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Chapter 11: Pricing and Price Equation Quiz

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Questions and Answers

What is the equation for calculating the final price?

Price = List price + (Discounts and allowances) - Extra fees

Price = List price + (Discounts and allowances) + Extra fees

Price = List price - (Discounts and allowances) - Extra fees

Price = List price - (Discounts and allowances) + Extra fees (correct)

What is the term used for exchanging goods by goods or services?

Counter trade (correct)

Goods exchange

Trade exchange

Barter trade

How is value defined in relation to price?

Value = Perceived benefits - Price

Value = Perceived benefits / Price (correct)

Value = Perceived benefits * Price

Value = Perceived benefits + Price

What does creative marketing engage in when it comes to pricing?

Value-based pricing Signup and view all the answers

What critical decision is made by a marketing executive according to the text?

Pricing Signup and view all the answers

What is exchanged for the ownership or use of a good or service according to the text?

Money or other considerations Signup and view all the answers

What is the relationship between price and quantity sold?

Price affects the quantity sold indirectly Signup and view all the answers

Which of the following is NOT a pricing constraint or objective in setting prices?

Inflation rate Signup and view all the answers

What is the main purpose of marginal analysis in marketing decisions?

To study whether revenue from an additional product is greater than the marginal cost Signup and view all the answers

In breakeven analysis, what does the breakeven point represent?

The quantity at which total revenue equals total cost Signup and view all the answers

What is skimming pricing?

Setting a price higher than what customers are willing to pay Signup and view all the answers

What does penetration pricing involve?

Setting a price to gain a larger market share quickly Signup and view all the answers

What is Step 3 in setting prices primarily concerned with?

Determining cost, volume, and profit relationships Signup and view all the answers

What is Step 6 in setting prices focused on?

Making special adjustments to list or quoted price Signup and view all the answers

What does breakeven analysis analyze?

The relationship between total revenue and total cost to determine profitability at various levels of outputs. Signup and view all the answers

What is the main purpose of demand-based methods in selecting an approximate price level?

To help find an approximate price level based on customer demand. Signup and view all the answers