Marketing Essentials

Chapter 26: Pricing Strategies

Self-Checks

1
What is markup pricing?
A)The dollar amount added to the a reseller’s costs
B)The total profit a reseller makes on a sale
C)The dollar amount added to cover the costs of operating a business
D)The dollar amount that represents the average profit margin
2
Important factors in pricing are
A)Cost
B)Demand
C)Competition
D)All of the above
3
What is product mix pricing strategy?
A)A strategy that advertises special prices
B)A strategy that sets base prices
C)A strategy that involves adjusting prices of a group of products to maximize overall profits
D)A strategy that involves calculating then highest possible profit margin on every product.
4
What is a segmented pricing strategy?
A)A strategy that uses different prices for a product
B)A strategy that helps decide when to discount prices
C)A strategy that is based on buyers’ motivation
D)A Loss leader pricing strategy
5
What is psychological pricing?
A)A Loss leader strategy
B)A pricing strategy based on different motivations for purchases
C)A cash discount
D)A pricing strategy that is based on market conditions
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