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MKTG
Quiz 20: Pricing Concepts
Path 4
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Question 41
Short Answer
Jaggd Inc. ,an electronic goods manufacturing company,was planning to launch its latest smartphone in the market.Within the first few days of launching the phone,Jaggd wanted to earn as much revenue as the cost incurred in manufacturing the phone.So,it priced the phone about as high as the market would allow.In this case,Jaggd entered the market with a__________approach to pricing the smartphone.
Question 42
Multiple Choice
Jaggd Inc. ,an electronic goods manufacturing company,was planning to launch its latest smartphone in the market.Within the first few days of launching the phone,Jaggd wanted to earn as much revenue as the cost incurred in manufacturing the phone.So,it priced the phoneabout as high as the market would allow.In this case,Jaggd entered the market with a _____ approach to pricing the smartphone.
Question 43
Multiple Choice
The quantity of a product that people will buy is most likely to decrease as the product's _____ increases.
Question 44
Essay
Why do manufacturers of products that are in the maturity stage of the product life cycle prefer to offer similar prices?
Question 45
Short Answer
When the price of a product is set at a level where demand and supply are the same,a state of__________has been achieved.
Question 46
Multiple Choice
When consumer demandis sensitive to price changes,_____ occurs.
Question 47
Short Answer
__________costs do not change as output is increased or decreased.
Question 48
Short Answer
Randy's Apparels Inc.plans to expand its customer base and product line.It introduces a new line of designer wear that are very expensive and exclusively available at Randy's.It emphasizes the high quality and exclusivity of this new line of products in its advertisements.In this case,Randy's Apparels has used__________for the new line of products.
Question 49
Multiple Choice
Diffusion Research Company specializes in conducting market research for various firms.When it receives proposals for new research,its management will first estimate the cost of conducting the research and producing and delivering the final research report.The management then adds 30 percent to that cost estimate.This becomes the price estimate given to the potential research client.This suggests that Diffusion Research Company uses a _____ pricing objective.
Question 50
Short Answer
A cost that changes with the level of output is called a(n)__________cost.
Question 51
Short Answer
When consumer demand is sensitive to price changes,__________occurs.
Question 52
Short Answer
Diffusion Research Company specializes in conducting market research for various firms.When it receives proposals for new research,its management will first estimate the cost of conducting the research and producing and delivering the final research report.The management then adds 30 percent to that cost estimate.This becomes the price estimate given to the potential research client.This suggests that Diffusion Research Company uses a__________pricing objective.
Question 53
Essay
Justify the statement,"Shopping bots have made the purchase decisions of consumers more efficient."
Question 54
Essay
How do manufacturers benefit from prestige pricing?
Question 55
Multiple Choice
At a price of $2,000,the demand for Ranger 60 mountain bikes from Cloyd's Inc.is 300,but only 191 bikes are being made.At a price of $2,300,the demand for the bikes is 250,and exactly 250 bikes are being made.If Cloyd'ssells each one of the bikes at a price lower than $2,300,_____.
Question 56
Short Answer
At a price of $2,000,the demand for Ranger 60 mountain bikes from Cloyd's Inc.is 300,but only 191 bikes are being made.At a price of $2,300,the demand for the bikes is 250,and exactly 250 bikes are being made.If Cloyd's sells each one of the bikes at a price lower than $2,300,__________.
Question 57
Essay
Jade claims that a consumer's psychological state of mind plays a vital role in how he perceives the price and quality of a product.Provide arguments to support his claim.
Question 58
Short Answer
When Jerry took delivery of his brand new Karuaf automobile,he was filled with pleasure and excitement as Karuaf is a very expensive brand.This is an example of the__________effect associated with the price-quality relationship.