pricing strategies

What is one of the element of the marketing mix that produces revenue?

• Product

• Price

• Promotion

• People

If a price change results in a large change in the demand for a product, the product is said to have a:

• Low elastic demand
• High elastic demand
• Value pricing
• None of the options

Which of the following are the major pricing strategies?

• Customer Value-Based Pricing

• Competition-Based Pricing

• Cost-Based Pricing

• Dynamic Pricing

Which pricing strategy uses the

buyers’ perceptions of value rather than seller’s cost?

• Customer Value-Based Pricing

• Competition-Based Pricing

• Cost-Based Pricing

• Dynamic Pricing

Which pricing strategy involves setting prices based on the costs for producing, distributing and selling the product plus a fair rate of return for its effort and risk?

• Customer Value-Based Pricing

• Competition-Based Pricing

• Cost-Based Pricing

• Dynamic Pricing

Which pricing strategy involves setting prices based on competitors’ strategies, costs, prices and market offerings?

• Customer Value-Based Pricing

• Competition-Based Pricing

• Cost-Based Pricing

• Dynamic Pricing

The value of money placed on a good or service

• Place

• Price

• Product

• Promotion

Term for a item that is intentionally priced below cost to draw people into the store

• Loser Item

• Sale

• Discount Item

• Loss Leader

________ uses buyers' perceptions of what a product is worth, not the seller's cost, as the key to pricing.

• Value-based pricing

• Target return pricing

• Variable costs

• Price elasticity

• Product image

When there is price competition, many companies adopt ________ rather than cutting prices to match competitors.

• pricing power

• value-added pricing strategies

• fixed costs

• price elasticity

• image pricing