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1、Chapter 14: Developing Pricing Strategies and ProgramsGENERAL CONCEPT QUESTIONSMultiple Choice 1._ communicates to the market the companys intended value positioning of its product or brand. a. Packaging b. Pricec. Placed.Promotione. Physical evidence Answer: bPage: 431 Level of difficulty: Easy2.Pr
2、ice has operated as the major determinant of buyer choice among poorer nations, among poorer groups, and with _ products. a.identical b.over the Internet c. modity-type e.none of the above Answer: dPage: 432 Level of difficulty: Medium3.Companies price their products in a number of ways. Small compa
3、nies prices are set by the boss, in larger companies, pricing is handled by division and product-line managers. In industries where price is a key factor, companies often establish a _ department reporting to other internal departments. a.financial b.pricingc.sales d.marketing e.distribution Answer:
4、 bPage: 433 Level of difficulty: Easy4.Executives often complain that pricing is a big headache. One of the common mistakes made are: Price is not revised often enough to capitalize on market changes; price is set _ of the rest of the marketing mix rather than an intrinsic element of a marketing-pos
5、itioning strategy. a.divergently b.too highc. intrinsically d. independentlye. concurrently Answer: dPages: 433434 Level of difficulty: Medium5.“Power prices” use price as a key strategic tool. These “power pricers” have discovered the highly _ effect of price on the bottom line. a.dramatic b.abrasi
6、ve c.leveraged d.direct e. soothing Answer: cPage: 434 Level of difficulty: Medium6.Purchase decisions are based on how consumers perceive prices and what they consider to be the _ pricenot the marketers stated price. a.current actual b.last purchased pricec.current sale priced.referent price e. non
7、e of the above Answer: aPage 434 Level of difficulty: Medium7.The definition of _ prices is: In considering an observed price, consumers often compare it to an internal memory reference price or an external frame of reference (such as a posted “regular retail price”). a.historical b.reference c.prom
8、otional d. everyday low pricee. none of the aboveAnswer: bPage: 434 Level of difficulty: Hard8. Many consumers use price as an indicator of _. Image pricing is especially effective with ego-sensitive products such as perfumes and expensive cars. a. status b. qualityc.ability d.capabilitye. sizeAnswe
9、r: b Page: 435 Level of difficulty: Easy9.Pricing cues, such as sale signs and prices that end in a 9, become less effective the more they are employed. Anderson and Simester maintain that they must be used judiciously on those items where consumers price knowledge may be poor. Which of the followin
10、g is NOT one of these signs? a. Quality or sizes vary across stores.b.Product designs vary over time.c.The store caters to low-involvement shoppers.d.Customers are new.e.Customers purchase the item infrequently. Answer: cPage: 437 Level of difficulty: Hard10.A firm must set a price for the first tim
11、e when it develops a new product, when it introduces its regular product into a new distribution channel or geographical area, and when it _. a.needs to increase bottom line resultsb.raises prices due to cost escalation c.rolls out an improved productd. enters bids on new contract worke.changes styl
12、esAnswer: dPage: 436 Level of difficulty: Medium11. Consumers often rank brands according to price tiers in a category. Within any tier, there is a range of acceptable prices, called _. These provide managers with some indication of the flexibility and breadth they can adopt in pricing their brands
13、within a particular price tier. a.price bandsb.price clustersc.price groups d.price cuese. none of the above Answer: a Page: 437 Level of difficulty: Medium12. A firm has to consider many factors in setting its pricing policy. We list these as a six-step process. Which of the following is NOT one of
14、 these steps? a.Determining demand.b.Selecting the pricing objective.c. Researching reference prices in the target market.d.Selecting the final price. e.Selecting a pricing method. Answer: cPage: 437Level of difficulty: Hard13. A firm first decides where it wants to position its market offering. A c
