Test bank for Principles of Marketing,- 15th Edition Kotler

Test bank for Principles of Marketing,-

15th Edition Kotler
Principles of Marketing

Chapter 10 Pricing: Understanding and Capturing Customer Value



1) refers to the amount of money charged for a product or service.

A) Value

B) Cost

C) Price

D) Wage

E) Salary

Answer: C

Page Ref: 290

Skill:

Concept

Objective:

10-1

Difficulty:

Easy



2) is the only element in the marketing mix that produces revenue.

,A) Price

B) Product

C) Place

D) Fixed costs

E) Variable

costsAnswer:

A

Page Ref: 290

Skill: Concept

Objective: 10-

1Difficulty:

Easy



3) Which of the following is true with regard to price?

A) Historically, price has had the least perceptible impact on buyer choice.

B) Price is the least flexible element in the marketing mix.

C) Unike product features and channel commitments, prices cannot be changed quickly.

D) Price is the sum of all the values that customers give up to gain the benefits of

having aproduct.

E) Prices only have an indirect impact on a firm's bottom

line.Answer: D

Page Ref:

290 Skill:

,Concept

Objective:

10-1

Difficulty: Moderate

, 4) What sets the ceiling for product prices?

A) product manufacturing costs

B) sellers' perceptions of the product's value

C) customer perceptions of the product's value

D) variable costs

E) break-even

volumeAnswer: C

Page Ref: 291

Skill: Concept

Objective: 10-

2Difficulty:

Easy



5) What sets the floor for product prices?

A) consumer perceptions of the product's value

B) product costs

C) competitors' strategies

D) advertising budgets

E) market

competition

Answer: B

Page Ref: 291

Skill: Concept

Objective: 10-