Business Studies Quiz: Marketing Questions
18 Questions
| Total Attempts: 106
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Questions and Answers
- 1.
![It is defined as the amount of money paid by a buyer (or received by a seller) in consideration of the purchase of a product or a service - ProProfs]( "It is defined as the amount of money paid by a buyer (or received by a seller) in consideration of the purchase of a product or a service")
It is defined as the amount of money paid by a buyer (or received by a seller) in consideration of the purchase of a product or a service - 2.It is the single most important factor affecting the revenue and profits of a firm
- 3.The_______________ sets the minimum level or the floor price at which the product may be sold.
- 4.
![The ________________ and the ___________________ sets the upper limit of price, which a buyer would be prepared to pay.
Choose two correct options: - ProProfs]( "The ________________ and the ___________________ sets the upper limit of price, which a buyer would be prepared to pay.
Choose two correct options:")
The ________________ and the ___________________ sets the upper limit of price, which a buyer would be prepared to pay. Choose two correct options:- A.
Demand of product
- B.
Utility
- C.
Competetion
- D.
Product cost
- 5.Between the lower limit and the upper limit where would the price settle down? This is affected by the_____________.
- A.
Demand of product
- B.
Utility
- C.
Competetion
- D.
Product cost
- 6.What are the 3 sub types of Product cost?
- A.
Total cost
- B.
Variable cost
- C.
Fixed cost
- D.
Semi- variable cost
- E.
Upfront cost
- F.
Lower cost
- 7.If the demand of a product is inelastic, the firm is in a better position to fix high prices.
- A.
True
- B.
False
- 8.The buyer may be ready to pay up to the point where the utility from the product is ______________ the sacrifice made in terms of the price paid.
- A.
Equal to
- B.
Less than
- 9.The price will tend to reach the ___________ in case there is lesser degree of competition.
- A.
Upper limit
- B.
Lower limit
- 10.Government can declare a product as __________________________ and regulate its price.
- 11.Apart from profit maximisation, the 3 other pricing objectives of a firm are:-
- A.
Sales maximisation
- B.
Attaining Product Quality Leadership
- C.
Surviving in a Competitive Market
- D.
Obtaining Market Share Leadership
- E.
Fulfillment of social objectives
- F.
Meeting personal objectives
- 12.In certain circumstances, the products may be sold at a price, which does not cover all the costs. Choose two circumstances in which this is applicable:
- A.
introducing a new product
- B.
While entering a new market
- C.
When competition is less
- D.
When firm is having large amount of funds
- 13.
![Will price set by firm be high or low If a firms objective is to obtain larger share of the market. - ProProfs]( "Will price set by firm be high or low If a firms objective is to obtain larger share of the market.")
Will price set by firm be high or low If a firms objective is to obtain larger share of the market.- A.
High
- B.
Low
- 14.
![Will price set by firm be high or low if firm wants to maximise its total profit in the long run. - ProProfs]( "Will price set by firm be high or low if firm wants to maximise its total profit in the long run.")
Will price set by firm be high or low if firm wants to maximise its total profit in the long run.- A.
High
- B.
Low
- 15.
![If a company provides facilities like free home delivery and credit facilities , the price set by them will be low. - ProProfs]( "If a company provides facilities like free home delivery and credit facilities , the price set by them will be low.")
If a company provides facilities like free home delivery and credit facilities , the price set by them will be low.- A.
True
- B.
False
- 16.
![If a firm is facing difficulties in surviving in the market because of intense competition or introduction of a more efficient substitute by a competitor, the price charged by it will be. - ProProfs]( "If a firm is facing difficulties in surviving in the market because of intense competition or introduction of a more efficient substitute by a competitor, the price charged by it will be.")
If a firm is facing difficulties in surviving in the market because of intense competition or introduction of a more efficient substitute by a competitor, the price charged by it will be.- A.
High
- B.
Low
.
Questions: 100 | Attempts: 13970 | Last updated: Oct 7, 2020
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