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Pricing Objectives: How Firms Decide on a Pricing Strategy

Instructions:

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

question 1 of 3

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

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1. 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?

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?

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About This Quiz & Worksheet

Focusing on which strategy a business will employ to reach its customers, this quiz and corresponding worksheet will help you gauge your knowledge of the pricing framework in marketing. Topics you'll need to know to pass the quiz include understanding the characteristics of price as well as knowing how to best describe profit maximization pricing.

Quiz & Worksheet Goals

Use this printable worksheet and quiz to review:

  • Characteristics of price
  • Definition of profit maximization pricing
  • Ways to increase profits

Skills Practiced

This worksheet and quiz will let you practice the following skills:

  • Interpreting information - verify you can read information regarding the ways to increase profits and interpret it correctly
  • Knowledge application - use your knowledge to answer questions about the characteristics of price
  • Defining key concepts - ensure that you can accurately define main phrases and terms, such as profit maximization pricing

Additional Learning

To learn more about how a company can realize its true potential, review the corresponding lesson on the Pricing Framework in Marketing. This lesson will help you:

  • Understand where price falls within the marketing mix
  • Describe why pricing is the most flexible part of the mix
  • Identify the main pricing strategies available to a business
  • Explain the characteristics of each of the strategies
  • Appreciate when to change the current strategy
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