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Chapter 9 Multiple-Choice Questions
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Chapter 9 Multiple-Choice Questions
Price and Customer Value Decisions
Quiz Content
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In marketing terms, ___________ refers to what we get for what we pay:
Revenue.
correct
incorrect
Cost.
correct
incorrect
Value.
correct
incorrect
Product.
correct
incorrect
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Sunday newspapers (in Britain, France, Thailand, Sweden) often contain numerous supplements (e.g. fashion, entertainment, property) to make the newspaper appear greater value for money. These are called:_______________
odd-number pricing.
correct
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pure price bundling.
correct
incorrect
pricing cues.
correct
incorrect
reference prices.
correct
incorrect
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This is the cost of plant, equipment and machinery owned by a business:
Product assets.
correct
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Moving assets.
correct
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Working capital.
correct
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Fixed capital.
correct
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These are costs which do not vary according to the number of units of product made or service sold:
Fixed costs.
correct
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Moving assets.
correct
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Working capital.
correct
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Fixed capital.
correct
incorrect
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This is the price band against which customers judge the purchase price of offerings in their own minds.
Sale prices.
correct
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Luxury prices.
correct
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Reference prices.
correct
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Odd-Number prices.
correct
incorrect
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This business-to-business pricing approach seeks to understand customers' needs before pricing the offering according to those needs in order to generate a long-term relationship. This is referred to as::
Geographical pricing.
correct
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Discount pricing.
correct
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Relationship pricing.
correct
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Value-in-use pricing.
correct
incorrect
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____________ occurs when companies temporarily reduce their prices below the standard price for a period of time to raise awareness of the offering to encourage trials and raise short-term brand awareness.
Promotional pricing
correct
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Relative price.
correct
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List pricing
correct
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Loss-leader pricing
correct
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This allows us to determine how the quantity of an offering relates to the price at which it is offered:
Price bundling.
correct
incorrect
Price elasticity.
correct
incorrect
Price inelasticity.
correct
incorrect
Price inflation.
correct
incorrect
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This occurs when a company charges more than governments perceive is fair for products and/or services; typically by taking advantage of demand where customers/consumers are reliant on a particular product/service:
Product gouging.
correct
incorrect
Price gouging.
correct
incorrect
Brand gouging.
correct
incorrect
Demand pricing.
correct
incorrect
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The pricing approach where prices are set based on costs is called:___________
Cost-oriented approach.
correct
incorrect
Value-oriented approach.
correct
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Competitor-oriented approach.
correct
incorrect
Demand-oriented approach.
correct
incorrect
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_____________ is influenced by perceptions of the fairness of prices set, latitude of price acceptance (customers appear willing to accept a price within a range of prices suggesting a 'price zone of tolerance'), magnitude (absolute price) and frequency of purchase, price presentation (how prices are presented might produce different levels of willingness to pay) and advertising.
Brand awareness.
correct
incorrect
Price perception.
correct
incorrect
Willingness to pay.
correct
incorrect
Price consciousness.
correct
incorrect
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Our perception of risk is greater if we are continually reminded of it than if we consider it only at the point of purchase. This is referred to as::
purchase context.
correct
incorrect
price bonding.
correct
incorrect
odd number pricing.
correct
incorrect
mark-up price.
correct
incorrect
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When customers assess prices, they estimate value using
__________
, because they do not always know the true cost and price of the item that they are purchasing. These pricing cues include sale signs; odd-number pricing; the purchase context; and price bundling and rebates.
Pricing strategies.
correct
incorrect
Sale price.
correct
incorrect
Pricing cues.
correct
incorrect
Pricing bundles.
correct
incorrect
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A 10% increase (decrease) in price produces a 10% decrease (increase) in quantity demanded. This is referred to as:
zero price elasticity of demand.
correct
incorrect
infinite price elasticity of demand.
correct
incorrect
unit price elasticity of demand.
correct
incorrect
indefinite price elasticity of demand.
correct
incorrect
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Segmentation pricing is where varying prices are set for different groups of customers. Economists call this approach:
Price discrimination.
correct
incorrect
Internal pricing.
correct
incorrect
Listed pricing.
correct
incorrect
Cost pricing.
correct
incorrect
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This approach is fairly standard for high-technology offerings or for those offerings that require substantial research and development cost input initially.
Customer-centric pricing.
correct
incorrect
Market penetration pricing.
correct
incorrect
Skim pricing.
correct
incorrect
None of the options given above is correct.
correct
incorrect
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The pricing approach where prices are set based on what customers believe to offer value is called the:
cost-oriented approach.
correct
incorrect
demand-oriented approach.
correct
incorrect
competitor-oriented approach.
correct
incorrect
value-oriented approach.
correct
incorrect
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Which of the following are aimed at providing customers with the peace of mind of knowing that the company they are purchasing from is competitive in price?
Price competitiveness.
correct
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Price assurance.
correct
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Reference prices.
correct
incorrect
Price guarantee schemes.
correct
incorrect
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This is an assumption that as price increases so does quality, and that in general price reflects quality.
Perceived value.
correct
incorrect
Perceived price.
correct
incorrect
Perceived quality.
correct
incorrect
Perceived risk.
correct
incorrect
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With this pricing approach, the pricing process begins with the customer; not the cost of the product offering:
Value-based pricing.
correct
incorrect
Cost-based pricing.
correct
incorrect
Customer-led pricing.
correct
incorrect
Sales pricing.
correct
incorrect
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