mar 216 quiz

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Question 1

(2 points)

Vac “N’ Sew will give customers $100 for a used vacuum cleaner, regardless of condition, when they purchase a new vacuum or sewing machine. This essentially reduces the price by $100. What is this type of discount called?

Question 1 options:

a)

functional discount

b)

captive product discount

c)

seasonal discount

d)

trade-in allowance

e)

by-product allowance

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Question 2

(2 points)

With product bundle pricing, sellers can combine several products and offer the bundle ________.

Question 2 options:

a)

as a working unit

b)

at a reduced price

c)

as a complete self-service package

d)

as a reward to loyal customers

e)

as segmented pricing

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Question 3

(2 points)

________ refers to selling below cost with the intention of punishing a competitor or gaining higher long-run profits by putting competitors out of business.

Question 3 options:

a)

Oligopolistic pricing

b)

Captive pricing

c)

Dynamic pricing

d)

Zone pricing

e)

Predatory pricing

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Question 4

(2 points)

Qriosity Inc. comes out with a new antivirus program and prices it at half price to attract buyers. The company is using ________.

Question 4 options:

a)

marketing-skimming pricing

b)

market-penetration pricing

c)

value-added pricing

d)

reference pricing

e)

promotional allowances

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Question 5

(2 points)

A company sets not just a single price, but rather a ________ that covers different items in its line that change over time as products move through their life cycles.

Question 5 options:

a)

pricing by-product

b)

pricing structure

c)

pricing loop

d)

pricing cycle

e)

pricing bundle

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Question 6

(2 points)

The relationship between the price charged and the resulting demand level can be shown as the ________.

Question 6 options:

a)

demand curve

b)

supply curve

c)

cost curve

d)

break-even chart

e)

inflation rate

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Question 7

(2 points)

When a manufacturer offers a ________, customers buy products from manufacturers’ dealers within a specified time period and the manufacturer sends the customer a check.

Question 7 options:

a)

cash rebate

b)

markup price

c)

dealer reduction

d)

flash sale

e)

functional discount

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Question 8

(2 points)

Rent, electricity, and executive salaries are examples of ________ costs.

Question 8 options:

a)

fixed

b)

variable

c)

break-even

d)

target

e)

marketing

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Question 9

(2 points)

________ prices are the prices that a buyer carries in his/her mind and refers to when looking at a given product.

Question 9 options:

a)

Captive product

b)

Reference

c)

Promotional

d)

Geographical

e)

Dynamic

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Question 10

(2 points)

________ pricing is the approach of setting a low initial price in order to attract a large number of buyers quickly and win a large market share.

Question 10 options:

a)

Market-skimming

b)

Market-penetration

c)

Above-market

d)

Value-based

e)

Follow-the-leader

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Question 11

(2 points)

Under ________, the market consists of a few large sellers who are highly sensitive to each other’s pricing and marketing strategies.

Question 11 options:

a)

pure competition

b)

monopolistic competition

c)

oligopolistic competition

d)

a pure monopoly

e)

pure monopsony

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Question 12

(2 points)

Producers use captive product pricing to set the price of the main product ________ and set ________ on the supplies necessary to use the product.

Question 12 options:

a)

low; low markups

b)

high; low markups

c)

low; high markups

d)

high; high markups

e)

moderately; moderate markups

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Question 13

(2 points)

Which of the following is a reason for a company to raise its prices?

Question 13 options:

a)

to address the issue of overdemand for a product

b)

to win a larger share of the market

c)

to use excess capacity

d)

to boost sales volume

e)

to balance out decreasing costs

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Question 14

(2 points)

If Dell charges the same price for delivery of its product to any customer that is located within the Great Lakes states, the company is using ________.

Question 14 options:

a)

psychological pricing

b)

promotional pricing

c)

reference pricing

d)

zone pricing

e)

uniform-delivered pricing

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Question 15

(2 points)

Value-based pricing is the reverse process of ________ pricing.

Question 15 options:

a)

variable cost-based

b)

cost-plus

c)

cost-based

d)

good-value

e)

equity value-based

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Question 16

(2 points)

Consumers use price less to judge the quality of a product when they ________.

Question 16 options:

a)

lack information

b)

lack skills to use the product

c)

have experience with the product

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