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Marketing Pricing Strategies Quiz

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Questions and Answers

What pricing method involves setting prices based on the prices of competing products?

Competition-based pricing (correct)
Value-based pricing
Cost-plus pricing
Penetration pricing

Which of the following is a potential advantage of competition-based pricing?

It ensures that the company's product is always priced higher than competitors
It helps the company avoid pricing disadvantages compared to competitors (correct)
It guarantees that the company's higher quality product will be priced higher
It allows the company to ignore customer demand and focus solely on costs

What is the central element of demand-based pricing?

Government regulations on pricing
Consumer demand based on perceived value (correct)
The prices of competing products
The company's production costs

Which of the following is a type of demand-based pricing strategy?

Price skimming (B) Signup and view all the answers

What is price discrimination?

Charging different prices for the same product to different customers (A) Signup and view all the answers

Which of the following is NOT a type of demand-based pricing strategy mentioned in the text?

Value-based pricing (A) Signup and view all the answers

What is psychological pricing?

A marketing practice based on the theory that certain prices have a psychological impact (C) Signup and view all the answers

Which of the following is a potential disadvantage of competition-based pricing?

It may result in pricing a higher quality product lower than competitors (A) Signup and view all the answers

Which pricing strategy involves setting a high initial price and then lowering it over time?

Price skimming (C) Signup and view all the answers

What is a potential advantage of using psychological pricing tactics?

It can influence consumer behavior and increase perceived value (B) Signup and view all the answers