15、ompany can pursue any of five major objectives through pricing. Which of the following is NOT one of these objectives? a. Predatory pricing b.Survivalc.Maximum current profitd.Maximum market sharee. Product-quality leadership Answer: aPage: 437Level of difficulty: Medium14. In market-penetration pri
16、cing, the companys objective in pricing is to _, believing that higher sales volume will lead to lower unit costs and higher long-run profits. a. block competitive launches b. maximize their market sharec.minimize their market shared.maximize volumee.none of the above Answer: bPage: 438Level of diff
17、iculty: Easy15.Market-skimming prices make sense under the following conditions EXCEPT _.a.the high price communicates high value b.the high initial price blocks competition from entering the market c. the unit costs of producing a small number of units is highd. the product is a “me-too” and contai
18、ns no new technology or points of differencee. a sufficient number of buyers have a high current demandAnswer: dPage: 438 Level of difficulty: Hard16.The first step in estimating demand is to understand what affects price sensitivity. Generally speaking, customers are most price sensitive to product
19、s that cost a lot or are _. a. priced low to begin with b. low-cost c. bought frequently d. bought infrequently e. none of the aboveAnswer: cPage: 439Level of difficulty: Easy 17.Consumers _ to low-cost products or items they buy infrequently. a.prefer the lowest total cost of ownership b.remember p
20、rices of products c.are ambivalent to prices d.are more price sensitivee. are less price sensitive Answer: ePage: 439Level of difficulty: Easy18.The concept of the lowest _ means that a seller can charge a higher price if they can convince the customers that price is only a small part of the total c
21、ost of obtaining, operating, and servicing the product over its lifetime. a.prestige pricingb.total cost of ownership c.convenience pricing d.key price pointse.none of the above Answer: bPage: 439Level of difficulty: Medium 19.If demand hardly changes with a small change in price, we say that the de
22、mand is _. a. equal b.marginalc.inelasticd.elastice.none of the aboveAnswer: c Page: 440Level of difficulty: Easy20.If demand changes considerably, we say that the demand is _. a. equalb.elastic c.inelasticd.marginal e.none of the above Answer: bPage: 440Level of difficulty: Easy 21. Price elasticit
23、y depends on the magnitude and direction of the price change. If may differ for a price cut versus a price increase. When the price changes have little or no effect there might exist a _ for your product. a. selective price b.price indifference band c.substitute productd.promotional price e.collecti
24、ve price Answer: bPage: 441 Level of difficulty: Hard22._ sets a ceiling on the price the company can charge for its products. a.Government regulationsb.Market forcesc.Costsd.Demand e. Competition Answer: d Page: 441 Level of difficulty: Easy23.A companys costs take two forms. _ are costs that do no
25、t vary with production or sales revenue. a.Fixed b. Variablec. Adjustedd.Attributede.None of the above Answer: aPage: 441Level of difficulty: Easy 24._ costs amounts differ greatly depending upon the level of production. a.Fixed b. Adjustedc.Attributedd.Unknown e.Variable Answer: ePage: 441 Level of
26、 difficulty: Easy25. _ consists of the sum of the fixed and variable costs for any given level of production. a. Total costsb. Manufacturing costsc.Delivery costsd.Fixed costse.Variable costsAnswer: aPage: 442 Level of difficulty: Easy26.Todays companies try to adapt their offers and terms to differ
27、ent buyers. _ accounting tries to identify the real costs associated with serving each customer. It allocates indirect costs to the activities that use them and are tagged back to each customer. a.Cost accounting b. Experience cost c.Target costingd.Direct product profitability e. Activity-based cos
28、t Answer: ePage: 443 Level of difficulty: Hard27. The three major considerations in price setting includes, costs set as the “floor,” _, and customers assessment of unique features establishing the price ceiling. a. competitors prices and the price of substitutes provide an orientation point b. comp
29、etitors prices establishes a “target price” goalc. the price of substitutes establishes a “target price” d.the price of competitors and substitutes does not enter into the pricing considerations. e.none of the above Answer: aPage: 444 Level of difficulty: Hard28. An increasing number of companies no
