TEST BANK
Principles of Marketing
01/12/23 1
, Principles of Marketing
Chapter 12
Test Bank Questions
Pricing Products and Services
Multiple Choice Questions
1. _______ is the exchange of something of value between a buyer and a seller.
A. A marketing transaction
B. Price*
C. E-commerce
D. A discount
Solution: B. Any time something is sold, a price is involved. Price is the exchange of something
of value between a buyer and a seller.
Section 12.1 LO1 Easy 1-2 minutes
2. Which of the following is NOT true about pricing?
A. It signals the value of a product or service.
B. Pricing must benefit both the seller and the buyer.
C. Price is the advertising expense associated with a product.*
D. Price is part of the marketing mix.
Solution: C. Elements of pricing include the following: It signals the value of the product, it must
benefit both parties, and it is an important element of the marketing mix.
Section 12.1 LO2 Moderate 2-3 minutes
3. Price anchoring and artificial time constraints are _______ that influence buyers’ perception
of price.
A. pricing strategies
B. psychological factors*
C. barriers
D. discount tactics
Solution: B. Price anchoring, artificial time constraints, price appearance, and price gouging are
psychological factors that influence buyers’ perception of price.
Section 12.1 LO3 Difficult 3-5 minutes
01/12/23 2
Principles of Marketing
01/12/23 1
, Principles of Marketing
Chapter 12
Test Bank Questions
Pricing Products and Services
Multiple Choice Questions
1. _______ is the exchange of something of value between a buyer and a seller.
A. A marketing transaction
B. Price*
C. E-commerce
D. A discount
Solution: B. Any time something is sold, a price is involved. Price is the exchange of something
of value between a buyer and a seller.
Section 12.1 LO1 Easy 1-2 minutes
2. Which of the following is NOT true about pricing?
A. It signals the value of a product or service.
B. Pricing must benefit both the seller and the buyer.
C. Price is the advertising expense associated with a product.*
D. Price is part of the marketing mix.
Solution: C. Elements of pricing include the following: It signals the value of the product, it must
benefit both parties, and it is an important element of the marketing mix.
Section 12.1 LO2 Moderate 2-3 minutes
3. Price anchoring and artificial time constraints are _______ that influence buyers’ perception
of price.
A. pricing strategies
B. psychological factors*
C. barriers
D. discount tactics
Solution: B. Price anchoring, artificial time constraints, price appearance, and price gouging are
psychological factors that influence buyers’ perception of price.
Section 12.1 LO3 Difficult 3-5 minutes
01/12/23 2
