Pricing

________ refers to the amount of money charged for a product or service.

• Value

• Cost

• Price

• Wage

What sets the floor for product prices?

• consumer perceptions of the product's value

• product costs

• competitors' strategies

• advertising budgets

Which of the following processes does value-based pricing reverse?

• high-low pricing

• everyday low pricing

• cost-based pricing

• good-value pricing

Under oligopolistic competition the market consists of ________.

• a single dominant seller

• numerous small sellers

• many buyers and sellers who trade over a range of prices rather than a single market price

• only a few large sellers

________ refers to a measure of the sensitivity of demand to changes in price.

• Price elasticity

• A demand curve

• Price-value equation

• Marginal utility

________ pricing uses buyers' perceptions of value as the key to pricing.

• Customer value-based

• Cost-based

• Time-based

• Markup