| 1. Price is the sum of all the . . . that consumers exchange for the benefits of having or using the product or service. |
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| 2. Fixed price policies - setting one price for all buyers - is a relatively . . . idea that arose with the development of large-scale retailing at the end of the nineteenth century |
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| 3. The Internet promises to reverse the fixed pricing trend and takes us back to an era of . . . Pricing - charging different prices depending on individual customers and situations |
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| 4. Price is the only element in the marketing mix that produces revenue; all other elements represent . . . |
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| 5. Unlike product features and channel commitments, price can be changed . . . |
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| 6. Common mistakes include pricing that is too cost oriented rather than . . . oriented |
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| 7. Does using standard markups to set prices make sense? Generally, . . . |
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| 8. Does using standard markups to set prices make sense? Generally, no. Why? |
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| 10. Target pricing uses the concept of a . . . chart, which shows the total cost and total revenue expected at different sales volume levels. |
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| 11. If a company sets its target price based on customer perceptions of the product value, this is called: |
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| 12. Underpriced products sell very well, but they produce less . . . than they would have if price were raised to the perceived-value level. |
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| 13. To retain pricing power - to escape price competition and to justify higher prices and margins - a firm must retain or build the . . . of its marketing offer. |
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| 14. If a firm bases its price largely on competitors´ prices, with less attention paid to its own costs or to demand, this is called: |
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| 15. Internal factors affecting pricing include the company´s . . . |
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| 16. Many companies use current . . . maximization as their pricing goal. |
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| 17. Price decisions must be coordinated with product design, distribution, and promotion decisions to form a consistent and effective . . . program. |
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| 18. .. . set the floor for the price that the company can charge. |
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| 19. A company´s costs take two forms, fixed and variable. Fixed costs are also known as . . . costs. |
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| 20. A drop in the average cost with accumulated production experience is called the . . . curve. |
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| 22. Under pure competition, the market consists of . . . buyers and sellers. |
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| 23. Under oligopolistic competition, the market consists of . . . sellers |
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| 25. The relationship between the price charged and the resulting demand level is usually shown in the . . . curve. |
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| 26. How responsive demand will be to a change in price is expressed as . . . |
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| 27. In general, which four actions can be taken if a competitor reduces prices? |
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| 28. When companies set a low initial price in order to penetrate the market quickly and deeply - to attract a large number of buyers quickly and win a large market share, this is called: |
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| 29. When companies that invent new products initially set high prices, this is called: |
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