Questions On Marketing Price And Strategy Quiz! Trivia

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| By Leeaaronbaker

Leeaaronbaker

Community Contributor

Quizzes Created: 12 | Total Attempts: 21,203

Questions: 6 | Attempts: 207 | Updated: Mar 21, 2023

1.

Price is only about pricing strategies,methods and tactics
- A.
  
  True
- B.
  
  False
Correct Answer
B. False

Explanation
This statement is false. Price is not only about pricing strategies, methods, and tactics. Price is an important factor in marketing and business, but it is not the only aspect to consider. Other factors such as product quality, customer needs and preferences, competition, and market demand also play a significant role in determining the price of a product or service. Pricing strategies and tactics are just one part of the overall pricing decision-making process.

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2.

Market based method customers perceived value is what customers _______ the product at Psychological price barriers is a _____ beyond which customers will not go

Correct Answer
value
price

Explanation
The market-based method focuses on determining the value of a product or service based on customers' perception. In this method, the value of the product is determined by how customers perceive it. On the other hand, psychological price barriers refer to the maximum price that customers are willing to pay for a product. It is the price beyond which customers will not go, indicating a limit to their willingness to pay. Therefore, in this context, the customers' perceived value is what customers value the product at, and psychological price barriers represent the price beyond which customers will not go.

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3.

Going rate pricing is when
- A.
  
  Higher than competitors
- B.
  
  Same as competitors
- C.
  
  Lower than competitors
Correct Answer
B. Same as competitors

Explanation
Going rate pricing refers to setting the price of a product or service at the same level as competitors. This strategy is commonly used when a company wants to maintain market share or avoid price wars. By pricing their product at the same level as competitors, the company ensures that customers perceive their offering as being on par with others in the market. This approach can be beneficial in industries where product differentiation is low, and price becomes a key factor in consumer decision-making.

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4.

what is the selling price? ___________

Correct Answer
£20

Explanation
The given answer of £20 is the selling price. This means that the item is being sold for £20.

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Questions On Marketing Price And Strategy Quiz! Trivia

Price is only about pricing strategies,methods and tactics

Market based method customers perceived value is what customers _______ the product at Psychological price barriers is a _____ beyond which customers will not go

Going rate pricing is when

what is the selling price? ___________

Market based method customers perceived value is what customers ___ the product at Psychological price barriers is a _ beyond which customers will not go