Recent Lessons

Show all results for ""

Feature Overview

Ace your exams with our all-in-one platform for creating and sharing quizzes and tests.

Quizzes

Create quizzes and tests automatically from your content using AI.

Flashcards

Automatically turn your notes into digital flashcards.

Share, Export & Embed

Share with classmates or export to Excel and your learning management system.

Stats & Reporting

Auto-grading quizzes and tests with detailed stats and reports.

Mobile Apps

The smarter way to study – wherever you are.

Pricing

Search...

11 Questions

0 Views

Pricing Methods Quiz

Choose a study mode

Play Quiz

Study Flashcards

Spaced Repetition

Chat to lesson

Podcast

Play an AI-generated podcast conversation about this lesson

Questions and Answers

Which pricing method involves setting the price by adding a fixed amount to the cost of making the product?

Price skimming

Cost plus pricing (correct)

Penetration pricing

Loss leader pricing

What is a disadvantage of cost plus pricing?

Quick and easy calculation

Ensures covering all costs

Price might be set higher than competitors or customer willingness (correct)

Price is set lower than competitors

What is the primary aim of loss leader pricing?

Attract customers into the shop (correct)

Sell off unwanted stock quickly

Increase long-term market share

Maximize profits on each item sold

When is price skimming most suitable according to the text?

For existing products with a strong brand image Signup and view all the answers

What pricing method should be used for new products according to the text?

Penetration pricing Signup and view all the answers

How is Price Elasticity defined in the text?

% change in quantity demanded / % change in price Signup and view all the answers

What is the main purpose of price skimming?

To earn high profits initially Signup and view all the answers

Which pricing method focuses on setting a very low price to attract customers quickly?

Penetration pricing Signup and view all the answers

What is a disadvantage of implementing price skimming?

Backfiring if competitors offer similar products at lower prices Signup and view all the answers

In competitive pricing, what can businesses compete on besides the price?

Quality and service Signup and view all the answers

What is a key advantage of penetration pricing?

Ability to attract customers quickly Signup and view all the answers