Review Game Zone
Flash Cards
(current)
Games
Teachers
Search
3.03 Pricing Strategies Part 1
Test Description: 3.03 Pricing Strategies Part 1
Instructions: Answer all questions to get your test result.
1) Which of the following is the least important factor when selecting a pricing strategy
A
Cost of merchandise
B
Promotional strategy
C
Competitor prices
D
Location of store
2) A professional football team that increases ticket prices for next season because the team is on a winning streak is selecting a pricing strategy based on
A
the number of games played.
B
what the market will bear.
C
previous winning potential.
D
the location of the target market.
3) . If your goal is to avoid storing or discarding merchandise, what pricing strategy should you select?
A
Cost plus markup
B
Close out
C
Versioning
D
Competitive
4) When a hockey team sets its ticket prices so it can achieve its goal of increasing its fan base by five percent,the hockey team is establishing a price objective in conjunction with a __________ goal.
A
cost
B
sales
C
licensing
D
contingency
5) A sporting event setting ticket prices based on potential customers' ability to pay is an example of a price
A
promotion
B
motive.
C
restriction.
D
objective.
6) A college athletic department sets the football ticket prices so that the organization earns income of $12 per ticket after covering expenses. This is an example of a price objective based on
A
profitability.
B
demand.
C
competition.
D
volume.
7) Why do sportswear stores calculate break-even in units?
A
To determine how many products they must sell to break even
B
To identify which costs are variable and which are fixed
C
To find out how much profit they will earn after they break even
D
To identify which products they should purchase for resale.
8) .Why would an event marketer promote an upcoming celebrity golf tournament at an exclusive course as a once-in-a-lifetime event?
A
To increase advertising costs
B
To have expensive media coverage
C
To generate higher ticket prices
D
To obtain more industry support
9) An increase in ticket prices is most accepted by fans if a sport has a(n) __________ demand for tickets.
A
inelastic
B
low
C
elastic
D
unitary
10) Penetration pricing is usually in the introductory stage of the life cycle and it usually involves______
A
pricing relatively high
B
pricing at a discount
C
pricing relatively low
D
using odd-even pricing strategies
11) When setting ticket prices for professional baseball games, the organization considers the team's performance, which is a(n) __________ factor.
A
developmental
B
situational
C
ethical
D
operational
12) Psychological pricing is a strategy in which prices are set in odd number right below an even price. Which is a strategy of odd-even -pricing
A
.05
B
1.00
C
25.00
D
29.95
13) Which is the correct definition of price ceiling
A
the highest price allowed to be charged for an item.
B
the only price allowed by the company
C
the price above the highest price
D
the price below the highest price
14) __________ is the activity of estimating the quantity of a product or service that consumers will purchase
A
Generalizing
B
Assumption
C
Forecasting
D
Setting a price floor
15) Fixed cost tends to __________
A
stay the same
B
change with demand
C
change with changes in volume
D
vary to some extent
16) Variable Cost
A
changes when sales go up only
B
never changes
C
changes when sales volume goes up or down
D
stay the same constantly
17) A business does not make a _______ until it passes the break even point
A
revenue decrease
B
loss
C
revenue increase
D
profit
18) Why do businesses calculate the break-Even point?
A
For Setting prices
B
all of the above
C
Determining capital needs
D
Relocating the business
19) The product mix strategies is the collection of products and services that a company chooses to offer its _______
A
competitors
B
market
C
employees
D
Like businesses
20) Product skimming involves setting the prices relatively _______
A
high
B
less than the competition
C
low
D
equal to the competition
*select an answer for all questions
Check Results & Get Answers
Play Games with the Questions Above
Teachers: Create FREE classroom games with your questions
Click for more info!
©2007-2024
ReviewGameZone.com
|
About
|
Privacy
|
Contact
|
Terms
|
Site Map
WAIT! Find what you needed?
×
Still Looking for the Answers?
Have Another Question?
Play a Review Game with These Questions?
Want to Make Your Own Test Like This One?