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Exam 10: Pricing

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Question 21

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A couple living in the United States travels to China and buys huge amounts of designer purses for a much lower price than could be purchased at home.They import the purses back into the States where they sell them for less than the normal market price.The purses are considered to be

A) black market goods.
B) gray market goods.
C) illegal imports.
D) contrabanD.
E) smuggled goods.

F) A) and E)
G) A) and D)

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Question 22

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According to the textbook,what are the three pricing objectives that a business could have?

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A profit maximization (skimming)objectiv...

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Question 23

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_______ is one of the most watched and regulated marketing activities because it directly impacts the financial viability of both organizations and individuals.

The Daily Gazette charges $1.00 for its newspaper and has 150,000 subscribers.The publishers decided to reduce the price of the paper to $0.75 in hopes of attracting new subscribers.However,the price reduction resulted in only 500 new subscribers.This represents demand that is _______.

Deceptive pricing involves

The practice of first setting prices low with the intention of pushing competitors out of the market or keeping new competitors from entering the market,and then raising prices to normal levels is referred to as _______ pricing.

Costs that remain constant and do not vary based on the number of units produced or sold are called _______ costs.

The strategy in which a company sells its exports to another country at a lower price than it sells the same product in its domestic market is referred to as

Why is price discrimination acceptable in pricing?

Bowman's shoe store just received a shipment of dress boots.The manufacturer's suggested retail price for the boots is $150.00,but Bowman's decides to price the boots at $149.95.What pricing tactic is Bowman's most likely using?

Variable costs are defined as costs that

According to your text,pricing resembles a game of

One of the most common mistakes in modern pricing is charging someone less than they are willing to pay,which is referred to as _______.

Joey set up a lawn-mowing business in his neighborhood.He currently has 7 customers that want their lawns mowed each week for which he charges them $25.00 each.Joey spends $10.00 a week in gas and another $17.00 in yard waste bags and stickers.What is Joey's weekly profit?

The first step in the price-setting process is to

The international pricing strategy of any U.S.firm must take into account the taxes on imports and exports that foreign countries might place on its goods,otherwise known as _______.

Yield management is a strategy for maximizing a firm's

One of the most important strategic decisions a firm faces is _______ because it reflects the value the product delivers to consumers as well as the value it captures for the firm.

In the price-setting process,the next step after demand has been evaluated is to

The degree to which the price of a product affects consumers' purchasing behavior is referred to as