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Pricing

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Unit 3: Pricing, Promotion, & Distribution

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Questions and Answers

Which of the following is not one of the three objectives of pricing?

Maintain cost efficiency (correct)

Match the competition

Increase market share

Maximize Profits

What is market share?

The number of competitors in the market

The profit generated from a product

The production cost of a product

The total industry sales for a certain product (correct)

Which pricing method is based on what the customer is willing to pay for a product?

Cost-oriented

Demand-oriented (correct)

Value-based

Competition-oriented

What is the main purpose of breakeven analysis?

To determine the price necessary to cover all costs Signup and view all the answers

What does it mean when a business is above the breakeven point?

It is making a profit Signup and view all the answers

What is the primary goal of promotion in marketing?

To inform, persuade, or remind potential customers about goods and services Signup and view all the answers

In advertising, what does a business do?

Pays money to influence people regarding their product Signup and view all the answers

What are the three main forms of advertising?

Broadcast media, print media, and digital media Signup and view all the answers

What is personal selling?

Involves direct communication between the salesperson and the customer Signup and view all the answers

What are sales promotions primarily used for?

To incentivize people to buy a product Signup and view all the answers

What does public relations involve?

The ongoing effort to foster positive relationships between an organization and various public groups Signup and view all the answers

What is the main goal of integrated marketing communication?

To coordinate all promotional methods to send a consistent message to customers Signup and view all the answers

In terms of the marketing mix, what does 'place' refer to?

Distribution Signup and view all the answers

What does physical distribution involve?

Business functions used to move products through the channel to consumers Signup and view all the answers

What is the path a product follows from producer to consumer called?

Channels of distribution Signup and view all the answers