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The practice of exchanging products and services for other products and services rather than for money is referred to as __________.


A) barter
B) reciprocal pricing
C) virtual pricing
D) balance of payments
E) value-pricing

F) C) and D)
G) A) and B)

Correct Answer

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Total cost refers to


A) the sum of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold.
B) the change in expenses that results from producing and marketing one additional unit of a product.
C) the average amount of money received for selling one unit of a product or simply the price of that unit.
D) the sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold.
E) the total expense incurred by a firm in producing and marketing a product, which equals the sum of fixed cost and variable cost.

F) A) and E)
G) All of the above

Correct Answer

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Yield management is considered to be a __________ approach to pricing.


A) demand-oriented
B) cost-oriented
C) profit-oriented
D) competition-oriented
E) service-oriented

F) B) and E)
G) A) and B)

Correct Answer

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The practice of charging a very low price for a product with the intent of driving competitors out of business is referred to as


A) price fixing.
B) predatory pricing.
C) price discrimination.
D) deceptive pricing.
E) geographical pricing.

F) A) and E)
G) None of the above

Correct Answer

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-Suppose you are the owner of a picture frame store. Let's assume that the average price customers are willing to pay for each picture frame is $120. Also, suppose your fixed costs (FC) total $32,000 (real estate taxes, interest on a bank loan, etc.) and unit variable cost (UVC) for a picture frame is $40 (labor, glass, frame, and matting) . According to Figure 11-6 above, how much profit will your picture frame store make if it sells 400 picture frames? A) $48,000 B) $32,000 C) $16,000 D) $0 E) ($32,000) -Suppose you are the owner of a picture frame store. Let's assume that the average price customers are willing to pay for each picture frame is $120. Also, suppose your fixed costs (FC) total $32,000 (real estate taxes, interest on a bank loan, etc.) and unit variable cost (UVC) for a picture frame is $40 (labor, glass, frame, and matting) . According to Figure 11-6 above, how much profit will your picture frame store make if it sells 400 picture frames?


A) $48,000
B) $32,000
C) $16,000
D) $0
E) ($32,000)

F) B) and D)
G) A) and D)

Correct Answer

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Controlling agreements between independent buyers and sellers whereby sellers are required to not sell products below a minimum retail price is called


A) competitive collusion.
B) price cooperation.
C) horizontal price fixing.
D) lateral price fixing.
E) vertical price fixing.

F) C) and D)
G) A) and C)

Correct Answer

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North America's largest Smart TV company is


A) Samsung.
B) Panasonic.
C) LG.
D) Sony.
E) Vizio.

F) C) and E)
G) A) and B)

Correct Answer

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Ampro-Mag is a small company that makes materials for safely controlling hazardous spills of all kinds. It sells these items as a neutralizing kit priced at $100. The costs of the materials that go into each kit are $45. It costs $5 in labor to assemble a kit. The company has monthly expenses of $1,000 for rent and insurance, $200 for heat and electricity, $500 for advertising in trade journals, and $3,500 for the monthly salary of its owner. What is Ampro-Mag's monthly break-even point in terms of number of neutralizing kits sold?


A) 40 kits
B) 52 kits
C) 104 kits
D) 116 kits
E) 520 kits

F) C) and D)
G) A) and D)

Correct Answer

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According to Vizio, "The whole goal is to ensure that we have the right product, at the right time and the right price and __________."


A) forever rid the world of plugs and wires
B) create customer value that is unmatched in the industry
C) deliver it to the right people
D) at the right place
E) drive a seamless end-to-end value chain

F) A) and C)
G) D) and E)

Correct Answer

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For the sake of simplicity and by convention, price elasticity figures are shown as __________.


A) positive numbers (0.64, 1.25, etc.)
B) negative numbers (-0.64, -1.25, etc.)
C) Greek letters (∑, ∏, etc.)
D) Roman numerals (I, V, X, etc.)
E) English consonants (P, Q, TR, etc.)

F) A) and E)
G) All of the above

Correct Answer

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All of the following statements about price are true EXCEPT:


A) Small changes in price can have big effects on both the number of units sold and company profit.
B) The price for a product or service must earn a profit for the company.
C) For most products and services, their prices are always the same.
D) The price must be right - in the sense that customers must be willing to pay it.
E) The price must generate enough sales dollars to pay for the cost of developing, producing, and marketing the product.

F) B) and C)
G) B) and D)

Correct Answer

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Setting a market price for a product or product class based on a subjective feel for the competitors' price or market price as the benchmark is referred to as


A) customary pricing.
B) above-, at-, or below-market pricing.
C) standard markup pricing.
D) competitive margin pricing.
E) experience curve pricing.

F) B) and E)
G) B) and D)

Correct Answer

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Which of the following statements about the product life cycle as a pricing constraint is most accurate?


A) The newer a product is, the higher the price that can usually be charged.
B) The later in the product life cycle a product is, the higher the price that can usually be charged.
C) Once a product is considered nostalgic, the price will continue to rise indefinitely.
D) Fads will generally have only two price points - high and low - but the values of those price points usually be within 10 percent of each other.
E) Prices should not be changed until a product reaches its maturity stage

F) A) and B)
G) C) and E)

Correct Answer

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A manufacturing company that introduces a product must know or anticipate what specific price its __________ currently charge or may charge in the future.


A) present and potential competitors
B) financial institutions
C) suppliers
D) unions
E) regulators

F) A) and B)
G) A) and C)

Correct Answer

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Setting a price to achieve an annual target return-on-investment (ROI) is referred to as


A) target return-on-investment pricing.
B) target return-on-profit pricing.
C) target return-on-sales pricing.
D) target profit pricing.
E) customary pricing.

F) All of the above
G) A) and C)

Correct Answer

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Which of the following statements regarding pricing objectives is most accurate?


A) Pricing objectives should never change.
B) Pricing objectives may change depending on the financial position of the company.
C) Pricing objectives may change depending upon the relative market share of competitors.
D) Pricing objectives are established exclusively by the marketing department.
E) Pricing objectives are extremely sensitive to even the slightest change in the local economy.

F) A) and D)
G) B) and E)

Correct Answer

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Which of the following is a profit-oriented approach to pricing?


A) skimming pricing
B) target pricing
C) loss-leader pricing
D) target profit pricing
E) standard markup pricing

F) A) and E)
G) B) and D)

Correct Answer

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-In Figure 11-6 above, which is a break-even chart that depicts a graphic presentation of a break-even analysis for a picture frame store, the rectangular area EBCD represents the firm's A) fixed costs. B) break-even point. C) variable costs. D) profit. E) total revenue -In Figure 11-6 above, which is a break-even chart that depicts a graphic presentation of a break-even analysis for a picture frame store, the rectangular area EBCD represents the firm's


A) fixed costs.
B) break-even point.
C) variable costs.
D) profit.
E) total revenue

F) A) and B)
G) A) and C)

Correct Answer

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Price refers to


A) the value assigned to the exchange of products and services for other products and services.
B) the value judgment made by both the buyer and seller regarding an item's worth.
C) the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service.
D) the value assessed for the benefits of using a product or service.
E) the highest monetary value a customer is willing to pay for a product or service

F) A) and B)
G) A) and E)

Correct Answer

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The maximum quantity of products consumers will buy at given price is shown by


A) a demand curve.
B) a price constraint.
C) a break-even point.
D) a supply curve.
E) a marginal revenue curve

F) A) and E)
G) B) and C)

Correct Answer

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Showing 281 - 300 of 407

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