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BUS 2600 Marketing Final Exam | 170+ Questions Solved 100% Correct |A Graded
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BUS 2600 Marketing Final Exam | 170+ Questions Solved 100% Correct |A Graded
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BUS 2600 Marketing Final Exam | 170+Questions Solved 100% Correct |A Graded
market consists of only a few larger sells
Each seller is alert and responsive to competitors' pricing strategies and marketing
moves - ✔✔oligopolistic competition
the market is dominated by one seller
The seller may be a government monopoly, a private regulated monopoly, or a private
unregulated monopoly - ✔✔pure monopoly
setting price based on buyer's perceptions of value rather than on the seller's cost
price is considered along with all other marketing mix variables before the marketing
program is set - ✔✔value-based pricing
what are the 2 types of value-based pricing? - ✔✔good-value pricing
value-added pricing
offering just the right combination of quality and good service at a fair price -
✔✔good value pricing
an important type of good-value pricing
Involves charging a constant, everyday low price with few or no temporary price
discounts - ✔✔everyday low pricing
,involves charging higher prices on an everyday basis but running frequent promotions to
lower prices temporarily - ✔✔high-low pricing
attaching value-added features and services to differentiate a company's offers and
charging higher prices - ✔✔value-added pricing
setting prices based on the costs of producing, distributing, and selling the product plus
a fair rate of return for effort and risk
much more product-driven - ✔✔cost based pricing
setting prices based on competitors' strategies, prices, costs, and market offerings -
✔✔competition-based pricing
Setting high initial prices for a new product to "skim" maximum revenues layer by layer
from segments willing to pay the high price
The company makes fewer but more profitable sales
Example: Apple iPhone 10 - ✔✔price skimming
Setting a low initial price for a new product in order to attract a large number of buyers
quickly and gain a large market share
Example: Android phones offered at steep discounts to gain a large market share -
✔✔market penetration pricing
, setting prices very low to force competitors out of the market, establish a monopoly,
and create barriers to entry for new competitors
If penetration is taken to the extreme, it can become predatory pricing -
✔✔predatory pricing
what are the 5 product mix pricing strategies? - ✔✔Product Line Pricing
Optional Product Pricing
Captive-Product Pricing
By-Product Pricing
Product-Bundle Pricing
setting the price steps between various products in a product line based on cost
differences between the product, customer evaluations of different features, and
competitors' prices - ✔✔product-line pricing
the pricing optional or accessory products along with a main product - ✔✔optional
product pricing
setting a price for products that must be used along with a main product -
✔✔captive-product pricing
setting a price for by-products to help offset the costs of disposing of them and help
make the main product's price more competitive - ✔✔by-product pricing
product bundle pricing - ✔✔combining several products and offering the bundle at a
reduced price
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