Marketing Price Quiz Questions!

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| By Katie_Liz
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  • 1/7 Questions

    Which pricing strategy is where you add a percentage onto what you originally pay for the product?

    • Loss Leader Pricing
    • Cost Plus Pricing
    • Price Skimming
    • Penetration Pricing
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About This Quiz

Dive into the Marketing Price Quiz Questions to master various pricing strategies essential for any business. This quiz covers Cost Plus Pricing, Penetration Pricing, and more, helping learners understand competitive approaches in established markets.

Marketing Price Quiz Questions! - Quiz

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  • 2. 

    There are two ways of working out cost-plus pricing.

    • True

    • False

    Correct Answer
    A. True
    Explanation
    They are using a mark-up and using a profit margin.

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  • 3. 

    When a product costs £2 for the business to get, does a 25% mark-up equal a 20% profit margin?

    • True

    • False

    Correct Answer
    A. True
    Explanation
    A 25% mark-up means that the product is being sold for 25% more than the cost price, which would be £2 + 25% of £2 = £2 + £0.50 = £2.50. The profit margin is calculated as the profit divided by the selling price, so in this case, the profit margin would be (£2.50 - £2) / £2.50 = £0.50 / £2.50 = 20%. Therefore, a 25% mark-up does equal a 20% profit margin.

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  • 4. 

    Which pricing strategies would be appropriate for an established business trying to win customers from competitors?

    • Price Skimming

    • Penetration Pricing

    • Cost Plus Pricing

    • Loss Leader Pricing

    Correct Answer
    A. Loss Leader Pricing
    Explanation
    Penetration Pricing refers to a new product.
    Price Skimming is a strategy that would already be in place.
    Cost Plus pricing doesn't take into account what competitors charge.
    Competitive Pricing would also work.

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  • 5. 

    Which of the following are not pricing strategies?

    • Loss Leader Pricing

    • Penetration Pricing

    • Profit Pricing

    • Sales Pricing

    Correct Answer(s)
    A. Profit Pricing
    A. Sales Pricing
    Explanation
    Profit Pricing and Sales Pricing are not pricing strategies because they are not commonly recognized or used as specific pricing strategies in business. Profit Pricing refers to the general practice of setting prices in order to maximize profits, which is a fundamental goal of any pricing strategy. Sales Pricing, on the other hand, is a vague term that could refer to any type of pricing strategy aimed at increasing sales, such as discount pricing or promotional pricing. However, it is not a specific pricing strategy with well-defined characteristics or principles.

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  • Current Version
  • Mar 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Dec 01, 2014
    Quiz Created by
    Katie_Liz
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