Marketing Quiz

Topics: Pricing, Marketing, Profit maximization Pages: 9 (1411 words) Published: April 20, 2013
Question 1 (1 point)
Imagine you’re planning an after-symphony fund-raising party, and you need a life-size grand piano cake. Or you are a developer proposing a new shopping centre to a group of investors, and you want to serve a cake shaped like an architectural rendition of the centre. Is this impossible? No, you just need to contact Cecilia Villaveces Cakes. She actually built a life-size grand piano cake for a gala in Toronto. You can expect to pay anywhere from $75 to $10,000 for one of Cecilia’s creations, depending on complexity of design and size. She uses only the best ingredients, and no two cakes are ever quite alike.

Refer to Specialty Cakes. Although many factors determine the prices charged by Cecilia Villaveces Cakes, what are the two primary determinants? Question 1 options:
| stage of the product life cycle and costs to the consumers| | the demand for the good and cost to the seller|
| demand by the consumer and perceived quality|
| costs of manufacturing and distribution costs|
Question 2 (1 point)
Super-Sav supermarket employees regularly shop at other local supermarkets in order to make certain that Super-Sav is charging prices comparable to the other supermarkets. What type of pricing strategy is Super-Sav using? Question 2 options:

| status quo pricing|
| leader pricing|
| preemptive pricing|
| flexible pricing|
Question 3 (1 point)
Often a seller will establish a series of prices for a family of merchandise items. There may be several different models at specific price points but no prices in between. What is this policy called? Question 3 options:

| price bracketing|
| price lining|
| price bundling|
| family pricing|
Question 4 (1 point)
What is the term for marketing two or more products in a single package for a special price? Question 4 options:
| price bundling|
| price lining|
| two-part pricing|
| family pricing|
Question 5 (1 point)
Kasha has decided to keep her new power boat in a “drystack” storage facility rather than in the water at a marina. The storage facility charges her a fee of $500 per year, plus $25 each time she calls ahead and asks the facility to put her boat in the water for the day or weekend. Which pricing tactic is the facility using? Question 5 options:

| price bundling|
| professional services pricing|
| two-part pricing|
| price lining|

Question 6 (1 point)
At the end of February, the Hearts and Flowers store reduced the price on all of its Valentine’s Day’s candy by 50 percent in order to liquidate this inventory. What type of pricing strategy is being used in this example? Question 6 options:

| target return on investment|
| satisfactory profit|
| sales maximization|
| profit maximization|
Question 7 (1 point)
The responsiveness or the sensitivity of consumer demand to changes in price occurs when consumers buy more or less of a product when the price changes. What is this called? Question 7 options:
| the break-even point|
| elasticity of demand|
| the point of equilibrium|
| unitary revenue|
Question 8 (1 point)
Safeway will place well-known brands on the shelves at high prices while offering its own Safeway brand at lower prices. This practice is an example of which of the following? Question 8 options:
| brand cutting|
| illegal pricing|
| price pressurization|
| selling against the brand|
Question 9 (1 point)
The office supply store was selling two-drawer file cabinets for $20, which is a below-market price, to lure customers into the store in hopes that while they are in the store to buy a file cabinet they will also buy other items that have a much higher markup. What is the office supply store using? Question 9 options:

| price lowballing|
| leader pricing|
| price lining|
| functional pricing|...
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