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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