Chapter 12: Quiz 12 In Tutorial Library

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TITLE: Chapter 12: Quiz 12

UNIVERSITY / INSTITUTE: Purdue University

CLASS / COURSE: MGMT 324 Marketing Management

QUESTION DESCRIPTION:

This tutorial has Quiz 12 of course MGMT 324 Marketing Managment of Purdue University. 

 
1. From a marketing viewpoint, price is __________ exchanged for the ownership or use of a good or service. 
 
  Student Response Value Correct Answer Feedback
A. money or other considerations (including goods but not intangibles and services)  
 B. money or other considerations (including other goods and services) 100%    
C. money exclusively earmarked for the transaction  
D. what is recognized as barter within a particular culture  
E. anything of value to the buyer but not necessarily of value to the seller  
 
2. A company that manages apartments decides to buy 15 new dishwashers at a list price of $550 each as replacements for old dishwashers in a small apartment complex it owns. Because the company is buying more than 10 dishwashers, it is eligible for a $150 per unit quantity discount. Financing charges total $20 per unit. The company gets $10 per dishwasher for the 15 dishwashers traded in. What is the actual or final price the company will pay for each dishwasher? 
 
  Student Response Value Correct Answer Feedback
A. $390  
B. $400  
 C. $410    
D. $530  
E. $560  
 
3. The ratio of perceived benefits to price is called 
 
  Student Response Value Correct Answer Feedback
A. the price-quality relationship.  
B. prestige pricing.  
C. value-added pricing.  
 D. value.    
E. value analysis.  
 
4. Most consumers realize the quality of diamonds varies, and most believe the higher the price of the diamond the higher its quality. This is an example of price influencing the perception of overall quality, and __________ to consumers. 
 
  Student Response Value Correct Answer Feedback
A. acceptable cost  
B. perceptual investment  
C. barter potential  
D. return on investment  
 E. value    
 
5. Which of the following is a profit-oriented pricing method? 
 
  Student Response Value Correct Answer Feedback
 A. target return on investment    
B. loss leader  
C. at, above, or below market  
D. price lining  
E. penetration pricing  
 
6. Which of the following is a cost-oriented pricing method? 
 
  Student Response Value Correct Answer Feedback
A. experience curve    
B. loss leader  
C. at, above, or below market  
 D. price lining  
E. penetration pricing  
 
7. Odd-even pricing is most closely related to 
 
  Student Response Value Correct Answer Feedback
A. retailers' perceptions of price.  
 B. customers' perceptions of price. 100%    
C. wholesalers' markups.  
D. manufacturers' costs.  
E. cost-of-product facilitation-to-market.  
 
8. In response to Duracell's introduction of the Duracell Ultra battery, Energizer introduced an Advanced Formula battery. But unlike Duracell, Energizer priced its batteries at a low initial price to attract the mass market. Energizer originally used 
 
  Student Response Value Correct Answer Feedback
 A. penetration pricing.    
B. prestige pricing.  
C. skimming pricing.  
D. price lining.  
E. cost-plus fixed-fee pricing.  
 
9. Rather than billing clients by the hour, some lawyers and their clients agree on a fixed fee based on expected costs plus a profit for the law firm. Which pricing method are they using? 
 
  Student Response Value Correct Answer Feedback
A. target pricing  
 B. cost-plus pricing    
C. customary pricing  
D. experience curve pricing  
E. bundle pricing  
 
10. A custom tailor wishes to use target profit pricing to establish a price for a custom designed business suit. Assume variable cost is $200 per suit, fixed cost is $44,000, and a target profit of $50,000 on a volume of 50 suits is desired? What price should be charged for a typical custom suit? 
 
  Student Response Value Correct Answer Feedback
A. $1,040  
B. $900  
C. $1,800  
 D. $2,080    
E. cannot be determined from the information provided  
 
11. Inelastic demand exists when 
 
  Student Response Value Correct Answer Feedback
A. a small percentage decrease in price will not significantly affect the demand for the product.    
B. a small percentage decrease in price produces a smaller percentage increase in quantity demanded and total revenue falls.  
C. an increase in price causes a larger increase in quantity demanded and total revenue falls to zero.  
 D. the quantity demanded remains the same regardless of level of price and total revenue is unchanged. 0%  
E. a small percentage decrease in price produces a smaller percentage decrease in quantity demanded and total revenue increases.  
 
12. Which of the following would be an example of a fixed cost for a company that makes carbon monoxide monitoring systems for employees to wear that work in hazardous areas? 
 
  Student Response Value Correct Answer Feedback
A. the lithium batteries that are used in each monitor  
B. the chest harness which the employee must use to wear the monitor  
 C. the rent for the company's offices 100%    
D. the free training videos that are sent to each new customer  
E. the stainless steel, water-resistant cases in which the monitors sit  
 
13. Ace Shoe Company sells heel replacement kits for men's shoes. It has fixed costs of $6 million and unit variable costs of $5 per pair. Ace would like to earn a profit of $2 million; how many pairs must they sell at a price of $15? 
 
  Student Response Value Correct Answer Feedback
A. 100,000 kits  
B. 200,000 kits  
C. 600,000 kits  
 D. 800,000 kits    
E. 1,400,000 kits  
 
14. The newer a product and the earlier it is in its life cycle, 
 
  Student Response Value Correct Answer Feedback
A. the lower the price the firm must charge.  
B. the more competition it has.  
 C. the higher is the price that can usually be charged. 100%    
D. the lower the production costs.  
E. the lower the unit variable cost.  
 
15. __________, like discounts, are reductions from list or quoted prices to buyers for performing some activity. 
 
  Student Response Value Correct Answer Feedback
A. Uniform pricing  
B. Basing point pricing  
C. Noncumulative deductions  
D. List price deductions  
 E. Allowances    
 

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