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NEW Marketing 3.06
Test Description: 3.06
Instructions: Answer all questions to get your test result.
1) Companies A, B, and C sell similar products. Together, they recently decided to sell their products for the same price. In what unethical activity are the businesses engaging?
A
Price fixing
B
Gray markets
C
Bait-and-switch
D
Loss-leader pricing
2) What is an external factor that affects the price that a business charges for its products?
A
Variable expenses
B
Economic conditions
C
Operating costs
D
Employee benefits
3) What pricing tactic might be considered questionable by some businesses?
A
Providing a reference price
B
Developing a complex pricing structure
C
Matching the prices of a competitor
D
Marking up prices to earn a profit
4) Wal-Mart and Sears attract two different types of customers because of their pricing strategies. They have established their prices based on __________ decisions.
A
place
B
profit
C
promotional
D
customer
5) How does technology help businesses when it enables them to obtain and analyze vast amounts of information that impact the pricing function?
A
By deciding how much to spend on advertising
B
By calculating the cost of hiring more employees
C
By generating profit-and-loss statements
D
By determining the best time to adjust prices
6) One way that many businesses use technology to reduce the costs associated with marking prices on products is by using
A
preprinted gummed labels.
B
computer-generated tags.
C
electronic scanning devices.
D
automated inventory systems
7) A business charges a small company a higher price for a product than it charges a large company for the same product. What does this represent?
A
Regulated pricing
B
Price competition
C
Controlled pricing
D
Price discrimination
8) Technology allows manufacturers to pre-print product packaging with Universal Product Codes (UPCs) which contain __________ information.
A
pricing
B
sampling
C
operating
D
selling
9) Charging premium prices for lumber to hurricane victims because supply is limited is
A
ethical and legal.
B
ethical and illegal.
C
unethical and illegal.
D
unethical and legal.
10) What would be the most appropriate pricing strategy for a business in a small town where unemployment has skyrocketed and the economy is in a downturn?
A
High-level pricing
B
Below-cost pricing
C
Flexible pricing
D
Odd-cents pricing
11) Which of the following factors should businesses consider when establishing a product's selling price
A
Trade practices
B
Economic conditions
C
Unfair sales laws
D
Pricing agreements
12) Why do some new companies set their selling prices as low as they can?
A
To get market share as fast as possible
B
To earn a high return on investment
C
To quickly make a large profit
D
To eliminate all possible competition
13) Which of the following is an example of an ethical issue as it relates to predatory pricing:
A
A salesperson encourages a customer to purchase an extended vehicle warranty for a new car.
B
A local ice-cream shop prices menu items below cost in an effort to eliminate its competition.
C
An international book publisher sells similar products to similar customers at different prices
D
A tire producer introduces a new item to its product line and sets the initial price very low
14) What is the advantage to a business of using bar-code pricing?
A
Easier to change prices
B
Easier for customers to read
C
Reduces required business security
D
Reduces number of employees needed for sales
15) What is an example of an unethical pricing practice?
A
A company prices its products low in an attempt to drive its competitors out of business.
B
A firm sets a business objective to increase its profit margins over the next five years.
C
A business increases its prices when the cost of the materials to make the products increases.
D
A business prices a new product line to reflect high quality and status.
16) What costs do businesses usually include in the price of their products?
A
Transportation
B
Orientation
C
Regulations
D
Inflation
17) What might happen if a business's customers feel that they are not getting the most value for their money?
A
Sales increase.
B
Sales remain the same.
C
Customers purchase more
D
Customers spend money elsewhere
18) The Standard Oil Company's price-fixing tactics and monopolistic control over oil refining and distribution in the late 1800's was a major contributing factor in the enactment of which piece of legislation?
A
Federal Trade Commission Act
B
Clayton Act
C
Sherman Antitrust Act
D
Robinson-Patman Act
*select an answer for all questions
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