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fashion industry. Calculate the mark-up on his shoes if the cost to the retailer is $50 and the selling price to the consumer is $250. Student ResponseValueCorrect AnswerFeedback

A. 50%0% B. 10.

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Catie decides to open her own hotdog stand on University Avenue. She rents the stand for $1,500.00 a month and the variable cost per hotdog is $0.50. Catie estimates that she will sell 500 hotdogs a month. Assuming the Catie sells all 500 hotdogs and that the only fixed cost she incurs is the cost of renting the stand, what is her breakeven price?

1.Rhonda is a procurement officer for the government and needs to hire a new plumbing company that she could pay a fixed price per year to get their services on demand. She sends out this request to a plumbing website where multiple plumbing firms respond with their prices. Rhonda will choose the lowest price offer. This is an example of what?

A. Demand-Based Pricing0%

B. Value-Based Pricing0%

C. Price Leader/ Follower0%

General Feedback:Lecture page 109

A. “Demand-based pricing” is an umbrella term for various pricing strategies, such as price skimming, price penetration, prestige pricing, bundle pricing, demand-minus pricing and chain markup pricing. In this quiz question, none of these strategies are used.

B. “Value-based pricing” is when subjective judgments are heavily taken into account in order to align the price with the value delivered to the customer. It includes understanding the use of the product, analyzing the benefits, analyzing the costs involved, and looking at the cost/benefit tradeoff. In this quiz question, we do not look at how the plumbing firms determine their prices.

C. In a “price leader/follower” situation, one firm changes its prices as the market leader, and another firm will match the prices newly set. ***Dr. Lutz, is this an accurate explanation of price leader/follower?***

D. “Competitive bids” involve parties submitting offers or bids that detail the amount they are willing to pay for a good or service (in the case of buyers), or the amount they will charge for a good or service (in the case of sellers). The buyer offering the highest prices will be the one who receives the good or service; the seller offering the lowest price will be the one who receives the order for a good or service. In this quiz question, the plumbing firms will compete to offer the lowest price to get Rhonda’s business.

E. “Comparative cost pricing” is not an actual marketing term.Score:1/1 2.Why did Caterpillar tractor decide to “unbundle” the price of their tractors?

Student ResponseValueCorrect AnswerFeedback

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