What is the definition of price?
Pricing Strategy

Quiz
•
Other
•
9th - 12th Grade
•
Medium
Demetrius Dugar
Used 47+ times
FREE Resource
15 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The amount of money given by a buyer to a seller in exchange for goods or services
The cost of raw materials used in production
The profit made by a business
The value of a product or service
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What are the components of the marketing mix?
Product, price, place, promotion
Quality, quantity, cost, competition
Supply, demand, profit, loss
Advertising, sales, distribution, branding
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can a business determine the most effective pricing strategy?
By identifying the company's pricing position, pricing segment, pricing capability, and competitive pricing reaction strategy
By conducting market research and surveys
By setting the price based on the cost of production
By offering discounts and promotions
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why is it important for a business to have a detailed knowledge of pricing techniques?
To avoid losses and ensure profitability
To attract more customers
To compete with other businesses
To increase market share
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How can a business determine the price for a product with multiple competitors?
The price should be in line with competitors' prices
The price should be higher than competitors' prices
The price should be lower than competitors' prices
The price should be based on the cost of production
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the purpose of offering discounts and promotions?
To attract customers and increase sales
To reduce costs and increase profit
To match competitors' prices
To create a sense of urgency
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Why do online stores often list prices as 99 or 999 instead of rounding to the nearest whole number?
To create the perception of a lower price
To confuse customers
To increase profit margin
To match competitors' prices
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