Questions On Marketing Price And Strategy Quiz! Trivia

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| By Leeaaronbaker
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Leeaaronbaker
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Quizzes Created: 12 | Total Attempts: 18,323
Questions: 6 | Attempts: 202

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Questions On Marketing Price And Strategy Quiz! Trivia - Quiz

Questions and Answers
  • 1. 

    Price is only about pricing strategies,methods and tactics

    • A.

      True

    • B.

      False

    Correct Answer
    B. False
    Explanation
    This statement is false. Price is not only about pricing strategies, methods, and tactics. Price is an important factor in marketing and business, but it is not the only aspect to consider. Other factors such as product quality, customer needs and preferences, competition, and market demand also play a significant role in determining the price of a product or service. Pricing strategies and tactics are just one part of the overall pricing decision-making process.

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  • 2. 

    Market based method customers perceived value is what customers _______ the product at Psychological price barriers is a _____ beyond which customers will not go 

    Correct Answer
    value
    price
    Explanation
    The market-based method focuses on determining the value of a product or service based on customers' perception. In this method, the value of the product is determined by how customers perceive it. On the other hand, psychological price barriers refer to the maximum price that customers are willing to pay for a product. It is the price beyond which customers will not go, indicating a limit to their willingness to pay. Therefore, in this context, the customers' perceived value is what customers value the product at, and psychological price barriers represent the price beyond which customers will not go.

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  • 3. 

    Going rate pricing is when

    • A.

      Higher than competitors

    • B.

      Same as competitors

    • C.

      Lower than competitors

    Correct Answer
    B. Same as competitors
    Explanation
    Going rate pricing refers to setting the price of a product or service at the same level as competitors. This strategy is commonly used when a company wants to maintain market share or avoid price wars. By pricing their product at the same level as competitors, the company ensures that customers perceive their offering as being on par with others in the market. This approach can be beneficial in industries where product differentiation is low, and price becomes a key factor in consumer decision-making.

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  • 4. 

     what is the selling price? ___________

    Correct Answer
    £20
    Explanation
    The given answer of £20 is the selling price. This means that the item is being sold for £20.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • May 16, 2013
    Quiz Created by
    Leeaaronbaker
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