Marketing Chp 11

Which of the following is NOT an example of a price?
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Which of the following is NOT an example of a price?
an allowance
College students pay tuition, fees, and other charges each year to attend their educational institution. Using the price equation, what is the final price or cost to attend college for a typical semester based on the following data for an in-state student: tuition = $4,000; technology fee = $25; healthcare insurance = $50; student activity fee = $25; room & board = $5,000; books = $500; transportation & parking = $400; financial aid from work study (10 hours per week at $10 per hour wage) = $100 for 15 weeks; scholarships = $2000; and a discount of $500 for taking 15 credit hours?
$6,000
Value takes into account both benefits and price. If price remains the same but benefits increase, then
value will increase.
Profit as calculated from the profit equation can be challenging to predict because the ________ varies with the chosen price, and can also impact the variable costs through production efficiencies.
quantity sold
Sjcam used a penetration pricing strategy to introduce its Legend action camera to compete with the latest GoPro offering. Which of the following conditions would argue for using a penetration pricing strategy when introducing this new camera?
Increasing volume substantially reduces production costs.
Prestige pricing is
setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it.
Apple offers its iPhone XS for $999, under the presumption that consumers see the smartphone as priced at "something over $900" rather than "about $1,000." This is an application of what pricing strategy?
odd-even pricing
What is target pricing?
estimating the price that the ultimate consumer would be willing to pay for a product, then working backward through markups taken by retailers and wholesalers to determine wholesale price
________ represents the vertical axis of a demand curve graph.
Price per unit
Price elasticity of demand refers to
the percentage change in quantity demanded relative to the percentage change in price.
North Safety Products manufactures butyl gloves that offer permeation resistance to gas or water vapors for workers who use dangerous chemicals like ketones. The company has fixed costs of $10 million for its butyl glove production and unit variable costs of $3 per pair. If the company charges $8 per pair, how many pairs of gloves must it sell to break even?2,000,000 pairsThe Precision Writing Instruments Company makes a high-end pen known as the Cordova. Materials cost per pen is $6. Labor cost per pen is $5. Production overhead is $1,000,000. Advertising and promotion is $1,000,000. What is the total cost for sales of 500,000 units of the Cordova design?$7,500,000Which of the following would be an example of a variable cost for a hotel like the Marriott Marquis Hotel, which caters to an upscale clientele?cleaning supplies and housekeeping wagesA ________ visually shows that the total revenue curve and the total cost curve intersect at a point of zero profit.break-even chartBoeing has often cut its prices drastically to try to maintain its 60 percent of sales of commercial aircraft as it competes with Airbus. As a result of its ________ objective, it encountered losses.market shareWhich of the following is not a pricing constraint?promotional discountsWhich of the following is an example of deceptive pricing?bait and switchUber and Lyft customers often complain about the practice of "surge" or "prime-time" pricing used by these companies during periods of peak demand. This is an example of a __________ pricing policy.dynamicIf you buy fewer than 10 pairs of UVex Clear UVExtreme safety eyewear for your employees, the cost is $7.40. But if you buy 10 or more pairs in a single purchase, the price per pair is reduced to $6.85. This is an example of aquantity discount.To reward wholesalers and retailers for marketing functions they will perform in the future, a manufacturer often givesfunctional discounts.