PRINCIPLES OF MARKETING
FINAL EXAM (CH 10-11, 13-
17, 19-20)
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,Question 1
Which of the 4Ps of the marketing mix is the most flexible and the easiest to change?
Correct Answer
Price
Question 2
What is the definition of price?
Correct Answer
The amount of money or other asset that a buyer has agreed to pay and a seller has agreed to accept to complete
the exchange of a good or service. Price is the only element that produces revenue; all other elements represent
costs.
Question 3
What are three of the main determinants of price?
Correct Answer
Competition (competitors prices and strength), Economy(cost of natural resources and overall conditions), and
Demand for your product
Question 4
How do you calculate price elasticity?
Correct Answer
% change in QD/% change in price
(new # - original #)/(original #)
If <1, inelastic demand
If >1, elastic demand
If =1, unitary demand
Question 5
What are the three major pricing strategies?
Correct Answer
1. Customer value-based pricing
2. Cost-based pricing
3. Competition-based pricing
Question 6
What is customer value-based pricing?
Correct Answer
setting price based on buyers' perceptions of value rather than on the seller's cost; marketers cannot design a
product and marketing program and then set the price, but must instead consider price along with other marketing
mix variables.
Trusted by thousands of students and professionals worldwide Page 2 of 18
, Question 7
What are the steps of customer value-based pricing?
Correct Answer
The company first assesses customer needs and value perceptions. It then sets its target price based on customer
perceptions of value. Then, the targeted value and price drive decisions about what costs can be incurred and the
resulting design.
Question 8
What are the steps of cost-based pricing?
Correct Answer
The company first identifies what it considers to be a good product, then it adds up the costs of making the product,
and sets a price that covers the costs plus a target profit. Marketers must then convince buyers that the product's
value justifies its purchase price.
Question 9
What are the two types of value-based pricing reviewed in this class?
Correct Answer
good-value pricing and value-added pricing
Question 10
What is the difference between good-value pricing and value added pricing?
Correct Answer
Good-value pricing is offering the right combination of quality and good service at a fair rice. This has often involved
the introduction of less-expensive versions of brand name products or new lower-price lines (ALDI, Mercedes CLA
Class).
Value added pricing means that rather than cutting prices to match competitors, companies add quality, services,
and value-added features to differentiate their offers and support higher pricing. (eg Bose high quality/expensive
headphones)
Question 11
In terms of good-value pricing, what is EDLP and high/low pricing?
Correct Answer
EDLP is a type of good-value pricing that stands for everyday low pricing, which involves charging a constant,
everyday low price with few or no temporary price discounts. (Aldi, Walmart)
High-low pricing involves charging higher prices on an everyday basis but running frequent promotions to lower
rices on selected items. (Kohls, JCPenney, Macy's)
Trusted by thousands of students and professionals worldwide Page 3 of 18
FINAL EXAM (CH 10-11, 13-
17, 19-20)
90+ (Latest 2025-2026 Edition) 100%
Verified Q&A + Answer Key Solutions
100% Guarantee Pass
This Exam contains: Principles of Marketing Final
✓ Exam (ch 10-11, 13-17, 19-20)
✓ 100% Accurate Questions and Answers
✓ 100% Guarantee Pass - Verified by Experts
✓ Each Question Includes The Correct Answer
✓ Expert-Verified
Trusted by thousands of students and professionals worldwide Page 1 of 18
,Question 1
Which of the 4Ps of the marketing mix is the most flexible and the easiest to change?
Correct Answer
Price
Question 2
What is the definition of price?
Correct Answer
The amount of money or other asset that a buyer has agreed to pay and a seller has agreed to accept to complete
the exchange of a good or service. Price is the only element that produces revenue; all other elements represent
costs.
Question 3
What are three of the main determinants of price?
Correct Answer
Competition (competitors prices and strength), Economy(cost of natural resources and overall conditions), and
Demand for your product
Question 4
How do you calculate price elasticity?
Correct Answer
% change in QD/% change in price
(new # - original #)/(original #)
If <1, inelastic demand
If >1, elastic demand
If =1, unitary demand
Question 5
What are the three major pricing strategies?
Correct Answer
1. Customer value-based pricing
2. Cost-based pricing
3. Competition-based pricing
Question 6
What is customer value-based pricing?
Correct Answer
setting price based on buyers' perceptions of value rather than on the seller's cost; marketers cannot design a
product and marketing program and then set the price, but must instead consider price along with other marketing
mix variables.
Trusted by thousands of students and professionals worldwide Page 2 of 18
, Question 7
What are the steps of customer value-based pricing?
Correct Answer
The company first assesses customer needs and value perceptions. It then sets its target price based on customer
perceptions of value. Then, the targeted value and price drive decisions about what costs can be incurred and the
resulting design.
Question 8
What are the steps of cost-based pricing?
Correct Answer
The company first identifies what it considers to be a good product, then it adds up the costs of making the product,
and sets a price that covers the costs plus a target profit. Marketers must then convince buyers that the product's
value justifies its purchase price.
Question 9
What are the two types of value-based pricing reviewed in this class?
Correct Answer
good-value pricing and value-added pricing
Question 10
What is the difference between good-value pricing and value added pricing?
Correct Answer
Good-value pricing is offering the right combination of quality and good service at a fair rice. This has often involved
the introduction of less-expensive versions of brand name products or new lower-price lines (ALDI, Mercedes CLA
Class).
Value added pricing means that rather than cutting prices to match competitors, companies add quality, services,
and value-added features to differentiate their offers and support higher pricing. (eg Bose high quality/expensive
headphones)
Question 11
In terms of good-value pricing, what is EDLP and high/low pricing?
Correct Answer
EDLP is a type of good-value pricing that stands for everyday low pricing, which involves charging a constant,
everyday low price with few or no temporary price discounts. (Aldi, Walmart)
High-low pricing involves charging higher prices on an everyday basis but running frequent promotions to lower
rices on selected items. (Kohls, JCPenney, Macy's)
Trusted by thousands of students and professionals worldwide Page 3 of 18
