MKT 300 ASU EATON 1 FINAL TEST
2026 QUESTIONS WITH CORRECT
ANSWERS GRADED A+
◍ What is price?.
Answer: - The value that you exchange for getting the goods/service- Could
be money or something else
◍ Marketing Objectives.
Answer: - maximize profits- gain market share- infer a level of quality-
survive
◍ 3 internal pricing factors.
Answer: 1) Marketing Objectives- maximize profit, gain market share etc.2)
Marketing Mix strategy- price consistent with 3Ps3) Costs
◍ 3 EXTERNAL pricing factors.
Answer: 1) demand for your product2) competition (competitors prices,
stregntgh of competition)3) economy- cost of components, economic
conditions
◍ inelastic demand.
Answer: means that an increase or decrease in price will not significantly
affect demand. products that do not have many substitutes`
◍ External Factors of Price.
Answer: 1. Demand for product2. Competition - competitor prices - strength
of competition3. Economy - cost of components - Economic conditions
◍ Pricing Objectives.
Answer: 1) Profit- identify price and cost levels that allow the firm to
maximize profit per product2) status-quo: identify price levels similar to
, competitor average3) Market share: adjust price levels so that the firm can
maintain or increase sales relative to competitors sales
◍ Profit -Oriented.
Answer: - profit maximization - satisfactory products- return of investment
◍ Status Quo.
Answer: - maintain price- meet competitor price
◍ cost-plus pricing.
Answer: adding a specified dollar amount to the sellers costs. -markup:
adding to the price of the product a predetermined percentage of the variable
cost-margin: adding to the price a predetermined percentage of the total
price
◍ break even quantity.
Answer: total fixed costs / (selling price - variable cost)
◍ Sales oriented.
Answer: - market shares- sales maximum
◍ demand-based pricing.
Answer: customers pay a higher price when demand for the product is
strong and a lower price when demand is weak.-also known as Flexible or
Variable pricing-off peak cheaper prices happy hour, different segments pay
different rates kids eat free
◍ competition based pricing.
Answer: pricing influenced primarily by competitors prices. Method
importance increases when: -competing products are homogeneous resulting
in elastic demand. -organization is serving markets in which price is a key
consideration
◍ Elastic demand.
Answer: - change price a little, people run to or away
◍ Inelastic Demand.
Answer: - change price, people still need it
, ◍ ... coefficient.
Answer: ... 1
◍ new product pricing.
Answer: Price skimming- charging the highest possible price that buyers
who desire the product will payPenetration pricing- setting prices below
those of competing brands to penetrate a market and gain a significant
market share quickly
◍ Methods of COst-based pricing.
Answer: 1. Markup pricing - keystoning (double the cost)2. Break even
pricing
◍ Premium strategy.
Answer: like porsche. it has high quality so you think its premium.higher
quality, higher price
◍ Captive product prcing.
Answer: - razor + blades mentality- get you to buy the main thing, and you
will buy the auxillary shit
◍ overcharging strategy.
Answer: customers think the price is too high for the quality of the product-
low quality, high price
◍ Price bundling.
Answer: - combine related goods into package deal- phone, internet, cable
◍ Price adjustments.
Answer: - discounts- flexible (variable) pricing
◍ - flexible (variable) pricing.
Answer: - different segments pay different prices- kids eat free, off peak,
senior citizen or students
◍ good-value strategy.
Answer: lower price, higher quality. and economic strategy is lower price,
lower quality.
2026 QUESTIONS WITH CORRECT
ANSWERS GRADED A+
◍ What is price?.
Answer: - The value that you exchange for getting the goods/service- Could
be money or something else
◍ Marketing Objectives.
Answer: - maximize profits- gain market share- infer a level of quality-
survive
◍ 3 internal pricing factors.
Answer: 1) Marketing Objectives- maximize profit, gain market share etc.2)
Marketing Mix strategy- price consistent with 3Ps3) Costs
◍ 3 EXTERNAL pricing factors.
Answer: 1) demand for your product2) competition (competitors prices,
stregntgh of competition)3) economy- cost of components, economic
conditions
◍ inelastic demand.
Answer: means that an increase or decrease in price will not significantly
affect demand. products that do not have many substitutes`
◍ External Factors of Price.
Answer: 1. Demand for product2. Competition - competitor prices - strength
of competition3. Economy - cost of components - Economic conditions
◍ Pricing Objectives.
Answer: 1) Profit- identify price and cost levels that allow the firm to
maximize profit per product2) status-quo: identify price levels similar to
, competitor average3) Market share: adjust price levels so that the firm can
maintain or increase sales relative to competitors sales
◍ Profit -Oriented.
Answer: - profit maximization - satisfactory products- return of investment
◍ Status Quo.
Answer: - maintain price- meet competitor price
◍ cost-plus pricing.
Answer: adding a specified dollar amount to the sellers costs. -markup:
adding to the price of the product a predetermined percentage of the variable
cost-margin: adding to the price a predetermined percentage of the total
price
◍ break even quantity.
Answer: total fixed costs / (selling price - variable cost)
◍ Sales oriented.
Answer: - market shares- sales maximum
◍ demand-based pricing.
Answer: customers pay a higher price when demand for the product is
strong and a lower price when demand is weak.-also known as Flexible or
Variable pricing-off peak cheaper prices happy hour, different segments pay
different rates kids eat free
◍ competition based pricing.
Answer: pricing influenced primarily by competitors prices. Method
importance increases when: -competing products are homogeneous resulting
in elastic demand. -organization is serving markets in which price is a key
consideration
◍ Elastic demand.
Answer: - change price a little, people run to or away
◍ Inelastic Demand.
Answer: - change price, people still need it
, ◍ ... coefficient.
Answer: ... 1
◍ new product pricing.
Answer: Price skimming- charging the highest possible price that buyers
who desire the product will payPenetration pricing- setting prices below
those of competing brands to penetrate a market and gain a significant
market share quickly
◍ Methods of COst-based pricing.
Answer: 1. Markup pricing - keystoning (double the cost)2. Break even
pricing
◍ Premium strategy.
Answer: like porsche. it has high quality so you think its premium.higher
quality, higher price
◍ Captive product prcing.
Answer: - razor + blades mentality- get you to buy the main thing, and you
will buy the auxillary shit
◍ overcharging strategy.
Answer: customers think the price is too high for the quality of the product-
low quality, high price
◍ Price bundling.
Answer: - combine related goods into package deal- phone, internet, cable
◍ Price adjustments.
Answer: - discounts- flexible (variable) pricing
◍ - flexible (variable) pricing.
Answer: - different segments pay different prices- kids eat free, off peak,
senior citizen or students
◍ good-value strategy.
Answer: lower price, higher quality. and economic strategy is lower price,
lower quality.
