14 Aug MK201 Chapters 12,13 Week 5 Quiz QuestionsDirections: Select the best response
MK201 Chapters 12,13 Week 5 Quiz QuestionsDirections: Select the best response for each. Please post
your selections in the Blackboard response section numbered 1-30 with response
to each corresponding question.
Due: Sunday at midnight for each week of this course.
Scenario 12.1
Use the following to answer the questions.
Concession Supply sells hotdogs, buns, and
nacho ingredients to several major league ballparks across the country.
Currently, Concession Supply has the following pricing information for one case
of hotdogs sold at Wrigley Field: Total fixed costs = $1,200, Selling price =
$16, and Variable costs = $6.
1. Refer
to Scenario 12.1. To break even, Concession Supply should sell ____ cases of
hot dogs per day at Wrigley Field.
a.
13
b.
120
c.
40
d.
200
e.
60
2. Refer
to Scenario 12.1. What is the breakeven point in dollar sales volume?
a.
$1,200
b.
$1,440
c.
$3,000
d.
$1,920
e.
$1,600
3. Refer
to Scenario 12.1. If Concession Supply increased its price by 10 percent and
experienced only a 2 percent decrease in the demand for hotdogs, the demand
would be
a.
inelastic.
b.
common.
c.
prestige.
d.
elastic.
e.
marginal.
4. Refer
to Scenario 12.1. If Concession Supply wanted to make a profit of $800 on each
case, it would need to sell ____ cases.
a.
150
b.
300
c.
100
d.
75
e.
200
Scenario 12.2
Use the following to answer the questions.
The BASF Chemical Company in Germany has
developed a new rubberized coating. The product has an application for cell phones
and other hand-held electronic devices that gives them protection from falls
and scratches. BASF plans to market the product directly to businesses that
manufacture the casings for these types of products. BASF currently uses a
system of salespeople headquartered in Germany, while its primary business
customers are in China.
5. Refer
to Scenario 12.2. BASF has decided to offer discounts to its businesses
customers in the form of the following: For each order of $100,000 or more
during the next 90 days, the buyer will receive a rebate of 5 percent. This
type of pricing would be an example of ____ discounts.
a.
allowance
b.
cash
c.
seasonal
d.
noncumulative
e.
cumulative
6. Refer
to Scenario 12.2. BASF is considering the problem of actual distance in
delivering its product from the plant in Germany to some of its customers in
China. Which pricing strategy would help overcome this problem?
a.
Geographic
b.
Transfer
c.
Commercial
d.
Transit
e.
Factory
7. Refer
to Scenario 12.2. If BASF were to employ pricing that includes the price at the
factory plus freight charges from a chosen point nearest the buyer, this would
be an example of ____ pricing.
a.
factory plus
b.
dispersion
c.
base-point
d.
freight absorption
e.
uniform geographic
8. Refer
to Scenario 12.2. If BASF were to price its product in barrels from the
factory, before it is loaded on the carrier, this would be an example of ____
pricing.
a.
buy-back allowance
b.
geographic
c.
F.O.B destination
d.
F.O.B. factory
e.
base-point
Scenario 13.1
Use the following to answer the questions.
Suppose that Ray-Ban is considering a new
line of sunglasses that would be sold in major department stores. The new line
would be positioned as a more distinctive brand than the typical glasses sold
through department stores, and would be priced higher than other brands in the
store, but a lower price line than the current Ray-Ban lines that are sold
through more selective stores. In determining the price for this sunglass line,
Ray-Ban wants to gather information about all brands sold in department stores
and about customers’ perceptions of those brands.
9. Refer
to Scenario 13.1. Ray-Ban’s plan of gathering information about the other
brands sold in department stores, including their prices, would most likely be
used in a ____ basis for pricing.
a.
Cost
b.
Competition
c.
Demand
d.
Customer
e.
Market
10. Refer
to Scenario 13.1. Given Ray-Ban’s plan for positioning the new sunglass line,
they should use a ____ strategy when introducing their new product.
a.
promotional
b.
penetration
c.
price-skimming
d.
reference
e.
secondary-market
11. Refer
to Scenario 13.1. Ray-Ban has decided to promote the new sunglass line as an
“affordable luxury” and plans significant promotional expenditures.
