kotlerchapter10.docx

kotlerchapter10.docx

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kotlerchapter10

Chapter10PricingProducts:

UnderstandingandCapturingCustomerValue

1）________istheamountofmoneychargedforaproductorservice.

A）Experiencecurve

B）Demandcurve

C）Price

D）Wage

E）Salary

Answer:

C

2）Priceistheonlyelementinthemarketingmixthatproduces________.

A）revenue

B）variablecosts

C）expenses

D）outfixedcosts

E）stability

Answer:

A

3）________isanimportantelementinthemarketingmix.Itistheonlyelementthatdoesnotrepresentcosts.

A）Currentprofitmaximization

B）Marketshareleadership

C）Price

D）Productqualityleadership

E）Thetargetmarket

Answer:

C

4）Consumerperceptionsoftheproduct'svaluesetthe________forprices.

A）demandcurve

B）floor

C）ceiling

D）variablecost

E）image

Answer:

C

5）Productcostsseta（n）________toaproduct'sprice.

A）demandcurve

B）floor

C）ceiling

D）break-evencost

E）experiencecurve

Answer:

B

6）Whichofthefollowingisacustomer-orientedapproachtopricing?

A）value-basedpricing

B）sealed-bidpricing

C）break-evenpricing

D）targetprofitpricing

E）CandD

Answer:

A

7）________usesbuyers'perceptionsofwhataproductisworth,nottheseller'scost,asthekeytopricing.

A）Value-basedpricing

B）Value-addedpricing

C）Variablecost

D）Priceelasticity

E）Productimage

Answer:

A

8）In________,priceisconsideredalongwiththeothermarketingmixvariablesbeforethemarketingprogramisset.

A）value-basedpricing

B）cost-basedpricing

C）variablecosts

D）priceelasticity

E）buildingthemarketingmix

Answer:

A

9）Value-basedpricingisthereverseprocessof________.

A）variablecostpricing

B）cost-pluspricing

C）cost-basedpricing

D）good-valuepricing

E）value-addedpricing

Answer:

C

10）With________,priceissettomatchconsumers'perceptionsofproductvalue.

A）variablecostpricing

B）cost-pluspricing

C）cost-basedpricing

D）value-basedpricing

E）everydaylowpricing

Answer:

D

11）Measuring________canbedifficult.Acompanymightconductsurveysorexperimentstotestthisinthedifferentproductstheyoffer.

A）priceelasticity

B）thedemandcurve

C）perceivedvalue

D）break-evenpricing

E）quantitysupplied

Answer:

C

12）Underpricedproductssellverywell,buttheyproducelessrevenuethantheywouldhaveifpricewereraisedtothe________level.

A）perceived

B）value-based

C）variable

D）demandcurve

E）price-floor

Answer:

A

13）Ifasellercharges________thanthebuyer'sperceivedvalue,thecompany'ssaleswill________.

A）more;benefit

B）more;suffer

C）less;increase

D）less;suffer

E）noneoftheabove

Answer:

B

14）Somecompanieshaveadopteda________strategy,offeringjusttherightcombinationofqualityandgoodserviceatafairprice.

A）value-basedpricing

B）good-valuepricing

C）cost-pluspricing

D）low-priceimage

E）noneoftheabove

Answer:

B

15）Wal-Martisfamousforusingwhatimportanttypeofvaluepricing?

A）competition-basedpricing

B）everydaylowpricing

C）cost-pluspricing

D）break-evenpricing

E）penetrationpricing

Answer:

B

16）________involveschargingaconstant,everydaylowpricewithfewornotemporarypricediscounts.

A）High-lowpricing

B）Targetpricing

C）Cost-pluspricing

D）EDLP

E）Penetrationpricing

Answer:

D

17）________involvesattachingfeaturesandservicestodifferentiateacompany'soffersandtosupportcharginghigherprices..

A）Break-evenpricing

B）Targetpricing

C）Value-addedpricing

D）Cost-pluspricing

E）Pricing-down

Answer:

C

18）________isacompany'spowertoescapepricecompetitionandtojustifyhigherpricesandmargins.

A）Variablecost

B）Pricingpower

C）Targetcost

D）Fixedcost

E）Unitcost

Answer:

B

19）Tomaintainandincreaseacompany's________,afirmmustretainorbuildthevalueofitsmarketingoffer.

A）variablecost

B）pricingpower

C）targetcost

D）fixedcost

E）image

Answer:

B

20）Whenthereispricecompetition,manycompaniesadopt________ratherthancuttingpricestomatchcompetitors.

A）pricingpower

B）value-addedstrategies

C）fixedcosts

D）priceelasticity

E）imagepricing

Answer:

B

21）Ryanairoffersfreeflightstoaquarterofitscustomersandrock-bottompricestomanyofitsothercustomers.Ryanairthenchargesforallextraservices,suchasbaggagehandlingandin-flightrefreshments.WhichofthefollowingbestdescribesRyanair'spricingmethod?

A）value-addedpricing

B）low-costpricing

C）cost-pluspricing

D）high-lowpricing

E）imagepricing

Answer:

B

22）________pricinginvolvessettingpricesbasedonthecostsforproducing,distributing,andsellingtheproductplusafairrateofreturnforthecompany'seffortsandrisks.

A）Value-based

B）Fixedcost

C）Cost-based

D）Variable

E）Skimming

Answer:

C

23）Fixedcosts________asthenumberofunitsproducedincreases.

