Question 1

What is Skimming Pricing?

Accepted Answer

A pricing strategy where a high initial price is set for a new product to maximize revenues from early adopters.

Answer

A pricing approach that focuses on bundling products

Answer

A strategy to lower prices to attract consumers

Answer

A method of setting prices based on competitor prices

Question 2

What is a characteristic of Loss Leader Pricing?

Accepted Answer

It involves selling a product at a loss to attract customers.

Answer

It uses discounts to clear inventory

Answer

It sets high prices to signal quality

Answer

It bundles products to increase sales

Question 3

Which of the following is an example of a high markup product?

Accepted Answer

Luxury handbags

Answer

Gasoline

Answer

Discount electronics

Answer

Basic groceries

Question 4

What is a common advantage of Primary Market Research?

Accepted Answer

It provides data specific to the company’s needs.

Answer

It uses pre-existing data

Answer

It is faster to gather than secondary research

Answer

It is usually less expensive than secondary research

Question 5

What is an example of Tiered Pricing Strategy?

Accepted Answer

Offering different pricing levels for different customer segments.

Answer

Setting the same price for all customers

Answer

Using a single price for all product variations

Answer

Offering discounts sporadically

Question 6

What is Penetration Pricing?

Accepted Answer

Setting a low price initially to enter a competitive market and attract customers.

Answer

High pricing for premium products

Answer

Bundling products together for a discount

Answer

Setting prices based on competitors

Question 7

Which is NOT one of the 4Ps of Marketing?

Accepted Answer

People

Answer

Product

Answer

Price

Answer

Place

Question 8

What is the primary purpose of Positioning in marketing?

Accepted Answer

To establish a brand's identity and differentiate it from competitors.

Answer

To bundle products for greater sales

Answer

To reduce production costs

Answer

To set the lowest price in the market

Question 9

What is an example of Captive Pricing?

Accepted Answer

Selling a product at a low price but charging high prices for necessary consumables.

Answer

Offering a single product at a premium price

Answer

Setting a fixed price for all customers regardless of volume

Answer

Selling bundles of related products at a discount

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