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CMMP Exam: Pricing Chapter Exam

Exam Instructions:

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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Question 1 1. Inflation is defined as _____.

Question 2 2. What is the result when the marginal cost (MC) is less than the average variable cost (AVC)?

Question 3 3. What type of pricing strategy is Speedy Cellular using when it introduces a new smartphone at a price below all of its competitors ?

Question 4 4. Which type of pricing method determines the sales volume that must be reached before total revenue equals total costs?

Question 5 5. Psychological pricing strategy would be which of the following?

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Question 6 6. What is the price at which demand and supply are equal?

Question 7 7. One of the toy company's products is a baby item that simulates a car driving. It can be attached to a crib to help soothe babies to sleep. No other product like this is available. What type of demand would this product likely have?

Question 8 8. The purpose of _____ is to communicate the customers that they are receiving a great value for their money.

Question 9 9. A supply and demand chart or schedule is the _____

Question 10 10. What is the price against which buyers compare the sales price of the product to the actual price?

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Question 11 11. Offering a free movie ticket with the purchase of hotel room is an example of which type of pricing strategy?

Question 12 12. Katerine works at a large catering company. When Katerine gave her boss, Joe, a report on what the competition was doing he said he wasn't interested in that or even the profit, that his only goal was to increase how many products people purchase. What is this strategy called?

Question 13 13. Which 'P' of the marketing mix has the most flexibility to change?

Question 14 14. What type of pricing strategy offers one price and avoids constant sales discounts and price changes?

Question 15 15. When the final selling price reflects cost increases occurred between the time the order is placed and the time it is delivered, _____ has occurred.

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Question 16 16. A period of reduced economic activity is called a(n) _____.

Question 17 17. Which of the following describes profit maximization pricing?

Question 18 18. Which of the following is NOT one of the 4 P's of the marketing mix?

Question 19 19. How will Advance Electronics implement a price skimming strategy when it introduces its' new game box?

Question 20 20. Next day delivery would be an example of?

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Question 21 21. Your company is experiencing some financial difficulties and needs to increase its profits soon. Which of the following should it NOT do in order to increase profits?

Question 22 22. If a butter manufacturer raises prices by 10% and the quantity of butter demanded by consumers falls 20%, this would be an example of _____.

Question 23 23. What is the difference between 'average total cost' (ATC) and 'average variable cost' (AVC)?

Question 24 24. A demand chart or schedule is the _____

Question 25 25. How does a company calculate one unit of production?

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Question 26 26. The pursuit of identifying the optimum price of a product in marketing is know as

Question 27 27. Which type of pricing strategy depends on promotions/sales to temporarily reduce prices?

Question 28 28. What type of pricing is used to find the optimum price point for a product, usually a unique item with unknown consumer demand?

Question 29 29. To increase traffic and attract new customers companies might try using which pricing strategy?

Question 30 30. If there is another leader in the industry, a company might decide to match the leader's pricing. Otherwise, it will maintain current prices. What is this strategy called?

CMMP Exam: Pricing Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next set of questions. You can skip questions if you would like and come back to them later with the yellow "Go To First Skipped Question" button. When you have completed the practice exam, a green submit button will appear. Click it to see your results. Good luck!

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