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Pricing Strategy in Marketing Lesson Plans 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. What pricing objective entails focusing on value and the customer's expectations?

Question 2 2. 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 3 3. The purpose of _____ is to communicate the customers that they are receiving a great value for their money.

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

Question 5 5. Investing a large amount of time in preparing a sales plan is an example of _____.

Page 2

Question 6 6. The ultimate goal of a traditional sales methodology is to _____.

Question 7 7. If a product has a strong unique advantage that is not easily copied, how should it be priced?

Question 8 8. What is the difference between 'average total cost' (ATC) and 'average variable cost' (AVC)?

Question 9 9. Which of the following describes profit maximization pricing?

Question 10 10. What is sales-oriented pricing based on?

Page 3

Question 11 11. Airline companies tend to utilize what type of pricing decision?

Question 12 12. Which of the following is NOT a reason for personal selling to be used?

Question 13 13. Inflation is defined as _____.

Question 14 14. How could Advance Electronics implement a price skimming strategy when it introduces its new game box?

Question 15 15. What type of pricing strategy offers one price and avoids constant sales discounts and price changes?

Page 4

Question 16 16. Before showing a couple that's looking for a new car any vehicles, Cal wants to implement relationship selling into his presentation. How will he do this?

Question 17 17. Why is a pricing strategy important?

Question 18 18. Which type of pricing strategy depends on promotions/sales to temporarily reduce prices?

Question 19 19. Sal is a sales manager who knows exactly how many cars his people need to sell on a specific day to meet month end quota. His morning sales meeting will stress achieving the short term goal by traditional means. He will do this by asking his salespeople to _____.

Question 20 20. Why would an airline company utilize a status quo pricing strategy?

Page 5

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. A supply and demand chart or schedule is the _____

Question 23 23. 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 24 24. Which objective concerns specific rates of profit and using pricing strategies to get to a measurable return on investment to placate stockholders?

Question 25 25. A refund that is given for the purchase of a product during a certain time frame is called a _____.

Page 6

Question 26 26. A period of reduced economic activity is called a(n) _____.

Question 27 27. How does a company calculate one unit of production?

Question 28 28. When the farmer is ready to close the deal, what should he do next?

Question 29 29. What type of pricing strategy is Speedy Cellular using when it introduces a new smartphone at a price below all of its competitors ?

Question 30 30. If a butter manufacturer raises prices by 10% and the quantity of butter demanded by consumers falls 20%, this would be an example of _____.

Pricing Strategy in Marketing Lesson Plans 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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