If you're seeing this message, it means we're having trouble loading external resources on our website. Show If you're behind a web filter, please make sure that the domains *.kastatic.org and *.kasandbox.org are unblocked. Test Prep This preview shows page 4 - 6 out of 35 pages. 11.An organization is using _____ when it sets its prices so that total revenue is as large as possiblerelative to total costs.a.profit maximizationb.market share pricingc.demand-oriented pricingd.sales maximizatione.status quo pricingANS: AProfit maximization is a type of profit-oriented pricing objective and means setting prices so thattotal revenue is as large as possible relative to total costs. PTS:1REF:313OBJ:19-2TOP:AACSB ReflectiveThinkingKEY:CB&E Model PricingMSC:BLOOMS Level I Knowledge12.When Apple, Inc. originally introduced its iPhone, it was priced at what many believed to beabout as high as the market would allow. Within weeks, Apple lowered the price of the iPhone. Itappears that Apple entered the market with a _____ approach to pricing the iPhone. Get answer to your question and much more PTS:1REF:313OBJ:19-2TOP:AACSB ReflectiveThinkingKEY:CB&E Model PricingMSC:BLOOMS Level III Application13.When Insight Research Associates quotes a marketing research project, management will first es- We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Cengage Advantage Books: Foundations of the Legal Environment of Business Jennings Expert Verified timate the cost to conduct the research and produce and deliver the final client report. The nextstep in determining the price is to add 30 percent to that cost estimate. This becomes the price es-timate given to the potential research client. This suggests that Insight Research Associates usesa(n) _____ pricing objective. Get answer to your question and much more PTS:1REF:313OBJ:19-2TOP:AACSB ReflectiveThinkingKEY:CB&E Model PricingMSC:BLOOMS Level III Application14.Thompson Pool and Patio is known for quality pool installations, excellent customer service, andreasonable prices. If you want to have a Thompson pool, you will have to wait about six monthsdue to demand for their product. While Thompson could probably price its product higher, giventhe demand, they don’t. Instead, the company sets its price so that it will earn a reasonable levelof profits. Thompson seems to base its pricing policy on: Get answer to your question and much more PTS:1REF:313OBJ:19-2TOP:AACSB ReflectiveThinkingKEY:CB&E Model PricingMSC:BLOOMS Level III Application Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 35 pages? Upload your study docs or become a Course Hero member to access this document Tags AACSB Reflective, CB E Model We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. Cengage Advantage Books: Foundations of the Legal Environment of Business Jennings Expert Verified What are the 4 pricing orientations?The four types of pricing objectives include profit-oriented pricing, competitor-based pricing, market penetration and skimming.
What is status pricing?Status quo pricing is when you choose to sell your products at a set price that everyone else sells their product for. This pricing is used when no one wants to “rock the boat” and possibly set off a price war.
Which of the following best describes revenue it equals price minus costs?Answer and Explanation: The correct answer is c) sales of goods and services to a customer. Revenue is best described by the sales of goods and services to a customer.
What is the term for the dollar amount charged to the customer times the number of units sold?Profit is the price charged to customers multiplied by the number of units sold.
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When it sets prices so that the total revenue is as large as possible relative to total cost?
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