Chapter 11_Marketing Reviewer 1

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Humber College *

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Economics

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Feb 20, 2024

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Chapter 11 – Pricing and Value One reason Taco Bell raised its prices was the result of an increase in costs. In terms of a pricing strategy, __________ pricing adds value by reducing consumers’ search costs; consumers can spend less of their valuable time comparing prices, including sale prices, at different stores. everyday low In the trucking industry, demand for fuel remains relatively stable even in times when the price of fuel increases, indicating that demand for fuel in this segment is: inelastic When Rogers Communications offers its customers a discount when they order their television, Internet, and phone service all in a package. This is an example of: price bundling. A(n) __________ orientation explicitly invokes the concept of value such as when a firm uses a "no-haggle" price structure to make the purchase process simpler and easier. Customer Val’s Car Dealership’s slogan is: No need to haggle … my prices will always be the best!” This no haggle strategy would be an example of what type of orientation? Customer ____ is used to market products to innovators who are willing to pay the very highest prices to obtain brand-new examples of technology advances, with exciting product enhancements. Price skimming. All of the followings are considered fixed costs EXCEPT: Monthly gas payments of a truck for a moving company For __________ to work, the product or service must be perceived as breaking new ground in some way, offering consumers new benefits currently unavailable in alternative products. Price skimming. In addition to offering the potential to build sales, market share, and profits, __________ discourages competitors from entering the market because the profit margin is relatively low. penetration pricing Airlines often engage in price wars in an attempt to steal customers away from other airlines. This is an example of which pricing method? Competitor-based pricing The most common form of competition is __________ where many firms compete for customers in a given market with differentiated products. monopolistic competition A __________ pricing strategy relies on the promotion of sales, during which prices are temporarily reduced to encourage purchases. High/low

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