UCF MAR 3023 Exam 4 Review (Ch. 14-17) questions with verified
answers A+ rated latest update
1. What is the defin- The overall sacrifice a consumer is willing to make—money, time,
energy—to
ition of *price*? acquire a specific product or service.
2. What are the 5 C's Competition, Costs, Company Objectives, Customers, Channel
Members
of Pricing?
3. What is *Prof- A company objective that can be implemented by focusing on target
it-
Orientation*? profit pricing, maximizing profits, or target return pricing.
4. What is A pricing strategy implemented by firms when they have a particular
*Target Profit profit goal as their overriding concern; uses price to stimulate a certain
Pricing*?
level of sales at a certain profit per unit.
5. What is *Maxi- A profit strategy that relies primarily on economic theory. If a firm can
mizing accurately specify a mathematical model that captures all the factors
Profits*?
required to explain and predict sales and profits, it should be able to
identify the price at which its profits are maximized.
6. What is A pricing strategy implemented by firms less concerned with the
*Target Return absolute level of profits and more interested in the rate at which their
Pricing*?
profits are generated relative to their investments; designed to produce a
specific return on investment, usually expressed as a percentage of
sales.
7. What is
*Sales
Orientation*? A company objective based on the belief that increasing sales will help
the firm more than will increasing profits.
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, UCF MAR 3023 Exam 4 Review (Ch. 14-17) questions with verified
answers A+ rated latest update
8. What is A competitor-based pricing method by which the firm deliberately
*Premi- um
Pricing*? prices a product above the prices set for competing products to capture
those consumers who always shop for the best or for whom price does
not matter.
9. What is *Com-
petitor
Orienta- tion*? A company objective based on the premise that the firm should
measure itself primarily against its competition.
10. What is *Compet- A firm's strategy of setting prices that are similar to those of major
competitors.
itive Parity*?
11. What is A competitor-oriented strategy in which a firm changes prices only to
*Status Quo
Pricing*? meet those of competition.
12. What is *Cus- A company objective based on the premise that the firm should
tomer measure itself primarily according to whether it meets its customers'
Orienta-
tion*? needs.
13. What is the
*De- mand Shows how many units of a product or service consumers will demand
Curve*?
during a specific period at ditterent prices.
14. What is the *Price Measures how changes in a price attect the quantity of the product
demanded;
Elasticity of De- 17. What is *Dynam- ic Pricing*?
mand*?
15. What is Price
*Elastic*?
16. What is Price
*In- elastic*?
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14
answers A+ rated latest update
1. What is the defin- The overall sacrifice a consumer is willing to make—money, time,
energy—to
ition of *price*? acquire a specific product or service.
2. What are the 5 C's Competition, Costs, Company Objectives, Customers, Channel
Members
of Pricing?
3. What is *Prof- A company objective that can be implemented by focusing on target
it-
Orientation*? profit pricing, maximizing profits, or target return pricing.
4. What is A pricing strategy implemented by firms when they have a particular
*Target Profit profit goal as their overriding concern; uses price to stimulate a certain
Pricing*?
level of sales at a certain profit per unit.
5. What is *Maxi- A profit strategy that relies primarily on economic theory. If a firm can
mizing accurately specify a mathematical model that captures all the factors
Profits*?
required to explain and predict sales and profits, it should be able to
identify the price at which its profits are maximized.
6. What is A pricing strategy implemented by firms less concerned with the
*Target Return absolute level of profits and more interested in the rate at which their
Pricing*?
profits are generated relative to their investments; designed to produce a
specific return on investment, usually expressed as a percentage of
sales.
7. What is
*Sales
Orientation*? A company objective based on the belief that increasing sales will help
the firm more than will increasing profits.
1/
14
, UCF MAR 3023 Exam 4 Review (Ch. 14-17) questions with verified
answers A+ rated latest update
8. What is A competitor-based pricing method by which the firm deliberately
*Premi- um
Pricing*? prices a product above the prices set for competing products to capture
those consumers who always shop for the best or for whom price does
not matter.
9. What is *Com-
petitor
Orienta- tion*? A company objective based on the premise that the firm should
measure itself primarily against its competition.
10. What is *Compet- A firm's strategy of setting prices that are similar to those of major
competitors.
itive Parity*?
11. What is A competitor-oriented strategy in which a firm changes prices only to
*Status Quo
Pricing*? meet those of competition.
12. What is *Cus- A company objective based on the premise that the firm should
tomer measure itself primarily according to whether it meets its customers'
Orienta-
tion*? needs.
13. What is the
*De- mand Shows how many units of a product or service consumers will demand
Curve*?
during a specific period at ditterent prices.
14. What is the *Price Measures how changes in a price attect the quantity of the product
demanded;
Elasticity of De- 17. What is *Dynam- ic Pricing*?
mand*?
15. What is Price
*Elastic*?
16. What is Price
*In- elastic*?
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