Module 12 Study Guide Exam And All
Actual Answers.
The term _______________ describes price reductions given to buyers in exchange for turning-
in old products as newer versions of the same product is purchased. - Answer Trade-in
allowances
Which descriptive word should marketers rarely if ever use when seeking to position and/or
differentiate their brands? - Answer Cheap
Which domestic market sector best illustrates an oligopolistic market? - Answer Airlines
__________ is/are the product attribute that most consumers can most easily understand. -
Answer Prices
The presence of ___________ product or pricing options permits people to more precisely
select the choice that makes them happiest. The presence of ___________ product or pricing
choices often leads to excessive amounts of customer analysis, which in turn facilitates future
customer paralysis. - Answer Fewer; Many
---------- markets feature only a few large competitors. Meanwhile, customers purchasing goods
or services inside oligopolistic markets are often highly price-sensitive. When these two
conditions are combined, situations where marketing organizations competing inside oligopolies
bunch up at approximately the same pricing levels often result. - Answer Oligopoly
(Oligopolistic)
Which following organizations famously tried but uttered failed to successfully use an Every Day
Low Price pricing strategy? - Answer JC Penney
______________ feature only a few large and usually dominant competitors. Meanwhile, the
customers who purchase goods or service inside this type of market are often quite price-
sensitive. - Answer Oligopolistic markets
Even when using penetration pricing strategies, marketers should rarely if ever use the word
cheap to describe the prices of their brands/products. - Answer TRUE
, When competing inside monopolistically competitive markets any marketing organizations
development of actual or perceived _________________ gives them the ability to raise prices. -
Answer Differentiation
According to the book, marketers should never describe the prices of their brands as: - Answer
Cheap.
The use of which pricing strategy tends to prevent new competition from entering marketers'
existing market spaces? - Answer Penetration
When---------- conditions prevail, many sellers and buyers are present in the market. Said sellers,
or marketers, price at higher, lower, and in-between levels. The ability of any single organization
to raise prices usually depends on how much actual or perceived differentiation that specific
marketer's brand has achieved. - Answer Monopolistic competition
The Joe's Crab Shack example illustrated the marketing pricing principle suggesting that: -
Answer If you want to attract a crowd, charge a ridiculous price.
When can marketers best utilize market skimming (skimming-the-cream) pricing strategies? -
Answer All of the above
Skimming-the-cream-pricing is a strategy that introduces a new or innovative product by: -
Answer Setting a high initial price.
Which of the following marketing brands should do everything possible to make prices matter
less to its customers? - Answer Nike
Supply and demand usually have a(n) _________ relationship. This relationship means that
higher prices usually _________ demand. - Answer Inverse/decrease
The statement "something cost less than your daily cup of Starbucks coffee across one year"
illustrates which broad pricing strategy? - Answer Reframing prices
Consumers often use reference prices when deciding whether to purchase a specific brand from
within . - Answer
Actual Answers.
The term _______________ describes price reductions given to buyers in exchange for turning-
in old products as newer versions of the same product is purchased. - Answer Trade-in
allowances
Which descriptive word should marketers rarely if ever use when seeking to position and/or
differentiate their brands? - Answer Cheap
Which domestic market sector best illustrates an oligopolistic market? - Answer Airlines
__________ is/are the product attribute that most consumers can most easily understand. -
Answer Prices
The presence of ___________ product or pricing options permits people to more precisely
select the choice that makes them happiest. The presence of ___________ product or pricing
choices often leads to excessive amounts of customer analysis, which in turn facilitates future
customer paralysis. - Answer Fewer; Many
---------- markets feature only a few large competitors. Meanwhile, customers purchasing goods
or services inside oligopolistic markets are often highly price-sensitive. When these two
conditions are combined, situations where marketing organizations competing inside oligopolies
bunch up at approximately the same pricing levels often result. - Answer Oligopoly
(Oligopolistic)
Which following organizations famously tried but uttered failed to successfully use an Every Day
Low Price pricing strategy? - Answer JC Penney
______________ feature only a few large and usually dominant competitors. Meanwhile, the
customers who purchase goods or service inside this type of market are often quite price-
sensitive. - Answer Oligopolistic markets
Even when using penetration pricing strategies, marketers should rarely if ever use the word
cheap to describe the prices of their brands/products. - Answer TRUE
, When competing inside monopolistically competitive markets any marketing organizations
development of actual or perceived _________________ gives them the ability to raise prices. -
Answer Differentiation
According to the book, marketers should never describe the prices of their brands as: - Answer
Cheap.
The use of which pricing strategy tends to prevent new competition from entering marketers'
existing market spaces? - Answer Penetration
When---------- conditions prevail, many sellers and buyers are present in the market. Said sellers,
or marketers, price at higher, lower, and in-between levels. The ability of any single organization
to raise prices usually depends on how much actual or perceived differentiation that specific
marketer's brand has achieved. - Answer Monopolistic competition
The Joe's Crab Shack example illustrated the marketing pricing principle suggesting that: -
Answer If you want to attract a crowd, charge a ridiculous price.
When can marketers best utilize market skimming (skimming-the-cream) pricing strategies? -
Answer All of the above
Skimming-the-cream-pricing is a strategy that introduces a new or innovative product by: -
Answer Setting a high initial price.
Which of the following marketing brands should do everything possible to make prices matter
less to its customers? - Answer Nike
Supply and demand usually have a(n) _________ relationship. This relationship means that
higher prices usually _________ demand. - Answer Inverse/decrease
The statement "something cost less than your daily cup of Starbucks coffee across one year"
illustrates which broad pricing strategy? - Answer Reframing prices
Consumers often use reference prices when deciding whether to purchase a specific brand from
within . - Answer
