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Product Pricing for Small Business 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. A period of reduced economic activity is called a(n) _____.

Question 2 2. Offering a free movie ticket with the purchase of hotel room is an example of which type of pricing strategy?

Question 3 3. 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 4 4. Inflation is defined as _____.

Question 5 5. The purpose of _____ is to communicate the customers that they are receiving a great value for their money.

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Question 6 6. What objective concerns with specific rates of profit and use pricing strategies to get to a measurable return on investment to placate stockholders?

Question 7 7. Airline companies tend to utilize what type of pricing decision?

Question 8 8. What is sales-oriented pricing based on?

Question 9 9. 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 10 10. What pricing objective entails focusing on value and the customer's expectations?

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Question 11 11. How will Advance Electronics implement a price skimming strategy when it introduces its' new game box?

Question 12 12. Which type of pricing strategy depends on promotions/sales to temporarily reduce prices?

Question 13 13. What is the price against which buyers compare the sales price of the product to the actual price?

Question 14 14. What type of pricing strategy is Speedy Cellular using when it introduces a new smartphone at a price below all of its competitors ?

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

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Question 16 16. Why is a pricing strategy important?

Question 17 17. Why would an airline company utilize a status quo pricing strategy?

Question 18 18. If a product has a strong unique advantage that is not easily copied, how should it be priced?

Question 19 19. 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 20 20. What strategy consists of charging a high introductory price in tandem with heavy promotion and later slowly dropping the price?

Product Pricing for Small Business Chapter Exam Instructions

Choose your answers to the questions and click 'Next' to see the next question. You can skip questions if you would like and come back to them later with the "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. You will lose your work if you close or refresh this page. Good luck!

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