Marketing Essentials

Chapter 25: Price Planning

Self-Checks

1
Return on investment is
A)The value in money placed on a product or a service
B)The relative profitability of a product
C)The calculation of a business’s market share
D)None of the above
2
What is market share?
A)The relative value of a product
B)The relative profitability of a product
C)A company’s percentage of total sales within an industry
D)The break-even point
3
Demand elasticity involves
A)Brand loyalty and availability of substitutes
B)Whether a product is a necessity
C)The relationship between price and customers’ incomes
D)All of the above
4
A loss leader is
A)A form of advertising
B)A product a business does not make any profit on
C)A strategy that is not legal where minimum price laws are in effect
D)All of the above
5
The Robinson-Patman Act prohibits
A)Loss leaders
B)Price fixing
C)Bait-and-switch
D)Offering different prices to different customers buying the same product in similar situations
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