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Chap013 - CHAPTER 13 BUILDING THE PRICE FOUNDATION MULTIPLE...

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CHAPTER 13 BUILDING THE PRICE FOUNDATION MULTIPLE CHOICE QUESTIONS 13-1 CHAPTER OPENING EXAMPLE CONCEPTUAL What do Expedia, Travelocity, and Priceline have in common? a. They are three websites that use the same Internet service provider (ISP). b. They are companies that use reverse auctions to sell their merchandise. c. They are three online websites that only sell to businesses. d. They are all franchise operations that operate in the business-to-business market only. e. They are the three leading online travel websites. Answer: e Page: 341 Rationale: These three websites book airline tickets, hotel rooms, and special travel packages for travelers. 13-2 CHAPTER OPENING EXAMPLE CONCEPTUAL Online travel websites have not experienced the same problems as other dot-com companies because these websites: a. rarely attempt to establish any type of long-term relationships with customers. b. focus on market share. c. use tactical objectives instead of strategic objectives. d. allow customers to save money and time. e. create form utility for customers. Answer: d Page: 341 Rationale: Like any company, online travel sites must establish marketing relationships with customers. The online sites can create time and place utility, but not form. 13-3 PRICE DEFINITION College tuitions, initiation fees, bus fares, and club dues are all: a. premiums. b. bartering tools. c. mediums of exchange. d. synonyms for price. e. examples of liquidity. Answer: d Page: 342 Other Locations: W Rationale: Key term definition—price 743
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13-4 PRICE CONCEPTUAL Which of the following is a special kind of price? a. operating costs b. liquidity c. equitable medium d. college tuition e. stockholders' equity Answer: d Page: 342 Other Locations: SG Rationale: College tuition is a special kind of price, the money paid by a college student for a term of classes. 13-5 PRICE DEFINITION From a marketing viewpoint, price is _____ exchanged for the ownership or use of a good or service. a. money or other considerations (including goods but not intangibles and services) b. money or other considerations (including other goods and services) c. money exclusively earmarked for the transaction d. what is recognized as barter within a particular culture e. anything of value to the buyer but not necessarily of value to the seller Answer: b Page: 343 Rationale: Key term definition—price 13-6 BARTER DEFINITION Barter is the practice of exchanging goods and services for other goods and services rather than for: a. value. b. perceptions. c. money. d. promises. e. tariffs. Answer: c Page: 343 Rationale: Key term definition—barter 744
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13-7 BARTER DEFINITION The practice of exchanging goods and services for other goods and services rather than for money is called: a. pricing. b. pricing substitution. c. debt restructuring. d. value-pricing. e. barter.
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