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COB 300 Marketing Midterm 2 Exam questions Correct Verified Answers (A+ Pass)
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COB 300 Marketing Midterm 2 Exam questions Correct Verified Answers (A+ Pass) Considerations for Setting Price Strategies - Answers - A. Cost-Based Methods B. Competition-Based Methods C. Value-Based Pricing Methods Cost-Based Methods - Answers - determine the final price to charge by start...

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  • November 25, 2024
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  • 2024/2025
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COB 300 Marketing Midterm 2 Exam
questions Correct Verified Answers
(A+ Pass)
Considerations for Setting Price Strategies - Answers -✔✔ A. Cost-Based Methods
B. Competition-Based Methods
C. Value-Based Pricing Methods

Cost-Based Methods - Answers -✔✔ determine the final price to charge by starting
with the cost

Competition-Based Methods - Answers -✔✔ Set prices to signal information of how
product compares with competitors

Value-Based Pricing Methods - Answers -✔✔ approaches to setting prices that focus
on the overall value of the product offering as perceived by the consumer

Improvement Value Method - Answers -✔✔ represents an estimate of how much more
(or less) consumers are willing to pay for a product relative to other comparable
products

Cost of Ownership Method - Answers -✔✔ A value-based method for setting prices
that determines the total cost of owning the product over its useful life.

Implementing Value-Based Pricing Methods - Answers -✔✔ Sellers must know how
consumers in different market segments will attach value to benefits delivered by their
products.
Perceived Value

Everyday Low Pricing (EDLP) - Answers -✔✔ setting prices lower than competitors and
then not having any special sales

high/low pricing - Answers -✔✔ a pricing strategy that relies on the promotion of sales,
during which prices are temporarily reduced to encourage purchases

New Product Pricing Strategies - Answers -✔✔ Penetration Pricing
Price Skimming

Penetration Pricing - Answers -✔✔ setting a low initial price on a new product to appeal
immediately to the mass market

, Price Skimming - Answers -✔✔ a pricing policy whereby a firm charges a high
introductory price, often coupled with heavy promotion

Pricing Tactics Aimed at Consumers - Answers -✔✔ 1. Markdowns
2. Quantity Discounts for Consumers
3. Seasonal Discounts
4. Coupons
5. Rebates
6. Leasing/Rentals
7. Price Bundling
8. Leader Pricing
9. Price Lining

Markdowns - Answers -✔✔ reductions retailers take on the initial selling price of the
product or service

Quantity Discounts for Consumers - Answers -✔✔ size discount, the more you buy the
cheaper the unit cost

Seasonal Discounts - Answers -✔✔ discounts offered to encourage buyers to buy
earlier than present demand requires

Coupons - Answers -✔✔ written price reductions used to encourage consumers to buy
a specific product

Rebates - Answers -✔✔ refunds paid to consumers after a purchase

Leasing/Rentals - Answers -✔✔ consumers pay a fee to purchase the right to use a
product for a specific amount of time

Price Bundling - Answers -✔✔ marketing two or more products in a single package for
a special price

Leader Pricing - Answers -✔✔ setting some very low prices - real bargains - to get
customers into retail stores

Price Lining - Answers -✔✔ the practice of offering a product line with several items at
specific price points

Business Pricing Tactics and Discounts - Answers -✔✔ 1. Seasonal Discounts
2. Cash Discounts
3. Allowances
4. Quantity Discounts
5. Uniform Delivered versus Zone Pricing

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