A）decrease

B）increase

C）divideinhalf

D）remainthesame

E）increaseatadiminishingrate

Answer:

D

24）Coststhatdonotvarywithproductionorsaleslevelarereferredtoas________.

A）fixedcosts

B）variablecosts

C）targetcosts

D）totalcosts

E）unitcosts

Answer:

A

25）Rent,electricityandexecutivesalariesareexamplesof________.

A）fixedcosts

B）variablecosts

C）accumulatedcosts

D）totalcosts

E）marketingcosts

Answer:

A

26）Coststhatvarydirectlywiththelevelofproductionarereferredtoas________.

A）fixedcosts

B）variablecosts

C）targetcosts

D）totalcosts

E）unitcosts

Answer:

B

27）________arethesumofthe________and________foranygivenlevelofproduction.

A）Fixedcosts;variable;totalcosts

B）Fixedcosts;total;variablecosts

C）Variablecosts;fixed;totalcosts

D）Totalcosts;fixed;variablecosts

E）Break-evencosts;fixed;totalcosts

Answer:

D

28）SRACistheacronymforwhichconceptrelatedtocostsatdifferentlevelsofproduction?

A）strategicreasoningandcosts

B）short-runaccountingcosts

C）short-runaveragecost

D）strategicrightsandcompany

E）strategicrevenuesandcosts

Answer:

C

29）Asproductionworkersbecomebetterorganizedandmorefamiliarwithequipment,theaveragecostperunitdecreases.Thisiscalledthe________.

A）demandcurve

B）experiencecurve

C）short-runaveragecostcurve

D）long-runaveragecostcurve

E）marginalutility

Answer:

B

30）Withahighervolumeofproduct,mostcompaniescanexpectto________.

A）gaineconomiesofscale

B）becomelessefficient

C）seeaveragecostsincrease

D）haveastraight,horizontallearningcurve

E）findcompetitorsusingtheexperiencecurvestrategically

Answer:

A

31）Theexperiencecurverevealsthat________.

A）repetitioninproductionlowerscosts

B）repetitioninproductionenhancesefficiency

C）theaveragecostdropswithaccumulatedproductionexperience

D）A,B,andC

E）noneoftheabove

Answer:

D

32）Whenadownward-slopingexperiencecurveexists,acompanyshouldusually________thesellingpriceofthatproductinordertobringinhigherrevenues.

A）increase

B）greatlyincrease

C）decrease

D）notalter

E）noneoftheabove

Answer:

C

33）Whichofthefollowingisariskacompanytakeswhenbuildingastrategyaroundtheexperiencecurve?

A）Competitorswilllikelynotbeabletomeetthecompany'spricecuts.

B）Existingtechnologiesarelikelytobecomemoreexpensiveasthecompanyexpands.

C）Themethoddoesnottakecompetitors'pricesintoaccount.

D）Themethodmaycauseconsumerstobecomefrustratedwithchangingprices.

E）Aggressivepricingmaygivetheproductacheapimage,causingcustomerstoloseinterest.

Answer:

E

34）Acompanybuildingitspricingstrategyaroundtheexperiencecurvewouldbelikelyto________.

A）priceitsproductslow

B）priceitsproductshigh

C）engageinbreak-evenpricing

D）alloftheabove

E）noneoftheabove

Answer:

A

35）Thecompanydesignswhatitconsiderstobeagoodproduct,totalstheexpensesofmakingtheproduct,andsetsapricethataddsastandardmark-uptothecostoftheproduct.Thisapproachtopricingiscalled________.

A）value-basedpricing

B）fixedcostpricing

C）cost-pluspricing

D）variablepricing

E）skimmingpricing

Answer:

C

36）Lawyers,accountants,andotherprofessionalstypicallypricebyaddingastandardmarkupforprofit.Thisisknownas________.

A）variablecosts

B）cost-pluspricing

C）value-basedpricing

D）break-evenprice

E）penetrationpricing

Answer:

B

37）Thesimplestpricingmethodis________.

A）value-basedpricing

B）going-rateandsealed-bidpricing

C）cost-pluspricing

D）break-evenanalysis

E）targetprofitpricing

Answer:

C

38）WhichofthefollowingisareasonwhymarkuppricingisNOTpractical?

A）Sellersearnafairreturnontheirinvestment.

B）Bytyingthepricetocost,sellerssimplifypricing.

C）Whenallfirmsintheindustryusethispricingmethod,pricestendtobesimilar.

D）Thismethodignoresdemand.

E）Withastandardmarkup,consumersknowwhentheyarebeingovercharged.

Answer:

D

39）Onereason________remainspopularisthatsellersaremorecertainaboutcoststhanaboutdemand.

A）markuppricing

B）variablepricing

C）inelasticitypricing

D）elasticitypricing

E）penetrationpricing

Answer:

A

40）Pricecompetitionisminimizedwhenallfirmsinanindustryusewhichpricingmethod?

A）variablepricing

B）markuppricing

C）elasticitypricing

D）value-addedpricing

E）value-basedpricing

Answer:

B

41）Manypeoplefeelthat________pricingisfairertobothbuyersandsellers.Sellersearnafairreturnontheirinvestmentbutdonottakeadvantageofbuyerswhenbuyers'demandbecomesgreat.

A）variable

B）markup

C）elasticity

D）inelasticity

E）penetration

Answer:

B

42）Whichofthefollowingisacost-bas