With these objectives, which of the following should Ray-Ban use to price its
product line?
a.
competition-based pricing
b.
cost-plus pricing
c.
markup pricing
d.
demand-based pricing
e.
differential pricing
12. Refer
to Scenario 13.1. If Ray-Ban selected the prices for its new sunglasses to be
$60, $70, or $80, this would most likely be an example of using ____ pricing to
enhance its distinctive positioning strategy.
a.
product-line
b.
odd-even
c.
professional
d.
promotional
e.
penetration
Scenario 13.2
Use the following to answer the questions.
Glenwood Pet Hospital is considering
implementing a new pricing strategy for its veterinarian services. After
reviewing the previous three years’ revenue, Glenwood finds that most of its
customers bring their pets in for the required annual vaccinations and then
only if the animal is ill. Glenwood’s objective is to generate more income per
customer on an annual basis. The hospital has previously priced its services by
charging a flat fee for the office visit, a fee for each vaccine, and a fee for
each type of examination beyond the basic office visit. Most customers pay the
flat office fee and a fee for a rabies vaccine. Glenwood is now considering a
new plan where the pet owner would pay one fee that would cover an
office visit, the required rabies vaccine, and additional vaccines that prevent
heartworm, kennel-cough, and fleas. Glenwood hopes to encourage the pet owners
to view their pet’s health as part of a prevention program, rather than a
one-time annual visit.
13. Refer
to Scenario 13.2. Glenwood’s previous pricing strategy is an example of ____
pricing, while the new strategy is an example of ____ pricing.
a.
percentage; cost-based
b.
cost-based; psychological
c.
sales-based; customary
d.
a la carte; bundle
e.
demand-based; bundling
14. Refer
to Scenario 13.2. Glenwood has decided that it is going to offer a special
package offer if the prevention plan is purchased within the first 30 days of
each year’s time for vaccinations. This type of pricing strategy would be an
example of
a.
customary pricing.
b.
secondary-market pricing.
c.
introductory pricing.
d.
periodic discounting.
e.
random discounting.
15. Refer
to Scenario 13.2. Glenwood’s closest competitor, The Hearthstone Pet Hospital,
currently charges $60 for each basic office visit. If Glenwood were to price
its basic office visit at $45, it would most likely be employing which
of the following?
a.
customary pricing.
b.
penetration pricing.
c.
prestige pricing.
d.
price skimming.
e.
cost-based pricing.
16. Refer
to Scenario 13.2. Glenwood is considering a markup pricing basis, with the cost
for office visit plus vaccines at $45. If Glenwood were to add a markup of 33.3
percent of the costs, its price would be ____.
a.
$79
b.
$65
c.
$55
d.
$78
e.
$60
MULTIPLE CHOICE
17. The
oldest form of exchangetrading of productsis known as
a.
credit.
b.
buying.
c.
purchasing.
d.
barter.
e.
pricing.
18. What
do all of the following have in common: tuition, fee, premium, retainer, dues?
a.
They all must be paid in cash.
b.
They are forms of exchange similar to,
but not identical with, money.
c.
They are forms of exchange similar to,
but not identical with, barter.
d.
They are different terms for the concept
of price.
e.
They have nothing in common.
19. The
tuition and fees each student paid for this semester of college are both terms
for
a.
expenses.
b.
charges.
c.
bills.
d.
price.
e.
exchange valuations.
20. Which
of the following is the most flexible variable in the marketing mix?
a.
Product
b.
Price
c.
Advertising
d.
Personal selling
e.
Distribution
21. What
equation shows organizations the relationship between price and profit?
a.
Total Variable Costs + Total Fixed Costs
= Sales-
Profit
b.
Price = Profit per Item Number of
Units Sold
c.
(Price Quantity Sold)- Total Costs
= Profits
d.
(Price- Profits) Total Costs = Sales
e.
Total Costs = (Price Quantity
Sold)-
Profits
22. Price
is a key element in the marketing mix because it relates directly to
a.
the size of the sales force.
b.
the speed of an exchange.
c.
quality controls.
d.
the generation of total revenue.
e.
brand image.
23. Price
is
a.
money paid in a transaction.
b.
not important to buyers.
c.
of limited interest to sellers.
d.
the most inflexible marketing mix
decision variable.
e.
the value that is exchanged for products
in a marketing transaction.
TRUE/FALSE
24. The
six stages of setting prices should always be followed if prices are to be set
correctly.
25. A
marketer uses only one pricing objective to avoid organizational confusion.
26. Pricing
objectives should be considered overall goals to aid the organization in its long-range
plans.
