typical ways reference price formed buyers mind

All of the following are typical ways a reference price might be formed in a buyers mind EXCEPT

All of the following are typical ways a buyer might form a reference price EXCEPT ________.

All of the following are typical ways a buyer might form a reference price EXCEPT ________.

A) noting current prices
B) remembering past prices
C) assessing the buying situation
D) identifying perceived value
E) being influenced by sellers

Answer: D


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Chapter 11 Pricing Strategies

1) A company sets not a single price, but rather a ________ that covers different items in its line

that change over time as products move through their life cycles.

A) pricing by-product

B) pricing structure

C) pricing loop

D) pricing cycle

E) pricing bundle

Answer: B

Diff: 1Page Ref: 311

Skill: Concept

Objective: 11-1

2) Companies facing the challenge of setting prices for the first time can choose between two

broad strategies: market-penetration pricing and ________.

A) market-level pricing

B) market-competitive pricing

C) market-skimming pricing

D) market-price lining

E) market-price filling

Answer: C

Diff: 2Page Ref: 312

Skill: Concept

Objective: 11-1

3) Of the following, which statement would NOT support a market-skimming policy for a new

product?

A) The product's quality and image support its higher price.

B) Enough buyers want the products at that price.

C) Competitors are not able to undercut the high price.

D) Competitors can enter the market easily.

E) C and D

Answer: D

Diff: 3Page Ref: 312

Skill: Concept

Objective: 11-1

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What are the 4 factors that influence price?

Price Determination: 6 Factors Affecting Price Determination of Product.
Product Cost: The most important factor affecting the price of a product is its cost. ... .
The Utility and Demand: ... .
Extent of Competition in the Market: ... .
Government and Legal Regulations: ... .
Pricing Objectives: ... .
Marketing Methods Used:.

What are the 5 steps in the price procedure?

The five-step process for treating a muscle or joint injury such as an ankle sprain is called "P.R.I.C.E." which is short for Protection, Rest, Ice, Compression, and Elevation).

What are the 3 steps in the price setting process?

1) Selecting the pricing Objective –.
2) Determining the demand –.
Estimating Costs –.
Analyzing competitor's costs, prices and offers –.
Selecting a pricing method –.
Selecting the final Price –.

Which of the following is a reason for a company to raise its prices?

One of the most basic reasons companies raise prices on their products and services is to adjust to increased business costs. A product reseller, for instance, might raise prices simply because its supplier raised prices on materials or finished goods.

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