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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
Gray markets
B
Price fixing
C
Loss-leader pricing
D
Bait-and-switch
2) What is an external factor that affects the price that a business charges for its products?
A
Operating costs
B
Employee benefits
C
Economic conditions
D
Variable expenses
3) What pricing tactic might be considered questionable by some businesses?
A
Developing a complex pricing structure
B
Matching the prices of a competitor
C
Marking up prices to earn a profit
D
Providing a reference price
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
customer
D
promotional
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 determining the best time to adjust prices
C
By calculating the cost of hiring more employees
D
By generating profit-and-loss statements
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
automated inventory systems
C
electronic scanning devices.
D
computer-generated tags.
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
Controlled pricing
B
Regulated pricing
C
Price discrimination
D
Price competition
8) Technology allows manufacturers to pre-print product packaging with Universal Product Codes (UPCs) which contain __________ information.
A
selling
B
sampling
C
operating
D
pricing
9) Charging premium prices for lumber to hurricane victims because supply is limited is
A
unethical and illegal.
B
ethical and legal.
C
ethical 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
Flexible pricing
B
High-level pricing
C
Below-cost 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
Unfair sales laws
C
Pricing agreements
D
Economic conditions
12) Why do some new companies set their selling prices as low as they can?
A
To eliminate all possible competition
B
To earn a high return on investment
C
To quickly make a large profit
D
To get market share as fast as possible
13) Which of the following is an example of an ethical issue as it relates to predatory pricing:
A
A tire producer introduces a new item to its product line and sets the initial price very low
B
A salesperson encourages a customer to purchase an extended vehicle warranty for a new car.
C
An international book publisher sells similar products to similar customers at different prices
D
A local ice-cream shop prices menu items below cost in an effort to eliminate its competition.
14) What is the advantage to a business of using bar-code pricing?
A
Reduces number of employees needed for sales
B
Easier for customers to read
C
Easier to change prices
D
Reduces required business security
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 business increases its prices when the cost of the materials to make the products increases.
C
A firm sets a business objective to increase its profit margins over the next five years.
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
Orientation
B
Transportation
C
Inflation
D
Regulations
17) What might happen if a business's customers feel that they are not getting the most value for their money?
A
Sales remain the same.
B
Sales increase.
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
Clayton Act
B
Federal Trade Commission Act
C
Sherman Antitrust Act
D
Robinson-Patman Act
*select an answer for all questions
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