Marketing Mix Price Definition and Introduction Quiz

Price is the value measured in non-monetary terms in the transaction between two parties.

Price is the value measured in money term in the part of the transaction between two parties where the buyer has to give something up to gain something offered by the seller. (correct)

Price is the value measured in terms of demand and supply in a transaction.

Price is the value measured in money term in the part of the transaction between two parties where the seller has to give something up to gain something offered by the buyer.

It needs to reflect supply and demand, as well as the actual and perceived value of the product. (correct)

It needs to reflect only the perceived value of the product, ignoring supply and demand.

It needs to reflect only supply and demand, ignoring actual and perceived value of the product.

It needs to reflect only the actual value of the product, ignoring supply and demand.

Costs that are independent of output and remain constant throughout a certain range. (correct)

Costs that vary with output and change according to circumstances and time.

Costs that are considered sunk for the relevant range.

Costs that include rent, buildings, machinery, and permanent staff.

<p>Costs that vary with output.</p> Signup and view all the answers

<p>Ensuring that the value to the customer is higher than your costs.</p> Signup and view all the answers