8441305
Description
Quiz by Chad Collins, updated more than 1 year ago
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Created by Chad Collins
about 7 years ago
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Question 1
Question
When the costs of raw materials increase considerably, a business is likely to perform which action?
Answer
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Maintain similar profit margins as its competitors
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Implement a long-term markup pricing policy
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Continue following the same marketing strategies
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Increase the selling price of a product
Question 2
Question
Which is an example of a business using a flexible pricing policy?
Answer
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Establishing prices that are competitive
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Lowering prices during bad economic times
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Setting prices as low as possible
Question 3
Question
During which stage of the product life cycle is a business likely to try to stabilize the price of the product?
Answer
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Expansion
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Introductry
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Obsolescence
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Maturity
Question 4
Question
What is the purpose of sales-oriented, pricing objectives?
Answer
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To increase the total amount of sales income
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To create profits for the business
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To increase the return on investment
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To guarantee the survival of the business
Question 5
Question
One reason why the target market of a business affects its pricing is because consumers in each target market usually perform which action?
Answer
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Monitor the industry standard
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Expect a large product mix
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Prefer products in the growth stage
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Judge the value of products differently
Question 6
Question
The price function often influences the place function by determining which information?
Answer
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When the product is made.
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Why the product is shipped.
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How the product is advertised.
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Where the product is sold.
Question 7
Question
Why would a manager of a local business keep track of the prices that similar businesses in the area are charging?
Answer
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To remain competitive
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To improve advertising
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To promote image
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To offer new services
Question 8
Question
Why do some new companies set their selling prices as low as they can?
Answer
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To get market share as fast as possible
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To eliminate all possible competition
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To earn a high return on investment
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To quickly make a large profit
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