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Self Quiz
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1
Price sensitivity is measured by ________.
A)price variation
B)price elasticity
C)price velocity
D)price adaptability
E)price adjustment
2
Circuit City originally priced a private-label portable DVD players at $100, then sold $1,500 units per week. After raising the price into $110, sales dropped to $1,000 units per week. What would be the profit-maximizing price if the private-label portable DVD player costs $50?
A)$90
B)$85.70
C)$75
D)$70.25
E)$121.43
3
Which of the following is a way to determine the most profitable price for a product?
A)contract with a telemarketing firm to determine the price
B)conduct focus groups
C)enter low into the market and increase price throughout its life cycle
D)conduct a pricing experiment
E)price merchandise based upon manufacturer suggestions
4
What is one way of reducing price competition?
A)There is no sure way of reducing price competition.
B)Offer additional services within the stores making it a competitive advantage.
C)Sell national brands aggressively.
D)Always offer low prices.
E)Offer private brands.
5
John purchases hand lotion at $5 per jar and sells them for $15. What is his markup percentage?
A)60%
B)87%
C)40%
D)66.7%
E)22%
6
The byproduct of promotional markdowns:
A)is an overview of optimized markdowns
B)increases bonuses for management
C)is another way to achieve a break-even analysis
D)helps buyers to better understand the buys they've made by how the markdowns progress
E)increases in-store traffic leading to purchases of other non-sale items
7
What is the practice of offering two or more products or services for sale at one price?
A)psychological pricing
B)price bundling
C)price grouping
D)conjoint pricing
E)price lining
8
What is charging different prices for different stores, markets, regions?
A)zone pricing
B)price bundling
C)price grouping
D)price optimization
E)price lining
9
After markdowns, some merchandise often remains unsold. What are the ways a retailer can liquidate the merchandise?
A)The retailer can "job out" the remaining merchandise to another retailer.
B)The retailer can consolidate the marked-down merchandise.
C)The retailer can place the remaining merchandise on an Internet auction site like eBay or have a special clearance location on its own webpage.
D)The retailer can give the merchandise to charity.
E)All of the above.
10
To maximize sales and profits, many services retailers engage in _____, the practice of adjusting prices up or down in response to the demand to control the sales generated.
A)revenue management
B)yield management
C)intangible asset management
D)ROI management
E)markdown management





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