1. Pricing Trivia

2. This refers to a situation in which a change in price has very little effect on demand for a product
Inelastic Demand

3. When a firm charges different prices to similar customers in similar situations it is know as…
Price Discrimination

4. What is the formula for break-even
Total Costs / Selling Price

5. What is a firm’s percentage of the total sales volume generated by all the competitors in an industry known as?
Market Share

6. The legal strategy of pricing merchandise below cost to attract customers to the store to buy something else is…
Loss Leader

7. Why don’t you play poker on the savanna?
Too many cheetahs

8. What is the formula for Sales Revenue?
Price X Qty Sold

9. This allows customers to compare prices in relation to a standard measure
Unit Pricing

10. The pricing goal that is focused on determining a company’s profit margin is better known as…
Return on Investment

11. If an increase in price has a significant impact on my income, my demand for that product is…
elastic

12. Cause if they dropped them they would break
Why do hens lay eggs?
Cause if they dropped them they would break

13. Manufacturing Costs = $3. 50 Marketing Expense = $
Manufacturing Costs = $3.50 Marketing Expense = $.65 Selling Price = $6.50 What is the ROI?
58%

14. Qty Produced = 100 Cost of Production = $3/unit Price of Goods = $10
Qty Produced = 100 Cost of Production = $3/unit Price of Goods = $10.00 What is my break-even point?
30 units

15. To understand pricing, a marketer must first understand the anticipated satisfaction consumers place on a product. This is know as…
Value

16. What do you call a cow with no legs?
Ground Beef

17. What goal of pricing would typically require a company to reduce their price (make less profit) ?
Gain Market Share

18. This is a tactic used by a firm of advertising a low price for an item it has no intention of selling.
Bait – And – Switch

19. The demand for insulin tends to be…
Inelastic

20. Manufacturing Cost = $5. 00 Marketing Expense = $. 50 Profit = $2
Manufacturing Cost = $5.00 Marketing Expense = $.50 Profit = $2.00 What is ROI?
36%

21. What did the fish say when he ran into the concrete wall?
Dam

22. Price Fixing (or I will accept Collusion)
What is the activity called when competitors agree on certain ranges within which they set their prices?
Price Fixing
(or I will accept Collusion)

23. If there are few options of a product to choose from the demand is…
inelastic

24. FINAL JEOPORDY

25. Toll Commission Tuition
Name 5 forms of pricing
Fee Amount Admission
Dues Wages Rent
Toll Commission Tuition
Interest Salary Bonus