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Exam 18: Pricing Concepts

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Question 41

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Pricing objectives that seek sales maximization or achievement of a stated market share are examples of _____ objectives.

A) profitability
B) volume
C) meeting competition
D) prestige

E) C) and D)
F) A) and D)

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Question 42

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The Anti-A&P Act was inspired by price competition triggered by the rise of grocery store chains.

A) True
B) False

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Question 43

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Explain target-return objectives.

The exchange value of a good or service defines its:

A price is the exchange value of a good or service.

Which of the following terms represents the measure of responsiveness of purchasers and suppliers to a change in price?

Which of the following is TRUE regarding the concept of elasticity in pricing strategy?​

​You begin every work day by stopping by the local premium coffee shop for a latte.They recognize you when you come in and just hand you your regular order.Recently,a number of events happened at the same time: you got a promotion with a higher salary; your regular coffee shop increased its prices; and a competitor moved into the same shopping center,offering lower prices. ​ Required: During your vacation,you have the luxury of time to reflect on your workday pattern of coffee consumption.Looked at from a marketing perspective,which action could you choose to show that your demand is more elastic?

A demand is said to be inelastic when the:

The economic theory assumes that firms behave rationally which in turn results in an effort to maximize gains and minimize losses.

Which of the following pricing objectives reflects marketers' recognition of the role of price in creating an overall image of the firm and its product offerings?

A pricing strategy that allows marketers to vary prices based on such factors as demand,even though the cost of providing those goods or services remains the same is called​

The price elasticity of supply of a product is the percentage change in the quantity of a good or service supplied divided by the percentage change in its price.

Firms that adopt volume objectives believe that:

The basic breakeven model addresses the question of whether customers will actually purchase the product at the specified price in the quantity required to break even or make a profit.

Disney Cruise Line offers exceptional experiences for their guests and a variety of destinations around the world.They attempt to price their offerings competitively and profitability by varying the listed price of accommodations on a cruise such that different weeks of the year may be less expensive than others.For example,during hurricane season for Atlantic Ocean cruises,prices will be lower than peak times such as Christmas and New Years cruises.Which pricing-related strategy is Disney Cruise Line utilizing?​

Paul and Amanda have 6 season tickets to the St.Louis Cardinals - a major league baseball team.During the season,they often offer their unused tickets to the highest bidder - especially when the Cardinals play the Chicago Cubs.This practice,known as "scalping" is illegal in all US cities.​

Most states supplement federal legislation with their own unfair-trade laws,which require sellers to maintain minimum prices for comparable merchandise.

You own an enchanting Victorian bed-and-breakfast facility in Ashland,Oregon,home of the annual Oregon Shakespeare Festival.The symbol for your in-season rates is $$ ,when the Bard's plays are being enacted on the stages.In season,you have a two-night minimum-stay requirement.When the festival season has ended,however,you have trouble filling your rooms. ​ ​Using the tool of yield management,what action will you take to maximize profits?

Which of the following is true of price determination in economic theory?