Pricing Principles and Strategies Quiz

pricing quiz answers

Pricing Strategy Marketing Quiz:

Ques. Setting price on the basis of the total cost per unit is known as __
(a) Cost Based Pricing
(b) Demand Based Pricing
(c) Competition Based Pricing
(d) Value Based Pricing
Ans. (a)

Ques. Setting price on the basis of the demand for the product is known as __
(a) Cost Based Pricing
(b) Demand Based Pricing
(c) Competition Based Pricing
(d) Value Based Pricing
Ans. (b)

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Ques. Setting price on the basis of the competition for the product is known as __
(a) Cost Based Pricing
(b) Demand Based Pricing
(c) Competition Based Pricing
(d) Value Based Pricing
Ans. (c)

Ques. For rural marketing __ pricing is more suitable.
(a) Penetration
(b) skimming
(c) going rate
(d) none of these
Ans. (a)

Ques. Pricing method based on customer value is known as __
(a) Cost Based Pricing
(b) Demand Based Pricing
(c) Competition Based Pricing
(d) Value Based Pricing
Ans. (d)

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Ques. Which of the following is not a method of cost based pricing
(a) Cost Plus Pricing
(b) Marginal Cost Pricing
(c) Differential Pricing
(d) Target Pricing
Ans. (c)

Ques. Which of the following is a method of Competition Based Pricing
(a) Going Rate Pricing
(b) Sealed Bid Pricing
(c) Customary Pricing
(d) All of these
Ans. (d)

Ques. Premium Pricing is a method of __
(a) Cost Based Pricing
(b) Demand Based Pricing
(c) Competition Based Pricing
(d) Value Based Pricing
Ans. (a)

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Ques. When a firm sets a very low price for one or more of its products with the intention of driving its competitors out of business.
(a) Predatory Pricing
(b) Economy Pricing
(c) Psychological Pricing
(d) Penetration Pricing
Ans. (c)

Ques. The approach used when the marketer wants the consumer to respond on an emotional, rather than rational basis
(a) Predatory Pricing
(b) Economy Pricing
(c) Psychological Pricing
(d) Penetration Pricing
Ans. (d)

Ques. Razor manufacturer will charge a low price and recoup its margin (and more) from the sale of the only design of blades which fit the razor. This is an example of __
(a) Predatory Pricing
(b) Economy Pricing
(c) Psychological Pricing
(d) Captive Product Pricing
Ans. (c)

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Ques. Where sellers combine several products in the same package is known as __
(a) Psychological Pricing
(b) Captive Product Pricing
(c) Product Bundle Pricing
(d) Promotional Pricing
Ans. (d)

Ques. Which of the following is not a factor influencing pricing policy
(a) Cost
(b) Competitors
(c) Business objectives
(d) None of these
Ans. (d)

Ques. Which of the following are possible pricing objectives
(a) To maximize profits
(b) To achieve a target market share
(c) To match the competition, rather than lead the market
(d) All of these
Ans. (d)

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Ques. When there is a large potential market for a product, the firm will adopt.
(a) Skimming price policy
(b) Penetration price policy
(c) Premium price policy
(d) None of these
Ans. (c)

Ques. A price reduction to buyers who pay their bills promptly is called
(a) Trade discount
(b) Cash discount
(c) Seasonal discount
(d) Quality discount
Ans. (b)

Ques. __ are the retailers who have no fixed place of business.
(a) Large scale retailers
(b) Itinerant retailers
(c) Small scale retailers
(d) None of these
Ans. (b)

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Ques. __ pricing means assigning a low price tag for a product and providing the benefits of low-cost mass production to the customers.
(a) Cost plus
(b) value
(c) power price points
(d) penetration
Ans. (b)

Ques. Price points of $.99, $1.99, $2.99, $3.99 etc are used for FMCG brands is known as __ pricing
(a) Cost plus
(b) value
(c) power price points
(d) penetration
Ans. (c)

Ques. Introducing a product at low price and increasing the price once the brand succeeds is known as __ Pricing.
(a) Penetration
(b) skimming
(c) going rate
(d) none of these
Ans. (a)

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MBA from one of the best universities in India Vishal is our marketing guy with experience of 10+ years. He always inspires and empowers to explore more about in-depth topics in marketing, sales and entrepreneurship.

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