ENT Lesson 24 & 27 Test Prep

Front

Businesses need to keep track of and have constant knowledge about competitor pricing, in order to:

Back

ensure their own prices are competitive

Front

Being flexible with pricing is beneficial when the following external condition occurs: new government regulations affect your industry, trade war, economic downturn, all the above

Back

all the above

Front

When a company’s cost of goods sold increases, they will usually: increase advertising expenditures, feel pressure to increase prices to maintain profit margin, conduct a competitive analysis, all the above

Back

feel pressure to increase prices to maintain profit margin

Front

High end designer brands sold at Neiman Marcus stores aren’t normally found at Walmart stores. This is because:

Back

pricing affects the place items are sold

Front

This is a method used to set a price for a product, with the goal of creating optimum value for both the seller and buyer.

Back

pricing

Front

The pricing process hopes to arrive at a price that is the __________ price. Select an answer from the options below.

Back

optimum

Front

If you sell the Climber brand of bicycles and you find out the store across the street also sells the Climber brand, but at a lower price, if all other things like customer service are equal: What will likely happen?

Back

sales of Climber bicycles will likely decrease

Front

You run a bicycle shop and sold a Climber bicycle to a customer for $89.00. This price would be called the:

Back

selling price

Front

What can happen if your price on your product is too low versus the competition?

Back

your product might be perceived as low quality

Front

When considering brand image, the price of your product compared to the competition often:

Back

conveys the level of quality of the product