CSUF MKTG 351 Final Exam Questions with Correct Answers
(Grade A+)
Question 1: marketing metrics
Answer: indicators that are needed to measure business performance from a marketing perspective
Question 2: key performance indicators
Answer: specific criteria used to measure the efficiency and effectiveness of the business's performance
Question 3: price elasticity
Answer: a measure of the sensitivity of demand to changes in price
Question 4: breakeven point
Answer: the level of sales at which total revenue equals total cost
Question 5: customer lifetime value
Answer: how much profit a firm will make on a customer throughout the duration of a relationship
Question 6: estimating clv is an important step in determining the feasibility of any marketing,
promotion, and pricing strat
Answer: true
Question 7: sacrifice effect of price
Answer: price is that which is sacrificed to get a good or service
Question 8: reward effect of price
Answer: the reward a consumer gets from purchasing a good or prduct
Question 9: economies of scale
Answer: factors that cause a producer's average cost per unit to fall as output rises
Question 10: marginal cost
Answer: the cost of producing one more unit of a good
Page 1
, Question 11: profit maximization
Answer: setting prices so profits are maximized
Question 12: breakeven pricing
Answer: the price at which total costs are equal to total revenue and there is no profit
Question 13: markup pricing
Answer: adding a predetermined percentage of the cost to the price of the product
Question 14: status quo pricing
Answer: a pricing objective that maintains existing prices or meets the competition's prices
Question 15: value based pricing is most aligned with marketing philosophy
Answer: true
Question 16: sales oriented pricing
Answer: a category of pricing objectives that focus on increasing total amount of income from sales
Question 17: targeted roi
Answer: defines a roi level that is acceptable to reach for
Question 18: value based pricing
Answer: setting the price at a level that seems to the customer to be a good price compared to the prices of
other options
Question 19: market share maximization
Answer: occurs when a firm maximizes its percentage share of the market in which it sells its product
Question 20: elasticity of demand
Answer: a measure of how consumers react to a change in price
Question 21: factors effecting elasticity includes: availability of substitutes, price relative to purchasing
power, ease of evaluating quality, and use of prestige pricing
Answer: true
Page 2
(Grade A+)
Question 1: marketing metrics
Answer: indicators that are needed to measure business performance from a marketing perspective
Question 2: key performance indicators
Answer: specific criteria used to measure the efficiency and effectiveness of the business's performance
Question 3: price elasticity
Answer: a measure of the sensitivity of demand to changes in price
Question 4: breakeven point
Answer: the level of sales at which total revenue equals total cost
Question 5: customer lifetime value
Answer: how much profit a firm will make on a customer throughout the duration of a relationship
Question 6: estimating clv is an important step in determining the feasibility of any marketing,
promotion, and pricing strat
Answer: true
Question 7: sacrifice effect of price
Answer: price is that which is sacrificed to get a good or service
Question 8: reward effect of price
Answer: the reward a consumer gets from purchasing a good or prduct
Question 9: economies of scale
Answer: factors that cause a producer's average cost per unit to fall as output rises
Question 10: marginal cost
Answer: the cost of producing one more unit of a good
Page 1
, Question 11: profit maximization
Answer: setting prices so profits are maximized
Question 12: breakeven pricing
Answer: the price at which total costs are equal to total revenue and there is no profit
Question 13: markup pricing
Answer: adding a predetermined percentage of the cost to the price of the product
Question 14: status quo pricing
Answer: a pricing objective that maintains existing prices or meets the competition's prices
Question 15: value based pricing is most aligned with marketing philosophy
Answer: true
Question 16: sales oriented pricing
Answer: a category of pricing objectives that focus on increasing total amount of income from sales
Question 17: targeted roi
Answer: defines a roi level that is acceptable to reach for
Question 18: value based pricing
Answer: setting the price at a level that seems to the customer to be a good price compared to the prices of
other options
Question 19: market share maximization
Answer: occurs when a firm maximizes its percentage share of the market in which it sells its product
Question 20: elasticity of demand
Answer: a measure of how consumers react to a change in price
Question 21: factors effecting elasticity includes: availability of substitutes, price relative to purchasing
power, ease of evaluating quality, and use of prestige pricing
Answer: true
Page 2