What is the primary goal when setting a selling price for a product?

Understanding Pricing Strategies

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Business
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9th - 12th Grade
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Medium

Ethan Morris
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
To ensure it is the lowest in the market
To attract customers while covering costs and making a profit
To maximize the markup percentage
To match the competitor's price
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the retailing equation, what does 'SP' stand for?
Stock Price
Sales Profit
Selling Price
Standard Price
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a product costs $50 and the markup is $20, what is the selling price?
$70
$20
$30
$50
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is percent markup based on cost calculated?
Markup divided by selling price
Cost divided by markup
Markup divided by cost
Selling price divided by cost
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the percent markup based on selling price if the markup is $65 and the selling price is $125?
33%
65%
52%
25%
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a markdown?
A fixed cost
A type of markup
A reduction from the original selling price
An increase in the original selling price
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a product originally sold for $60 and is now $48, what is the markdown percentage?
30%
20%
25%
15%
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