ICORE Marketing Final Exam Complete Exam Questions with Accurate Verified Answers Fully Comprehensive Study Guide Core Concepts and Strategy Review 2025/ 2026 with Solution for Exam Success and Mastery

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Terms in this set (167)



5 C's of Pricing 1. Competition
2. Costs
3. Company Objectives
4. Customers
5. Channel Members


The Importance of Price -Price is a direct determinant of profits (or losses)
-Price indirectly affects costs (through quantity sold)
-Price determines the type of customer and competition the organization
will attract
-Price affects the image of the brand
-A pricing error can nullify all other marketing mix activities


Relatively Elastic Demand -if e>1
-Price increase will decrease sales and decrease revenues
-Price decrease will increase sales and increase revenues
-Ex: domestic beer → small change in price causes large impact on demand




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Relatively Inelastic Demand -if e<1
-A price decrease will increase sales slightly (only if E is negative) and
decrease revenues
-A price increase will decrease sales slightly (only if E is negative) and
increase revenues
-Ex: gas → can't stockpile, price change has smaller impact because there's
no substitute


Product Determinants of Price Sensitivity -Low differentiation of alternatives
-Easy comparability
-Will perform as expected (low risk in repurchase)
-Not "mission critical"


Buyer Determinants of Price Sensitivity -Sophisticated, deliberate → innovator, opinion leader, experts
-Bearing costs → purchaser is the user
-Able to switch easily
-Not motivated by quality or prestige




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Price Determinants of Price Sensitivity -Easily compared
-High in a relative sense
-Reference prices exist → price before and after discount
-Not needed as a quality cue


Substitution Effect -can a person substitute for a brand?
-refers to consumers' ability to substitute other products for a focal brand
-the greater the availability of substitute products, the higher the price
elasticity of demand for any given product will be


Income Effect what happens when a person's income changes?


Cross-Elasticity of Demand relates the price elasticity simultaneously to more than one product or
service


Product Relationship based on Cross-Elasticity -negative --> complementary products (chips and salsa)
Coefficient -positive --> substitution products (apples and pears)


Skimming Pricing Strategy strategy where price initially set very high and reduced over time



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