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Test: Pricing Policies - B Com MCQ


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10 Questions MCQ Test - Test: Pricing Policies

Test: Pricing Policies for B Com 2024 is part of B Com preparation. The Test: Pricing Policies questions and answers have been prepared according to the B Com exam syllabus.The Test: Pricing Policies MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Pricing Policies below.
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Test: Pricing Policies - Question 1
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Which of the following best describes a pricing policy?

Detailed Solution for Test: Pricing Policies - Question 1
A pricing policy refers to a systematic approach to pricing that covers all principal pricing problems. Unlike ad hoc decisions or one-time responses, a pricing policy involves codifying pricing situations into a general approach that considers competitive situations, profit goals, long-term welfare, flexibility, and other factors.
Test: Pricing Policies - Question 2
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In a perfectly competitive market, how do producers typically influence prices?

Detailed Solution for Test: Pricing Policies - Question 2
In a perfectly competitive market, producers have no control over prices. Prices are solely determined by market forces of supply and demand. Producers are price takers and cannot influence prices through their individual actions.
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Test: Pricing Policies - Question 3
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What is one of the considerations involved in formulating a pricing policy?

Detailed Solution for Test: Pricing Policies - Question 3
One of the considerations involved in formulating a pricing policy is tailoring the policy to various competitive situations. Pricing policies should be flexible and adaptable to changes in economic conditions, competition, and market demand.
Test: Pricing Policies - Question 4
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Which pricing objective aims to achieve a dominating leadership position in the market?
Detailed Solution for Test: Pricing Policies - Question 4
The pricing objective that aims to achieve a dominating leadership position in the market is market share growth. This involves setting a suitable price policy to secure a large share of the market and establish a strong presence in the industry.
Test: Pricing Policies - Question 5
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In pricing decision-making, what role does consumer psychology play?
Detailed Solution for Test: Pricing Policies - Question 5
Consumer psychology plays a role in pricing decision-making by affecting the sensitivity of demand to price changes. The behavior of consumers, their perception of value, and their willingness to pay are influenced by factors like product quality, brand image, and customer service, which impact their response to pricing changes.
Test: Pricing Policies - Question 6
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In a competitive market, which factor primarily determines prices?
Detailed Solution for Test: Pricing Policies - Question 6
In a competitive market, prices are primarily determined by competition. Producers consider the prices set by their rivals and adjust their own prices accordingly to remain competitive in the market.
Test: Pricing Policies - Question 7
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What is the primary goal of pricing according to the profit maximization approach?
Detailed Solution for Test: Pricing Policies - Question 7
The primary goal of pricing according to the profit maximization approach is to maximize current profits. This involves setting a price that maximizes the difference between total revenue and total cost.
Test: Pricing Policies - Question 8
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What pricing approach is characterized by setting high prices for new products to maximize short-term profits?
Detailed Solution for Test: Pricing Policies - Question 8
The pricing approach characterized by setting high prices for new products to maximize short-term profits is known as marketing skimming pricing. This strategy capitalizes on the willingness of early adopters to pay a premium for new innovations.
Test: Pricing Policies - Question 9
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In a mixed economy, how might the government influence pricing?
Detailed Solution for Test: Pricing Policies - Question 9
In a mixed economy, the government may influence pricing by controlling prices to achieve certain targets, prevent inflationary price rises, and ensure fair pricing for consumers. This involves implementing price control measures to regulate relative prices and prevent abnormal price increases.
Test: Pricing Policies - Question 10
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What are the three main factors that influence pricing decisions?
Detailed Solution for Test: Pricing Policies - Question 10

The correct answer is:

        4. Consumer psychology, competition, and government policy.

These are the three main factors that influence pricing decisions:

  1. Consumer psychology: Understanding how consumers perceive value and price sensitivity is crucial in setting prices that maximize sales and revenue.

  2. Competition: Pricing decisions are influenced by the pricing strategies of competitors. Pricing decisions need to take into account how competitors are pricing similar products.

  3. Government policy: Government regulations and policies, such as taxation, pricing controls, and competition policies, can impact pricing decisions.

Therefore, the correct answer is option 4: Consumer psychology, competition, and government policy.

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