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Marketing Pricing Strategies Quiz
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Marketing Pricing Strategies Quiz

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@SlickLyric

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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?

    <p>Price skimming</p> Signup and view all the answers

    What is price discrimination?

    <p>Charging different prices for the same product to different customers</p> Signup and view all the answers

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

    <p>Value-based pricing</p> Signup and view all the answers

    What is psychological pricing?

    <p>A marketing practice based on the theory that certain prices have a psychological impact</p> Signup and view all the answers

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

    <p>It may result in pricing a higher quality product lower than competitors</p> Signup and view all the answers

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

    <p>Price skimming</p> Signup and view all the answers

    What is a potential advantage of using psychological pricing tactics?

    <p>It can influence consumer behavior and increase perceived value</p> Signup and view all the answers

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