30、w base their price on the customers _ of their products. a. usage b.EDLP pricing c.everyday value pricing d.perceived valuee. value proposition Answer: dPage: 445 Level of difficulty: Easy29.The key to perceived-value pricing is to deliver more value than your competitors and to _ this to prospectiv
31、e buyers. a. demonstrate b. communicate c. advertised.promotee. convince Answer: a Page: 446 Level of difficulty: Easy30. Value pricing is not a matter of simply setting lower prices; it is a matter of reengineering the companys operations to become a low-cost producer without sacrificing quality; a
32、nd lowering prices significantly to attract a large number of _ customers. a.expert customers b.price-orientatedc. value-consciousd.product-orientated customers e.none of the aboveAnswer: cPage: 447 Level of difficulty: Medium 31.When a firm charges the same, more, or less than its major competitors
33、 do, it is using a pricing strategy that is called _. a. perceived value pricing b.value pricing c.high-low pricing d.everyday low pricing e.going-rate pricing Answer: ePage: 447Level of difficulty: Medium32.Auction-type pricing is becoming very popular today due to the Internet. The three types of
34、auction-types of pricing include sealed-bid auctions, descending bids auctions, and _. a. EDLPb.ascending bids c.high-low bidsd.going-rate bidding e.value pricing Answer: bPage: 448 Level of difficulty: Medium33.Pricing methods narrow the range from which the company selects its final price. In sele
35、cting that price, the company must consider additional factors, including the impact of other marketing activities, company pricing policies, gain-and-risk-sharing pricing, and the impact of price on _. a.other partiesb. channels of distribution c.channel partnersd.marketing activities e.none of the
36、 above Answer: aPage: 448Level of difficulty: Medium34.In _ pricing, the company decides how to price its products to different customers in different locations and countries. a. specialtyb.geographicalc. offsetd.regional e.none of the aboveAnswer: bPage: 450 Level of difficulty: Easy 35. A _ is off
37、ered by a manufacturer to trade-channel members if they will perform certain functions, such as selling, storing, and record keeping. a. functional discountb. quantity discountc. allowanced.cash discounte.none of the aboveAnswer: aPage: 452 Level of difficulty: Easy36. _ occurs when a company sells
38、a product or service at two or more prices that do not reflect a proportional difference in costs a.Psychological pricing b.Loss-leader pricing c.Product-form pricing d.Customer-segment pricing e. Price discriminationAnswer: ePage: 453 Level of difficulty: Medium 37.When supermarkets and department
39、stores drop the price on well-known brands to stimulate store traffic, this is called _. a.EDLPb.loss-leader pricingc.special-event pricing e.none of the above Answer: bPage: 453 Level of difficulty: Easy 38.Companies often adjust their basic price to accommodate differences in customers, products,
40、 locations, and so forth. Examples of these differentiated prices include all of the following EXCEPT _. a. new product pricing b. customer-segment pricing c. product form pricingd. channel pricing e. none of the above Answer: aPages: 453-454 Level of difficulty: Easy39.Companies sometimes initiate
41、price cuts in a drive to dominate the market through lower costs. A price-cutting strategy involves possible traps. One of these “traps” is _. a. secure target market customerb. consistent high quality consumerc. dependence on a firm market d. loyal customer market e. shallow-pockets Answer: ePage:
42、455 Level of difficulty: Hard40.A major circumstance provoking price increases is _. a.market demandb.profitability versus targetc.cost inflationd.price versus competition e.stock price versus target priceAnswer: cPage: 455Level of difficulty: Easy41.Generally, consumers prefer _ price increases on
43、a regular basis to sudden, sharp increases. a.largeb.consistent c.small d. reciprocal e. trade Answer: cPage: 457 Level of difficulty: Easy42.Given strong consumer resistance to price hikes, marketers go to great lengths to find alternative approaches that will allow them to postpone a price increase. Which of the following is NOT one of these approaches? a.Reduce or eliminate some product features.b.Reduce or eliminate some services like free delivery.c. Shrink package sizes.d.Demand upfront payment before shipp
