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general business data bank




Question;1);is the amount of money charged for a product or service.;A);Experience curve;B);Demand curve;C);Price;D);Wage;E);Salary;2);Price is the only element in the marketing mix that produces ________.;A);revenue;B);variable costs;C);expenses;D);outfixed costs;E);stability;3);If a seller charges ________ than the buyer's perceived value, the company's;sales will ________.;A);more, benefit;B);more, suffer;C);less, increase;D);less, suffer;E);none of the above;4);Some companies have adopted a ________ strategy, offering just the right;combination of quality and good service at a fair price.;A);value-based pricing;B);good-value pricing;C);cost-plus pricing;D);low-price image;E);none of the above;5);Wal-Mart is famous for using what important type of value pricing?;A);competition-based pricing;B);everyday low pricing;C);cost-plus pricing;D);break-even pricing;E);penetration pricing;6);involves charging a constant, everyday low price with few or no;temporary price discounts.;A);High-low pricing;B);Target pricing;C);Cost-plus pricing;D);EDLP;E);Penetration pricing;7);are the sum of the ________ and ________ for any given level of;production.;A);Fixed costs, variable, total costs;B);Fixed costs, total, variable costs;C);Variable costs, fixed, total costs;D);Total costs, fixed, variable costs;E);Break-even costs, fixed, total costs;8);SRAC is the acronym for which concept related to costs at different levels of;production?;A);strategic reasoning and costs;B);short-run accounting costs;C);short-run average cost;D);strategic rights and company;E);strategic revenues and costs;9);As production workers become better organized and more familiar with equipment;the average cost per unit decreases. This is called the ________.;A);demand curve;B);experience curve;C);short-run average cost curve;D);long-run average cost curve;E);marginal utility;10) With a higher volume of product, most;companies can expect to ________.;A);gain economies of scale;B);become less efficient;C);see average costs increase;D);have a straight, horizontal learning curve;E);find competitors using the experience curve strategically;11) The break-even volume is the point at;which ________.;A);the total revenue and total costs lines intersect;B);demand equals supply;C);the production of one more unit will not increase profit;D);the company can pay all of its long-term debt;E);a firm's profit goal is reached;12) ________ pricing works only if that;price actually brings in the expected level of sales.;A);Elasticity;B);Markup;C);Variable;D);Inelasticity;E);Target profit;13) Which of the following statements;about break-even analysis is true?;A);It is used to determine how much production experience a company must have to;achieve desired efficiencies.;B);It is a technique used to calculate fixed costs.;C);It determines the amount of retained earnings a company will have during an;accounting period.;D);It is a technique marketers use to examine the relationship between supply and;demand.;E);It is calculated using variable costs, the unit price, and fixed costs.;14) As a manufacturer increases price, the;drops.;A);target;B);break-even volume;C);cost-plus pricing;D);total cost;E);sales;15) Which of the following is an external;factor that affects pricing decisions?;A);the salaries of production management;B);competition;C);the salaries of finance management;D);funds expensed to clean production equipment;E);A, B, and C;16) ________ that influence pricing;decisions include the nature of the market and demand and competitors' prices.;A);Internal factors;B);Elasticity factors;C);External factors;D);Target factors;E);Domestic factors;17) Companies may set prices low for which;of the following reasons EXCEPT ________.;A);to prevent competition from entering the market;B);to stabilize the market;C);to create excitement for a product;D);to prepare for an easy exit from a market;E);to match a competitor;18) In order to form a consistent and;effective integrated marketing program, price decisions should be coordinated;with each of the following EXCEPT ________.;A);product design;B);distribution;C);competitors' prices;D);promotion decisions;E);marketing objectives;19) With target costing, marketers will;first ________ and then ________.;A);build the marketing mix, identify the target market;B);identify the target market, build the marketing mix;C);design the product, determine its cost;D);use skimming pricing, penetrating pricing;E);determine a selling price, target costs to ensure that the price is met;20) Price setting is usually determined by;in small companies.;A);top management;B);marketing departments;C);sales departments;D);divisional managers;E);cross-functional teams;21) Price setting is usually determined by;in large companies.;A);top management;B);divisional managers;C);product line managers;D);pricing departments;E);both B and C;22) EDLP is very similar to high-low;pricing.;23) Overhead cost is another term for;fixed cost.;24) Cost-based pricing relies on consumer;perception of value to drive pricing.;25) Average unit cost increases with;accumulated production experience.;26) An upward-sloping experience curve is;beneficial for a company.;27) The simplest pricing method is;cost-plus pricing, which involves adding a standard markup to the cost of the;product.;28) Markup pricing is popular because;prices tend to be similar and price competition is thus minimized.;29) Target profit pricing is used when a;firm tries to determine the price at which it will break even or make the;profit it is seeking.;30) A break-even chart;shows the total cost and total revenue expected at various sales volume levels


Paper#47211 | Written in 18-Jul-2015

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