27. The
objective of profit maximization is rarely operational because its achievement
is difficult to measure.
28. The
objective of maintaining or increasing market share depends on growth in
industry sales.
29. The
use of market share as a pricing objective oversimplifies the value of price in
contributing to profits.
30. Knowing
the target market’s evaluation of price allows the marketer to know how much
emphasis to place on price and how to price a product relative to competition.
MK201 Chapters 12,13 Week 5 Quiz QuestionsDirections: Select the best response for each. Please post
your selections in the Blackboard response section numbered 1-30 with response
to each corresponding question.Due: Sunday at midnight for each week of this course.Scenario 12.1Use the following to answer the questions.Concession Supply sells hotdogs, buns, and
nacho ingredients to several major league ballparks across the country.
Currently, Concession Supply has the following pricing information for one case
of hotdogs sold at Wrigley Field: Total fixed costs = $1,200, Selling price =
$16, and Variable costs = $6. 1. Refer
to Scenario 12.1. To break even, Concession Supply should sell ____ cases of
hot dogs per day at Wrigley Field.a.13b.120c.40d.200e.60 2. Refer
to Scenario 12.1. What is the breakeven point in dollar sales volume?a.$1,200b.$1,440c.$3,000d.$1,920e.$1,600 3. Refer
to Scenario 12.1. If Concession Supply increased its price by 10 percent and
experienced only a 2 percent decrease in the demand for hotdogs, the demand
would bea.inelastic.b.common.c.prestige.d.elastic.e.marginal. 4. Refer
to Scenario 12.1. If Concession Supply wanted to make a profit of $800 on each
case, it would need to sell ____ cases.a.150b.300c.100d.75e.200Scenario 12.2Use the following to answer the questions.The BASF Chemical Company in Germany has
developed a new rubberized coating. The product has an application for cell phones
and other hand-held electronic devices that gives them protection from falls
and scratches. BASF plans to market the product directly to businesses that
manufacture the casings for these types of products. BASF currently uses a
system of salespeople headquartered in Germany, while its primary business
customers are in China. 5. Refer
to Scenario 12.2. BASF has decided to offer discounts to its businesses
customers in the form of the following: For each order of $100,000 or more
during the next 90 days, the buyer will receive a rebate of 5 percent. This
type of pricing would be an example of ____ discounts.a.allowanceb.cashc.seasonald.noncumulativee.cumulative 6. Refer
to Scenario 12.2. BASF is considering the problem of actual distance in
delivering its product from the plant in Germany to some of its customers in
China. Which pricing strategy would help overcome this problem?a.Geographicb.Transferc.Commerciald.Transite.Factory 7. Refer
to Scenario 12.2. If BASF were to employ pricing that includes the price at the
factory plus freight charges from a chosen point nearest the buyer, this would
be an example of ____ pricing.a.factory plusb.dispersionc.base-pointd.freight absorptione.uniform geographic 8. Refer
to Scenario 12.2. If BASF were to price its product in barrels from the
factory, before it is loaded on the carrier, this would be an example of ____
pricing.a.buy-back allowanceb.geographicc.F.O.B destinationd.F.O.B. factorye.base-pointScenario 13.1Use the following to answer the questions.Suppose that Ray-Ban is considering a new
line of sunglasses that would be sold in major department stores. The new line
would be positioned as a more distinctive brand than the typical glasses sold
through department stores, and would be priced higher than other brands in the
store, but a lower price line than the current Ray-Ban lines that are sold
through more selective stores. In determining the price for this sunglass line,
Ray-Ban wants to gather information about all brands sold in department stores
and about customers’ perceptions of those brands. 9. Refer
to Scenario 13.1. Ray-Ban’s plan of gathering information about the other
brands sold in department stores, including their prices, would most likely be
used in a ____ basis for pricing.a.Costb.Competitionc.Demandd.Customere.Market 10. Refer
to Scenario 13.1. Given Ray-Ban’s plan for positioning the new sunglass line,
they should use a ____ strategy when introducing their new product.a.promotionalb.penetrationc.price-skimmingd.referencee.secondary-market 11. Refer
to Scenario 13.1. Ray-Ban has decided to promote the new sunglass line as an
“affordable luxury” and plans significant promotional expenditures.
