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Kotler / Armstrong 11e, Chapter 10 _____ is the sum of values that consumers exchange for the benefits of having or using a product or service. 1. Place 2. Purchase 3. Price 4. Premium Kotler / Armstrong 11e, Chapter 10 _____ is the sum of values that consumers exchange for the benefits of having or using a product or service. 1. Place 2. Purchase 3. Price 4. Premium Kotler / Armstrong 11e, Chapter 10 The Internet is potentially changing pricing practices from _____ to _____. 1. fixed; dynamic 2. dynamic; fixed 3. value; premium 4. external; internal Kotler / Armstrong 11e, Chapter 10 The Internet is potentially changing pricing practices from _____ to _____. 1. fixed; dynamic 2. dynamic; fixed 3. value; premium 4. external; internal Kotler / Armstrong 11e, Chapter 10 eBay.com is an example of a company that uses _____ pricing. 1. fixed 2. dynamic 3. prestige 4. value Kotler / Armstrong 11e, Chapter 10 eBay.com is an example of a company that uses _____ pricing. 1. fixed 2. dynamic 3. prestige 4. value Kotler / Armstrong 11e, Chapter 10 Which of the elements in the marketing mix produce revenue? 1. promotion 2. product 3. price 4. all of the above Kotler / Armstrong 11e, Chapter 10 Which of the elements in the marketing mix produce revenue? 1. promotion 2. product 3. price 4. all of the above Kotler / Armstrong 11e, Chapter 10 One problem with pricing is that managers are often too quick to reduce their price, rather than to convince their buyers that their product is worth the higher cost. 1. True 2. False Kotler / Armstrong 11e, Chapter 10 One problem with pricing is that managers are often too quick to reduce their price, rather than to convince their buyers that their product is worth the higher cost. 1. True 2. False Kotler / Armstrong 11e, Chapter 10 Which of the following is not an internal factor affecting pricing? 1. marketing objectives 2. marketing mix strategy 3. costs 4. competition Kotler / Armstrong 11e, Chapter 10 Which of the following is not an internal factor affecting pricing? 1. marketing objectives 2. marketing mix strategy 3. costs 4. competition Kotler / Armstrong 11e, Chapter 10 A product that is high in quality and available in a limited number of outlets will probably have a _____. 1. high price 2. low price 3. discounted price 4. none of the above Kotler / Armstrong 11e, Chapter 10 A product that is high in quality and available in a limited number of outlets will probably have a _____. 1. high price 2. low price 3. discounted price 4. none of the above Kotler / Armstrong 11e, Chapter 10 Target costing involves designing a new product, determining its cost, and then asking, “Can we sell it for that?” 1. True 2. False Kotler / Armstrong 11e, Chapter 10 Target costing involves designing a new product, determining its cost, and then asking, “Can we sell it for that?” 1. True 2. False (Target costing starts with setting an ideal price based on customer considerations then targets the costs to see that the price is met.) Kotler / Armstrong 11e, Chapter 10 _____ costs do not vary with production or sales level. 1. Materials 2. Fixed 3. Total 4. Value Kotler / Armstrong 11e, Chapter 10 _____ costs do not vary with production or sales level. 1. Materials 2. Fixed 3. Total 4. Value Kotler / Armstrong 11e, Chapter 10 The _____ shows the drop in average costs with accumulated production experience. 1. learning curve 2. demand curve 3. cost curve 4. all of the above Kotler / Armstrong 11e, Chapter 10 The _____ shows the drop in average costs with accumulated production experience. 1. learning curve 2. demand curve 3. cost curve 4. all of the above Kotler / Armstrong 11e, Chapter 10 Which type of market consists of many buyers and sellers who trade over a range of prices rather than a single market price? 1. pure competition 2. monopolistic competition 3. oligopolistic competition 4. pure monopoly Kotler / Armstrong 11e, Chapter 10 Which type of market consists of many buyers and sellers who trade over a range of prices rather than a single market price? 1. pure competition 2. monopolistic competition 3. oligopolistic competition 4. pure monopoly Kotler / Armstrong 11e, Chapter 10 Which type of market has few sellers who are very sensitive to each other’s prices? 1. pure competition 2. monopolistic competition 3. oligopolistic competition 4. pure monopoly Kotler / Armstrong 11e, Chapter 10 Which type of market has few sellers who are very sensitive to each other’s prices? 1. pure competition 2. monopolistic competition 3. oligopolistic competition 4. pure monopoly Kotler / Armstrong 11e, Chapter 10 A(n) _____ curve shows the number of units the market will buy in a given time period at different prices that might be charged. 1. demand 2. elastic 3. experience 4. reverse Kotler / Armstrong 11e, Chapter 10 A(n) _____ curve shows the number of units the market will buy in a given time period at different prices that might be charged. 1. demand 2. elastic 3. experience 4. reverse Kotler / Armstrong 11e, Chapter 10 If demand changes greatly with a small change in price, we say the demand is _____. 1. inelastic 2. elastic 3. sensitive 4. reversed Kotler / Armstrong 11e, Chapter 10 If demand changes greatly with a small change in price, we say the demand is _____. 1. inelastic 2. elastic 3. sensitive 4. reversed Kotler / Armstrong 11e, Chapter 10 Which of the following is(are) not an external consideration when setting prices? 1. costs 2. the government 3. social concerns 4. resellers Kotler / Armstrong 11e, Chapter 10 Which of the following is(are) not an external consideration when setting prices? 1. costs 2. the government 3. social concerns 4. resellers Kotler / Armstrong 11e, Chapter 10 The simplest pricing method is _____. 1. break-even pricing 2. cost-plus pricing 3. value-based pricing 4. competition-based pricing Kotler / Armstrong 11e, Chapter 10 The simplest pricing method is _____. 1. break-even pricing 2. cost-plus pricing 3. value-based pricing 4. competition-based pricing Kotler / Armstrong 11e, Chapter 10 If a reseller buys a product from a manufacturer for $20 and wants to mark it up 50%, what will the new price be? 1. $30 2. $40 3. $25 4. none of the above Kotler / Armstrong 11e, Chapter 10 If a reseller buys a product from a manufacturer for $20 and wants to mark it up 50%, what will the new price be? 1. $30 2. $40 (Markup price = unit price/(1-desired return on sales) 3. $25 4. none of the above Kotler / Armstrong 11e, Chapter 10 What is the break-even volume for a company with fixed costs of $50k, variable costs of $20 and a price of $30/unit? 1. 500 2. 1000 3. 5000 4. 2500 Kotler / Armstrong 11e, Chapter 10 What is the break-even volume for a company with fixed costs of $50k, variable costs of $20 and a price of $30/unit? 1. 500 2. 1000 3. 5000 (BE volume = FC/(Price–VC) 4. 2500 Kotler / Armstrong 11e, Chapter 10 Value-based pricing uses the buyer’s perception of value to set prices. 1. True 2. False Kotler / Armstrong 11e, Chapter 10 Value-based pricing uses the buyer’s perception of value to set prices. 1. True 2. False Kotler / Armstrong 11e, Chapter 10 According to the text, competition-based pricing is popular in _______ markets. 1. pure competition 2. pure monopoly 3. monopolistic competition 4. oligopolistic competition Kotler / Armstrong 11e, Chapter 10 According to the text, competition-based pricing is popular in _______ markets. 1. pure competition 2. pure monopoly 3. monopolistic competition 4. oligopolistic competition