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Marketing Test 3 Chp 11

72 Questions  I  By Kcarter052
Marketing Quizzes & Trivia
Mkt test chps 11-13

  
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1.  Sales/ market share, profit, competitive effect, customer satisfaction, and image enhancement objectives are types of what objectives? 
A.
B.
C.
D.
2.  Altering price to preempt or reduce the effectiveness of the introduction of a competitor's product is which type of pricing objectives? 
A.
B.
C.
D.
E.
3.  True or False: Price is the only "P" of the marketing mix which represents revenue rather than an expense? 
A.
B.
4.  When a company sets a very low price for the purpose of driving competition out of business, while pricing the product higher in markets where competition does not exist or is relatively weaker is called what? 
A.
B.
C.
D.
5.  Is a profit objective important to firms that see profits as what motivates shareholders and bankers to invest in a company? 
A.
B.
6.  Which is the correct series of price planning? 
A.
B.
C.
D.
7.  Changing a product's price to support a 10% increase in sales in order to maximize sales and increase market share is an example of what pricing objective? 
A.
B.
C.
D.
E.
8.  Price is a function of: 
A.
B.
C.
D.
E.
9.  Why are profits so important when the product is a fad?
A.
B.
C.
D.
E.
10.  When you couple desire with the buying power or resources to satisfy a want, the result is...
A.
B.
C.
D.
E.
11.  Price is defined as the ________ that customers give up or exchange to obtain a desired product.
12.  The demand curve assumes that all factors other than _______ stay the same.
A.
B.
C.
D.
13.  Altering prices to simplify the buyer's decision process is an example of what pricing objective?
A.
B.
C.
D.
E.
14.  The effect of price on the quantity demanded of a product is often illustrated on a graph known as..
A.
B.
C.
D.
15.  Altering prices to emphasize the product's quality is an example of what pricing objective?
A.
B.
C.
D.
E.
16.  Curved lines in demand graphs where increase many actually result in an increase in the quantity demanded because consumers see the products as more valuable is called..
A.
B.
C.
D.
17.  A marketing manager estimates demand, which effects
A.
B.
C.
D.
E.
18.  Before setting prices, what must marketers first know?
A.
B.
C.
D.
E.
19.  In demand curves, a _______ axis represents the different prices a firm might charge and a _________ axis shows the number of units that will be demanded. 
A.
B.
C.
D.
20.  If prices decrease, customers will buy more is the Law of...
A.
B.
C.
D.
E.
21.  Does an upward shift in the demand curve mean that at any given price demand is greater than before the shift occurred? 
A.
B.
22.  When demand is inelastic, what happens to a company's revenue if you increase your product's price? And if you decrease price? 
A.
B.
C.
D.
E.
23.  An upward shift is a good thing from a marketing standpoint because..
A.
B.
C.
D.
E.
24.  Demand shifts are caused by..
A.
B.
C.
D.
E.
25.  Percentage change in quantity demanded/ Percentage change in price equals what? 
A.
B.
C.
D.
26.  What types of costs are the per unit costs of production that will fluctuate depending on how many units or individual products a company produces? 
A.
B.
C.
D.
27.  Price elasticity of demand is a measure of the sensitivity of customers to what?
A.
B.
C.
D.
E.
28.  Which are types of costs? 
A.
B.
C.
D.
E.
29.  What is the difference between elastic demand and inelastic demand?
A.
B.
C.
30.  Total revenues- Total Costs = ?
A.
B.
C.
D.
31.  When demand is elastic, what happens to a company's revenue if you increase your product's price? And if you decrease price? 
A.
B.
C.
D.
E.
32.  True or False: Fixed costs do not change with the number of units the company produces.
A.
B.
33.  Before marketers can determine price, they must understand the relationship of what things for their product?
A.
B.
C.
D.
E.
34.  True or False: The point at which total costs and total revenue intersect is the break even point?
A.
B.
35.  If a company's suppliers provide volume discounts that result in economies of scale, variable costs will _________ with higher levels of production. 
A.
B.
C.
36.  _____________ change with the number of units produced and _____________ don't change with units sold. 
A.
