy C. Differing peice variables d. shoet-lerm valihility