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BUSML 3250 Chapter 10 Exam Questions and Answers
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BUSML 3250 Chapter 10 Exam Questions and Answers
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BUSML 3250 Chapter 10 ExamQuestions and Answers
Price - Answer-amount of money charged for a product/service, or the sum of the
values that customers exchange for the benefits of having or using the product
customer value-based pricing - Answer-uses buyers' perceptions of value as the key to
pricing
good-value pricing - Answer-offering just the right combination of quality and good
service at a fair price
- less expensive versions of established name brand products or new lower-price lines
everyday low pricing - Answer-constant, everyday low price with few or no temporary
price discounts
- ALDI and Walmart
High-low pricing - Answer-charging higher prices on a day to day basis but running
frequent promotions to lower prices temporarily on select items
- Sears and Macy's
Value-added pricing - Answer-attaching value-added features and services to
differentiate a company's offer and support charging higher prices
cost-based pricing - Answer-setting prices based on costs of producing, distributing, and
selling the product plus a fair rate of return for effort and risk
cost-plus pricing - Answer-AKA markup pricing
adding a standard markup to the cost of the product
unit cost - Answer-VC + (FC/unit sales)
Markup price - Answer-Unit cost/(1-desired return on sales)
break even volume - Answer-FC/(price-VC)
Competition based pricing - Answer-setting prices based on competitors' strategies,
prices, costs, and market offerings
Target costing - Answer-pricing that starts with an ideal selling price, then targets costs
that will ensure that the price is met
nonprice positions - Answer-not to charge the lowers price but to differentiate the
marketing offer to make it worth the higher price
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