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University of Winnipeg *

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Business

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May 1, 2024

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Contemporary Business Chapter 14 Date / Time Student Score Passing Score Result March 14, 2024 1:43 am 84.61 50 Pass Contemporary Business Chapter 14 # Question Correct Answer Student Answer Result Points Awarded 1 From what Marco has shared, how would you advise Marco to proceed? Marco should create a sales incentive plan for his retail employees to achieve certain sales goals during periods of slow sales. Marco should create a sales incentive plan for his retail employees to achieve certain sales goals during periods of slow sales. Correct 1 2 Which is more likely? Marco’s promotional strategy should focus on product differentiation. This is consistent with Marco’s goals. Marco’s promotional strategy should focus on making sure that product value is accentuated. This will make his designs more attractive than those of his competitors. Incorrect 0 3 Ads for breakfast cereals containing nutritional data providing information providing information Correct 1 4 Positioning a product as upscale, expensive, high quality, and exclusive differentiating a product differentiating a product Correct 1 5 Lowering hotel room rates during the off season stabilizing sales stabilizing sales Correct 1 6 Placing stickers on a car’s windshield to remind a customer of their next oil change date stabilizing sales stabilizing sales Correct 1 7 Hair care ads promoting benefits such as shine and volume providing information providing information Correct 1 8 Expanding a product line to appeal to another demographic increasing sales increasing sales Correct 1 9 A car dealership offering a 4-year roadside assistance package with no mileage limits accentuating product value accentuating product value Correct 1 10 Adding new designs and colors to a popular line of T- shirts increasing sales increasing sales Correct 1 11 Offering an “affordable” laptop computer differentiating a product differentiating a product Correct 1 12 Marco would like to differentiate his product from that of his competitors but still make his clothing affordable. Which pricing objective would satisfy this goal? pricing to meet competition pricing to meet competition Correct 1 13 Which of the following pricing objectives is Mitchell suggesting Marco adopt? prestige objective prestige objective Correct 1 14 Reducing the amount of product within a package but keeping the price steady profitability objective profitability objective Correct 1 15 Company A acquires Company B in order to capture 25% of the available market share for a particular product line or category. volume objective volume objective Correct 1 16 A gas station lowers its price to match the price of other gas stations within the same neighborhood. pricing to meet competition pricing to meet competition Correct 1 17 A company charges high prices for its product based on perceived image and exclusivity. prestige objective prestige objective Correct 1 18 Review the email and determine which pricing strategy the sender is likely suggesting. skimming pricing skimming pricing Correct 1 19 Review the email and determine which pricing strategy the sender is likely suggesting. cost-based pricing cost-based pricing Correct 1 20 Review the email and determine which pricing strategy the sender is likely suggesting. everyday low pricing everyday low pricing Correct 1 21 Review the email and determine which pricing strategy the sender is likely suggesting. competitive pricing competitive pricing Correct 1 22 Determining the total cost to produce a product and then adding a markup to cover overhead costs and generate profit. cost-based pricing competitive pricing Incorrect 0 23 Setting intentionally high prices relative to the prices of competing products. This strategy often works well for new products or services that have little to no competition or to help distinguish a company’s high- end products from those of its competitors. skimming pricing cost-based pricing Incorrect 0 24 Maintaining continuous low prices rather than relying on short-term price-cutting tactics such coupons, rebates, or special sales. everyday low pricing skimming pricing Incorrect 0 25 An attempt to reduce the emphasis on price by matching other companies’ prices and concentrating on its own marketing efforts related to the product, distribution, and promotional elements of the marketing mix. competitive pricing competitive pricing Correct 1 26 From what you now know about the various pricing strategies and based on Marco’s business goals, which option would you suggest Marco use? competitive pricing competitive pricing Correct 1
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