Status Quo Pricing Strategy

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

_____ copies the price levels of its competitors or maintains the current price levels of similar products or services in the market.

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1. _____ are responses to circumstances that are specific to your business market.

2. The advantage of the status quo pricing strategy is that it avoids a(n) _____.

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About This Quiz & Worksheet

Each question on the quiz is a fill-in-the-blank style question related to strategies in business. Some of the questions will give you a definition, and you will be asked to select the correct term from the provided choices.

Quiz & Worksheet Goals

The quiz asks you to identify the term or phrase for:

  • Copying and/or maintaining the price level of competitors or of similar products in the market
  • Responses to circumstances specific to a person's business market
  • Maintaining the status quo while waiting for an opportunity

Skills Practiced

You will practice the following skills:

  • Making connections - use understanding of the business strategy that copies competitors' prices or maintains the current price levels of similar market products
  • Defining key concepts - ensure that you can accurately identify main phrases by their definition, such as the term for maintaining the status quo while waiting for an opportunity
  • Information recall - access the knowledge you've gained regarding how businesses respond to circumstances specific to their market

Additional Learning

You should also read the accompanying lesson, Status Quo Pricing Strategy, to learn more. The lesson covers these topics:

  • Defining status quo pricing strategies
  • Understanding the importance of status quo pricing
  • Describing the advantages of status quo pricing
  • Detailing the disadvantages of status quo pricing
  • Breaking the status quo pricing cycle
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