B.
C.
D.
E.
37.  In situations in which people desire a product more as it increases in price, what product category would those go in?
A.
B.
C.
D.
E.
38.  True or False: Marketers use marginal analysis to look at cost and demand at the same time?
A.
B.
39.  What technique must we use to determine how many units of an item we must sell at a given price in order to break even? 
A.
B.
C.
D.
E.
40.  Which of these are external influences on pricing strategies? 
A.
B.
C.
D.
E.
41.  The increase in total costs from producing one additional unit of a product...
A.
B.
C.
D.
42.  The increase in total income or revenue that results from selling one additional unit of a product is...
A.
B.
C.
D.
43.  What provides a way for marketers to identify the output and the price that will maximize profits? 
A.
B.
C.
D.
E.
44.  Which strategy is it: selling price is based on an estimate of volume and quantity that a firm can sell in different markets at different prices. 
A.
B.
C.
D.
E.
45.  What are pricing strategies based on?
A.
B.
C.
D.
E.
46.  Which strategy is it: firm sets prices at, above or below their competition? 
A.
B.
C.
D.
E.
47.  What does cost-plus pricing include?
A.
B.
C.
D.
E.
48.  Which strategy is it: price will at least cover the costs the company incurs in producing and marketing the product
A.
B.
C.
D.
E.
49.  Value pricing and everyday low pricing are examples of which pricing strategy? 
A.
B.
C.
D.
E.
50.  What is the most common cost based approach to pricing a product? 
A.
B.
C.
D.
51.  Which strategy is it: promise ultimate value to consumers.
A.
B.
C.
D.
E.
52.  Which are types of new product pricing strategies? 
A.
B.
C.
D.
E.
53.  When a firm introduces a product at a very low price and leaves it there in order to gain market share early on and discourage competitors from entering the market is called...
A.
B.
C.
D.
E.
54.  When two or more companies conspire to keep prices at a certain level is called? 
A.
B.
C.
D.
55.  A firm charges a high price for its new product and when rival products enter the market the firm lowers its price in order for the firm to remain competitive. 
A.
B.
C.
D.
E.
56.  What is true of loss leader pricing?
A.
B.
C.
D.
E.
57.  A firm's new product carries a low price for a limited time period in order to win customer acceptance first and make profits later is called..
A.
B.
C.
D.
E.
58.  What is true of bait and switch?
A.
B.
C.
D.
E.
59.  What is it called when a firm has two products that work only when used together, and the firm sells one item at a very low price and then makes a profit on the second high margin item?
A.
B.
C.
D.
60.  If a retailer near the ocean increases the price of existing stock of milk and bread when a hurricane hits, what is that called? 
A.
B.
C.
D.
61.  11The methods companies use to set their strategies in motion are called..
A.
B.
C.
D.
62.  Which type of pricing objective is it when you set the price to yield a desired net profit margin? 
A.
B.
C.
D.
63.  When is it necessary to lower prices in order to increase market share? 
A.
B.
C.
D.
64.  In an elastic demand curve if price increases revenue _______ and if price decreases revenue _______.
A.
B.
C.
D.
E.
65.  In an inelastic demand curve if price increases revenue ___________ and if price decreases revenue ________. 
A.
B.
C.
D.
E.
66.  True or false: estimating demand helps marketers decide what prices to charge for a product and how much they'll be able to sell at different prices.
A.
B.
67.  Of the two demand based pricing strategies: ____________ sets the price before the product is designed and __________ is what airlines use when they sell seats on the same flight for different prices. 
A.
B.
C.
D.
68.  True or false: when a firm develops pricing strategies that cater to customers, its biggest concern is short term results. 
A.
B.
69.  Firms that focus on profit objectives when developing their pricing strategies should choose which new product pricing strategy?
A.
B.
C.
D.
70.  What is true of first movers? 
A.
B.
C.
D.
E.
71.  The ________ is the price that the manufacture sets as the appropriate price for the end consumer to pay. It is often referred as MSRP. 
A.
B.
C.
D.
E.
72.  Selling two or more goods or services as a single package for one price is..
A.
B.
C.
D.
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