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Management Entrepreneurship

Business

Quiz 14 :

Small Business Marketing Price and Promotion

Quiz 14 :

Small Business Marketing Price and Promotion

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The usefulness of breakeven analysis depends on the quality of data used in the calculations.
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True False
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True

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Jewelry,perfume,beer,and law firm services all use prestige pricing as a pricing strategy.
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True False
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True

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When considering a product,consumers typically look for the cheapest product available.
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True False
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False

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Restaurants and personal computers tend to be price inelastic.
True False
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To survive in an industry dominated by giants,a small business should compete by offering lower prices.
True False
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Home electronics are often introduced using a skimming pricing strategy.
True False
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Setting prices higher than expected in order to recover developmental costs is known as penetration pricing.
True False
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The closer the proximity of the competition,the more influence the competition will have on the price of the small business owner's product.
True False
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Establishing the right price for a good or service at an appropriate level of production is a critical component of the marketing mix.
True False
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Most businesses base markup on selling price.
True False
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Another name for markup pricing is target-return pricing.
True False
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Sales commissions,materials,and labor tend to be fixed costs.
True False
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The breakeven point is that point where total revenues are greater than total costs.
True False
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Psychological pricing tactics include prestige pricing,odd pricing,and reference pricing.
True False
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The trend today is toward consumers carrying more cash and using credit and debit cards less frequently.
True False
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Product is one of the most flexible components of the marketing mix.
True False
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On a break-even point graph,the fixed-costs line runs vertically.
True False
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The right price is a range of possible prices.
True False
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Necessary and luxury goods both tend to be price inelastic.
True False
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Expenses like rent,property taxes,and utilities are variable costs.
True False
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