With these objectives, which of the following should Ray-Ban use to price its
product line?a.competition-based pricingb.cost-plus pricingc.markup pricingd.demand-based pricinge.differential pricing 12. Refer
to Scenario 13.1. If Ray-Ban selected the prices for its new sunglasses to be
$60, $70, or $80, this would most likely be an example of using ____ pricing to
enhance its distinctive positioning strategy.a.product-lineb.odd-evenc.professionald.promotionale.penetrationScenario 13.2Use the following to answer the questions.Glenwood Pet Hospital is considering
implementing a new pricing strategy for its veterinarian services. After
reviewing the previous three years’ revenue, Glenwood finds that most of its
customers bring their pets in for the required annual vaccinations and then
only if the animal is ill. Glenwood’s objective is to generate more income per
customer on an annual basis. The hospital has previously priced its services by
charging a flat fee for the office visit, a fee for each vaccine, and a fee for
each type of examination beyond the basic office visit. Most customers pay the
flat office fee and a fee for a rabies vaccine. Glenwood is now considering a
new plan where the pet owner would pay one fee that would cover an
office visit, the required rabies vaccine, and additional vaccines that prevent
heartworm, kennel-cough, and fleas. Glenwood hopes to encourage the pet owners
to view their pet’s health as part of a prevention program, rather than a
one-time annual visit. 13. Refer
to Scenario 13.2. Glenwood’s previous pricing strategy is an example of ____
pricing, while the new strategy is an example of ____ pricing.a.percentage; cost-basedb.cost-based; psychologicalc.sales-based; customaryd.a la carte; bundlee.demand-based; bundling 14. Refer
to Scenario 13.2. Glenwood has decided that it is going to offer a special
package offer if the prevention plan is purchased within the first 30 days of
each year’s time for vaccinations. This type of pricing strategy would be an
example ofa.customary pricing.b.secondary-market pricing.c.introductory pricing.d.periodic discounting.e.random discounting. 15. Refer
to Scenario 13.2. Glenwood’s closest competitor, The Hearthstone Pet Hospital,
currently charges $60 for each basic office visit. If Glenwood were to price
its basic office visit at $45, it would most likely be employing which
of the following?a.customary pricing.b.penetration pricing.c.prestige pricing.d.price skimming.e.cost-based pricing. 16. Refer
to Scenario 13.2. Glenwood is considering a markup pricing basis, with the cost
for office visit plus vaccines at $45. If Glenwood were to add a markup of 33.3
percent of the costs, its price would be ____.a.$79b.$65c.$55d.$78e.$60MULTIPLE CHOICE 17. The
oldest form of exchangetrading of productsis known asa.credit.b.buying.c.purchasing.d.barter.e.pricing. 18. What
do all of the following have in common: tuition, fee, premium, retainer, dues?a.They all must be paid in cash.b.They are forms of exchange similar to,
but not identical with, money.c.They are forms of exchange similar to,
but not identical with, barter.d.They are different terms for the concept
of price.e.They have nothing in common. 19. The
tuition and fees each student paid for this semester of college are both terms
fora.expenses.b.charges.c.bills.d.price.e.exchange valuations. 20. Which
of the following is the most flexible variable in the marketing mix?a.Productb.Pricec.Advertisingd.Personal sellinge.Distribution 21. What
equation shows organizations the relationship between price and profit?a.Total Variable Costs + Total Fixed Costs
= Sales-
Profitb.Price = Profit per Item Number of
Units Soldc.(Price Quantity Sold)- Total Costs
= Profitsd.(Price- Profits) Total Costs = Salese.Total Costs = (Price Quantity
Sold)-
Profits 22. Price
is a key element in the marketing mix because it relates directly toa.the size of the sales force.b.the speed of an exchange.c.quality controls.d.the generation of total revenue.e.brand image.23. Price
isa.money paid in a transaction.b.not important to buyers.c.of limited interest to sellers.d.the most inflexible marketing mix
decision variable.e.the value that is exchanged for products
in a marketing transaction.TRUE/FALSE 24. The
six stages of setting prices should always be followed if prices are to be set
correctly. 25. A
marketer uses only one pricing objective to avoid organizational confusion. 26. Pricing
objectives should be considered overall goals to aid the organization in its long-range
plans. 27. The
objective of profit maximization is rarely operational because its achievement
is difficult to measure. 28. The
objective of maintaining or increasing market share depends on growth in
industry sales. 29. The
use of market share as a pricing objective oversimplifies the value of price in
contributing to profits. 30. Knowing
the target market’s evaluation of price allows the marketer to know how much
emphasis to place on price and how to price a product relative to competition.
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