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Quiz 4 Mkt 402 Essay

1334 words - 6 pages

An important first step in informing customers of a price increase due to rising costs of manufacturing and to ensure that customers perceive the price change as fair and reasonable, a company should _____.
Answer
Selected Answer:
communicate in writing to each customer the reason for the price increase and aligning cost with the increase
Correct Answer:
communicate in writing to each customer the reason for the price increase and aligning cost with the increase
Question 2
2 out of 2 points
Correct
_____ allows high initial pricing when profits from selling to fewer price insensitive customers exceed those of selling to a larger market share at lower prices.
Answer
Selected ...view middle of the document...

Answer
Selected Answer:
an opportunistic attempt to gain share
Correct Answer:
an opportunistic attempt to gain share
Question 8
2 out of 2 points
Correct
A means by which prices are slowly increased over a period of time until the sales data show profits are no longer improved is referred to as _____.
Answer
Selected Answer:
incremental implementation
Correct Answer:
incremental implementation
Question 9
2 out of 2 points
Correct
_____ uses robust or cost effective methods for markets in which competitors are volume sensitive and there is a clear perception of economic value of a product.
Answer
Selected Answer:
Neutral pricing
Correct Answer:
Neutral pricing
Question 10
2 out of 2 points
Correct
How might a company that is increasing prices of products ensure that customers pay for the value received?
Answer
Selected Answer:
The company can provide choices in purchases that will offer a lower value option at the old price.
Correct Answer:
The company can provide choices in purchases that will offer a lower value option at the old price.
Question 11
2 out of 2 points
Correct
The purpose of setting the preliminary price point is to _____.
Answer
Selected Answer:
determine the amount of differential value to be captured with price
Correct Answer:
determine the amount of differential value to be captured with price
Question 12
2 out of 2 points
Correct
For the purpose of setting a price ceiling, marketers should assess the value of a less differentiated product _____.
Answer
Selected Answer:
by using available data and past experience
Correct Answer:
by using available data and past experience
Question 13
2 out of 2 points
Correct
_____ is the degree to which factors other than value influence a customer's willingness to pay.
Answer
Selected Answer:
Price sensitivity
Correct Answer:
Price sensitivity
Question 14
2 out of 2 points
Correct
An initial price window defined by a price ceiling and floor for a product in each market segment _____.
Answer
Selected Answer:
determines a price range in which inadvertant reactions or objections from competitors and customers is avoided
Correct Answer:
determines a price range in which inadvertant reactions or objections from competitors and customers is avoided
Question 15
2 out of 2 points
Correct
The point on the demand curve where marginal revenue is equal to marginal cost is _____.
Answer
Selected Answer:
the point at which prices maximize profit
Correct Answer:
the point at which prices maximize profit
Question 16
2 out of 2 points
Correct
A process by which customers become educated about a product and its value through social interaction of other consumers is called _____.
Answer
Selected Answer:
the diffusion process
Correct Answer:
the diffusion process
Question 17
2 out of 2 points
Correct
A distinction between harvesting and consolidation...

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