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B Com Exam  >  B Com Tests  >  Principles of Marketing  >  Test: Pricing - 1 - B Com MCQ

Test: Pricing - 1 - B Com MCQ


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10 Questions MCQ Test Principles of Marketing - Test: Pricing - 1

Test: Pricing - 1 for B Com 2024 is part of Principles of Marketing preparation. The Test: Pricing - 1 questions and answers have been prepared according to the B Com exam syllabus.The Test: Pricing - 1 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Pricing - 1 below.
Solutions of Test: Pricing - 1 questions in English are available as part of our Principles of Marketing for B Com & Test: Pricing - 1 solutions in Hindi for Principles of Marketing course. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free. Attempt Test: Pricing - 1 | 10 questions in 10 minutes | Mock test for B Com preparation | Free important questions MCQ to study Principles of Marketing for B Com Exam | Download free PDF with solutions
Test: Pricing - 1 - Question 1
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Which of the following statements best defines the role of price in an economy?

Detailed Solution for Test: Pricing - 1 - Question 1
Price serves as a mechanism for resource allocation in planned economies and free market economies. It helps determine how resources are allocated based on supply, demand, and other factors.
Test: Pricing - 1 - Question 2
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Which pricing strategy aims to attract customers by offering no-frills, low-cost products?

Detailed Solution for Test: Pricing - 1 - Question 2
Economy pricing involves offering products at low prices with minimal marketing and promotion costs. This strategy is used to target cost-conscious consumers who prioritize affordability over features.
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Test: Pricing - 1 - Question 3
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What is the main purpose of penetration pricing?

Detailed Solution for Test: Pricing - 1 - Question 3
Penetration pricing involves setting low initial prices to quickly gain market share. Once a customer base is established, the company may gradually increase prices. It's often used by companies to attract customers and compete effectively in a new market.
Test: Pricing - 1 - Question 4
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What pricing approach involves setting different prices for products in various geographic regions?
Detailed Solution for Test: Pricing - 1 - Question 4
Geographical pricing involves adjusting prices based on different geographic regions due to factors such as shipping costs, taxes, or competitive dynamics specific to each region.
Test: Pricing - 1 - Question 5
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What is the primary objective of product line pricing?
Detailed Solution for Test: Pricing - 1 - Question 5
Product line pricing aims to offer a range of products at different price points, increasing overall sales revenue by catering to varying customer preferences and willingness to pay.
Test: Pricing - 1 - Question 6
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Which pricing strategy involves charging a high price initially due to a competitive advantage?
Detailed Solution for Test: Pricing - 1 - Question 6
Premium pricing involves setting a higher price based on a competitive advantage or unique brand positioning. Customers are willing to pay more for perceived value or exclusivity.
Test: Pricing - 1 - Question 7
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Which pricing approach involves setting a low price for the main product and charging a premium for complementary items?
Detailed Solution for Test: Pricing - 1 - Question 7
Captive product pricing involves setting a low price for the main product to attract customers, but charging a premium for complementary products or accessories that are necessary for the main product's functionality.
Test: Pricing - 1 - Question 8
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In which situation would value pricing be most applicable?
Detailed Solution for Test: Pricing - 1 - Question 8
Value pricing is suitable during economic downturns or recessions when consumers are seeking affordable products that offer good value for their money.
Test: Pricing - 1 - Question 9
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Which external factor significantly affects the pricing of a product?
Detailed Solution for Test: Pricing - 1 - Question 9
Competition in the market is an external factor that plays a crucial role in determining the pricing of a product. The level of competition influences whether prices should be set higher or lower to remain competitive.
Test: Pricing - 1 - Question 10
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Why is price often considered a powerful tool in marketing management?
Detailed Solution for Test: Pricing - 1 - Question 10
Price is a powerful tool in marketing management because it influences various elements of the marketing mix, including product demand, profitability, competitiveness, and consumer behavior. It plays a pivotal role in shaping business outcomes.
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Pricing - 1 MCQs with Answers

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