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GACE Marketing: Pricing Strategies 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!

Page 1

Question 1 1. Carlos bought a new laptop using a store's credit card, and the store offered to reduce the laptop's price by $50 if he paid the entire bill within 6 months. This is an example of a _____ discount.

Question 2 2. 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 3 3. Which type of discount helps to create a steady demand stream of product for the manufacturer?

Question 4 4. When products are stocked on a special display at the end of an aisle, the manufacturer is probably offering a _____ discount to the retailer.

Question 5 5. What type of pricing strategy is Speedy Cellular using when it introduces a new smartphone at a price below all of its competitors ?

Page 2

Question 6 6. 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?

Question 7 7. Which type of pricing strategy depends on promotions/sales to temporarily reduce prices?

Question 8 8. The pursuit of identifying the optimum price of a product in marketing is know as

Question 9 9. Airline companies tend to utilize what type of pricing decision?

Question 10 10. What is used to reward customer loyalty and encourage large purchase amounts?

Page 3

Question 11 11. A period of reduced economic activity is called a(n) _____.

Question 12 12. Which of the following is NOT one of the 4 P's of the marketing mix?

Question 13 13. When the final selling price reflects cost increases occurred between the time the order is placed and the time it is delivered, _____ has occurred.

Question 14 14. You and your sales associates are having a brainstorming session. One of the sales associates suggests that charging a low price for the company's product initially will help to capture the largest market share from your target market. How should you price your product?

Question 15 15. If a butter manufacturer raises prices by 10% and the quantity of butter demanded by consumers falls 20%, this would be an example of _____.

Page 4

Question 16 16. A supply and demand chart or schedule is the _____

Question 17 17. What is the price at which demand and supply are equal?

Question 18 18. 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 19 19. Which pricing type's ultimate goal is to reach a particular level of profit by using price to get sales that produce a certain profit per unit?

Question 20 20. Psychological pricing strategy would be which of the following?

Page 5

Question 21 21. What strategy consists of charging a high introductory price in tandem with heavy promotion and later slowly dropping the price?

Question 22 22. How could Advance Electronics implement a price skimming strategy when it introduces its new game box?

Question 23 23. Why would an airline company utilize a status quo pricing strategy?

Question 24 24. What is the difference between 'average total cost' (ATC) and 'average variable cost' (AVC)?

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

Page 6

Question 26 26. A demand chart or schedule is the _____

Question 27 27. Why is a pricing strategy important?

Question 28 28. Next day delivery would be an example of?

Question 29 29. Which of the following describes profit maximization pricing?

Question 30 30. What type of pricing strategy offers one price and avoids constant sales discounts and price changes?

GACE Marketing: Pricing Strategies 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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