Questions

1. Jack uses several criteria to determine how much he is willing to spend to satisfy his needs. His preference is to pay ________.

A) as much as possible

B) a price that is between too much and too little

C) as little as possible

Correct Answer

C) as little as possible

2. ________ places an emphasis on the finances of the product and business.

A) Competitor-oriented pricing

B) Customer-oriented pricing

C) Profit-oriented pricing

Correct Answer

C) Profit-oriented pricing

3. A company introduces a new technology product to the market. It sets the product’s price at the highest price it thinks customers will pay. Which type of pricing strategy is the company using?

A) skim pricing

B) break-even pricing

C) penetration pricing

Correct Answer

A) skim pricing

4. A measure of sensitivity or responsiveness to price is the definition of ________?

A) break-even pricing

B) competitor impact pricing

C) elasticity

Correct Answer

C) elasticity

5. Which step of the organizational buying process involves qualified suppliers who are invited by a company in a B2B scenario to submit a bid to become its supplier?

A) supplier search step

B) supplier selection step

C) proposal solicitation step

Correct Answer

C) proposal solicitation step

LICENSES AND ATTRIBUTIONS

CC LICENSED CONTENT, ORIGINAL

Self Check: Common Pricing Strategies. Provided by: Lumen Learning. License: CC BY: Attribution

Self Check: Price Elasticity. Provided by: Lumen Learning. License: CC BY: Attribution

Self Check: Competitive Bidding . Provided by: Lumen Learning. License: CC BY: Attribution