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Factors Affecting Price in Marketing

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Questions and Answers

When demand is high and supply is low, what can a business do?

Stop selling the product

Command a higher price (correct)

Lower the price

Maintain the current price

What type of costs are not subject to change depending on the number of units sold?

Semi-variable costs

Variable costs

Fixed costs (correct)

Operating costs

What is the main objective of each channel member in the channel of distribution?

To maximize profits

To minimize costs

To break even

To make a profit (correct)

What is the relationship between price and demand when demand is sensitive to changes in price?

As price increases, demand decreases Signup and view all the answers

What is the primary factor that determines the price of a product?

The price customers are willing to pay Signup and view all the answers

What is one of the objectives to consider when setting prices?

To obtain a target return on investment Signup and view all the answers

What is the main advantage of adapting to technological changes in pricing strategy?

Giving an entrepreneur a competitive edge Signup and view all the answers

What are the two main factors that affect the price of a product?

Costs and expenses, and supply and demand Signup and view all the answers

How does the price of a product affect customer perception?

It creates an image in the minds of customers Signup and view all the answers

What is the main characteristic of the growth stage in the product life cycle?

More competitors enter the marketplace Signup and view all the answers

What is the main purpose of government regulations on pricing?

To be fair to customers and prevent unethical practices Signup and view all the answers

What is the pricing strategy based on the cost per unit of measure?

Unit pricing Signup and view all the answers