4th Six Weeks

Question 1

This involves setting prices for your products that will guarantee you’ll make money on each sale.

Answer 1

Profit-oriented pricing

Question 2

The process of selecting strategic price points to best take advantage of a product or service based market relative to others.

Answer 2

Competitor-based pricing

Question 3

The extent to which a product is recognized and bought by customers in a particular area.

Answer 3

Market Penetration

Question 4

A product pricing strategy by which a firm charges the highest initial price that customers will pay and lowers it over time.

Answer 4

Skimming

Question 5

This includes direct labor, direct materials, consumable production supplies, and factory overhead.

Answer 5

Product Cost

Question 6

The total satisfaction received from consuming a good or service.

Answer 6

Utility

Question 7

The rivalry between companies selling similar products and services.

Answer 7

Competition in a market

Question 8

Laws that control the way that a business can operate.

Answer 8

Government and Legal Regulations

Question 9

The goals that guide your business in setting the cost of a product or service to your existing or potential consumers.

Answer 9

Pricing Objectives

Question 10

Higher-priced product promotion that normally centers more on product benefits or other aspects that increase the customer’s experience.

Answer 10

Value

Question 11

A financial gain, especially the difference between the amount earned and the amount spent in buying, operating, or producing something.

Answer 11

Profit

Question 12

The practice of keeping the price of a product or service artificially high in order to encourage favorable perceptions among buyers, based solely on the price.

Answer 12

Premium pricing

Question 13

Products sold under generic brands where marketing and production costs have been kept to a minimum.

Answer 13

Economy pricing

Question 14

The practice of setting prices slightly lower than rounded numbers, in the belief that customers do not round up these prices, and so will treat them as lower prices than they really are.

Answer 14

Psychological pricing

Question 15

Deciding the amount required as payment for something.

Answer 15

Pricing

Question 16

The act of placing several products or services together in a single package and selling for a lower price than would be charged if the items were sold separately.

Answer 16

Bundle pricing

Question 17

A price-setting strategy where prices are set primarily on a consumers’ perceived value of the product or service.

Answer 17

Value Based Pricing

Question 18

A conspiracy between business competitors to set their prices to buy or sell goods or services at a certain price point.

Answer 18

Price Fixing

Question 19

An illegal practice in which competing parties collude to choose the winner of a bidding process while others submit uncompetitive bids.

Answer 19

Bid Rigging

Question 20

The action of selling the same product at different prices to different buyers, in order to maximize sales and profits.

Answer 20

Price Discrimination

Question 21

Pricing above what can be sustained in a competitive market.

Answer 21

Supra Competitive Pricing

Question 22

The practice of charging more for a product or service during periods when it is in high demand.

Answer 22

Surge Pricing

Question 23

The practice of varying the price for a product or service to reflect changing market conditions, in particular the charging of a higher price at a time of greater demand.

Answer 23

Dynamic Pricing

Question 24

The action (generally illegal) of advertising goods which are an apparent bargain, with the intention of substituting inferior or more expensive goods.

Answer 24

Bait and Switch

Question 25

When a business never actually sells their items for more than their sale prices.

Answer 25

Fake Sale Pricing

Question 26

Includes a sender, encoding of a message, selecting of a channel of communication, receipt of the message by the receiver and decoding of the message.

Answer 26

Process of Communication

Question 27

Satisfying the need.

Answer 27

Customer Objective

Question 28

To sell the products.

Answer 28

Business Objective

Question 29

One of the 4 Ps of the marketing mix.

Answer 29

Promotion Mix

Question 30

Any paid form of non-personal presentation and promotion of ideas, goods, and services by an identified sponsor.

Answer 30

Advertising

Question 31

Covers those marketing activities other than advertising, publicity, and personal selling that stimulate consumer purchasing and dealer effectiveness.

Answer 31

Sales Promotion

Question 32

Includes face-to-face personal communication and presentation with prospects (potential and actual customers) for the purpose of selling the products.

Answer 32

Personal Selling

Question 33

A comprehensive term that includes maintaining constructive relations not only with customers, suppliers, and middlemen, but also with a large set of interested publics.

Answer 33

Public Relations

Question 34

Any promotional communication regarding an organisation and/or its products where the message is not paid for by the organisation benefiting from it.”

Answer 34

Publicity

Question 35

This is to make the public aware of your product, to influence them to purchase it, and to establish a long-term relationship that will make them repeat customers.

Answer 35

Promotional Strategy