Principles of MarketingQuiz#3Ch#9Total Marks:10

1) ________ refers to the amount of money charged for a product or service.A) PayrollB) ProfitC) PriceD) CostE) Salary2) ________ is the only element in the marketing mix that produces revenue.A) PriceB) PlaceC) PromotionD) ProductE) Profit

3) Which of the following sets the upper limit for a product's pricing?A) profitsB) product costs C) consumer perceptions of valueD) elements of the product mix E) competition

4) Which of the following sets the lower limit for a product's pricing? A) product costsB) profitsC) competitionD) elements of the product mixE) consumer perceptions of value

5) ________ uses buyers' perceptions of what a product is worth as the key to pricing.A) Customer value-based pricingB) Target return pricingC) Cost-plus pricingD) Psychological pricingE) Competition-based pricing

6) Value-based pricing is the reverse process of ________ pricing.A) good-valueB) target costing C) cost-based D) value-added E) competition-based

7) A value-based pricing strategy most likely begins with ________.A) assessing customer needs B) designing a stylish product C) evaluating the product's costsD) promoting the product's benefitsE) setting a price based on perceived value

8) ________ pricing involves charging a constant low price with few or no temporary price discounts.A) High-lowB) Target return C) Cost-plus D) Everyday lowE) Market-skimming

9) Providing extra amenities to differentiate and support high-priced products is referred to as ________ pricing. A) high-low B) value-added C) target return D) everyday lowE) cost-plus

10) ________ pricing involves setting prices based on the expenses involved in producing, distributing, and selling a product plus a fair rate of return for a company's effort and risk.A) Competition-basedB) Value-addedC) Cost-basedD) Good-valueE) Demand-based