QUIZ

Question 1

Categories of market’s price sensitivity

Answer 1

Economic
Competitive
Cognitive
Emotional

Question 2

Concern the amount of money involved in the price change and in responding to the price change.

Answer 2

Econimic Factors

Question 3

Concern the actions that a company’s competitors take in response to the company’s price changes.

Answer 3

Competitive Factors

Question 4

Concern the customer’s awareness and knowledge of price levels and price meanings.

Answer 4

Cognitive Factors

Question 5

Concern the customer’s feelings about prices and price changes.

Answer 5

Emotional Factors

Question 6

Types of Knowledge About Prices

Answer 6

Price-level knowledge
Price-meaning knowledge

Question 7

Awareness of the level of a price

Answer 7

Price-level knowledge

Question 8

Awareness of what the price communicates about the product, the seller, and/or the offer.

Answer 8

Price-meaning knowledge

Question 9

Three prominent sources of a customer’s price-level knowledge:

Answer 9

Awareness of the price of item’s that have been purchased
Awarness of the price of item’s that have not been purchased
Beliefs about the factors that can affect the level of an item’s price

Question 10

Without it, the customer would have no basis for evaluating the price.

Answer 10

Price-level knowledge

Question 11

The consumer beliefs and mental associations that can cause a price to have a meaning need to be examined.

Answer 11

Price-meaning knowledge

Question 12

It is supported by common price-origin beliefs, such as the belief that products that have higher-quality materials or more useful features will have higher prices.

Answer 12

Price-quality heuristic

Question 13

It is also supported by belief in the free market

Answer 13

Price-quality heuristic

Question 14

It refers to a classification of customers into categories based on their propensities for some behavior of interest such as clicking on an online ad or responding to a promotion.

Answer 14

Segmentation

Question 15

It refer to a classification of transactions within the same segment are assigned the same list price.

Answer 15

Price segmentation

Question 16

It can be based not only on customer attributes but also on loan attributes and on the channel through which the transaction takes place.

Answer 16

Pricing Segments

Question 17

It may be discrete by nature, such as branch versus Internet or a new-car loan versus a used-car loan.

Answer 17

Price dimensions

Question 18

Offering different prices to different market segments increases overall revenues and profits, and it is particularly beneficial to industries that have high fixed cost structures.

Answer 18

Price Segmentation

Question 19

Pricing segments attributes

Answer 19

Product/Service
Customer
Transaction

Question 20

Attributes about what is being sold.

Answer 20

Product/Service

Question 21

Attributes related to whom the product is being sold

Answer 21

Customer

Question 22

Attributes related to the historical

Answer 22

Transaction

Question 23

Promotional pricing tactics also carry strong psychological weight in the value-oriented market.

Answer 23

Increased Value Perception

Question 24

Promotional pricing is often used for the primary benefit of driving more revenue and cash flow in the short term.

Answer 24

Revenue Growth

Question 25

A different benefit with a promotional pricing strategy.

Answer 25

Retention and Loyalty

Question 26

Do not change

Answer 26

Fixed Cost

Question 27

Depends on the number

Answer 27

Variable Cost