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Marketing Practice Test: Setting the Right Price
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Marketing Practice Test: Setting the Right Price
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25 Questions

1. Post makes several varieties of cereals. In promoting this product line, Post offers a 50-cents-off coupon that can be used to purchase any of its cereals. Therefore, Post must consider _____ when pricing its cereals.
2. Single-price selling:
3. Which of the following is a pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion?
4. For over 100 years, resale price maintenance has been illegal under the:
5. _____ are cash refunds given for the purchase of a product during a specific period.
6. Trade-ins often go hand-in-hand with:
7. All of the following are tactics for fine-tuning the base price EXCEPT:
8. State laws that put a lower limit on wholesale and retail prices are called _____. In states that have these laws, selling below cost is illegal.
9. The 99-Center is a retail store where all of the merchandise is priced at 99 cents. This retailer uses:
10. Reducing the services that come with the basic product is called.
11. The term FOB is an acronym for:
12. For sports marketers, an inelastic demand curve means they have greater flexibility in making pricing decisions. What can a sports marketer do to make demand for his or her product more inelastic.
13. In 2008 United Airlines and American Airlines disclosed settlements in a class-action lawsuit over allegations of airfreight price fixing. This means the companies:
14. At the Greenville Florist, there are four different prices for funeral bouquets. The smallest bouquet sells for $30; there is also a $40 version and a $75 version. For those who want to express their grief through the purchase of a dramatic floral arrangement, the florist also offers a $150 value. The owner of the florist shop has chosen price lining because it will:
15. When a buyer pays a lower price for buying multiple units or above a specified dollar amount for a single order, the buyer is receiving a _____ discount.
16. With _____, the seller pays the actual freight charges and bills every purchase with an identical, flat freight charge.
17. The basic assumption behind value-based pricing is that:
18. Ace Hardware’s spring snowblower sale is an example of which of the following pricing tactics?
19. A price tactic that requires the purchaser to absorb the freight costs from the shipping point is called _____. In this case, the farther buyers are from sellers, the more they pay because transportation costs generally increase with the distance merchandise is shipped.
20. Escalator pricing is:
21. Which type of quantity discount is a deduction from the list price that applies to a single order?
22. If a marketer decides to price goods at odd-numbered dollar amounts to denote bargains, and at even-numbered amounts to denote quality, he or she is using:
23. After establishing pricing goals, managers should estimate total revenue at a variety of prices. Next, they should _____. Only after performing this task are they are ready to estimate how much profit and how much market share can be earned at each possible price.
24. The practice of charging a very low price for a product with the intent of driving competitors out of business or out of a market is called.
25. JCPenney sends representatives to shop at similar retailers to make sure it is charging comparable prices for its products. JCPenney probably uses a _____ strategy.

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