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Marketing Exam Review Part 10
Test Description: Final exam review
Instructions: Answer all questions to get your test result.
1) The price of a product is likely to be relatively high
A
if there is a small quantity of the product but a very large demand
B
if there is a very large supply of the product
C
if the product has been on the market for a long time
D
if there is little demand for the product.
2) If demand for a product or service is elastic,
A
a price decrease will decrease total revenue
B
there are few substitutes for consumers who purchase the product
C
customers will continue to purchase it even if prices increase a bit
D
total revenue will go up when prices fall.
3) Patents are granted to inventors of unique products for a period of
A
10 years
B
50 years
C
5 years
D
20 years
4) When a company lures customers with offers of low prices and then tells them the low-price product is unavailable or inferior, what illegal pricing practice has occurred?
A
unit pricing
B
bait and switch
C
price fixing
D
price discrimation
5) A company is most likely to use a sales-based pricing objective when
A
the company's products are quite different from competitors' products.
B
the company has high levels of inventory
C
the company wants to change its image
D
the company has developed unique products in a small target market.
6) The ___ price in the price range is determined by the
A
lowest; target market
B
highest; costs of the seller
C
highest; target market
D
lowest: cost of the seller
7) Cost that do not change no matter what quantity of the product is produced or sold are called
A
product costs
B
variable costs
C
total cost
D
fixed costs
8) A penetration price strategy
A
usually results in very high profit levels for the company
B
is used by a business to attract a large share of the market early.
C
is typically used in the maturity stage of the product life cycle.
D
frequently encourages other businesses to enter the market.
9) In this pricing strategy, different product or transportation cost are set for specific areas of the seller's market.
A
price lines
B
added-value pricing
C
zone pricing
D
FOB pricing
10) A reduction in price exchange for the customer's old product when a new one is purchased is called a(n)
A
rebate.
B
advertising allowance.
C
trade-in allowance.
D
trade discount.
*select an answer for all questions
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