UCF MAR 3023 EXAM 4 REVIEW (CH. 14-17) ACTUAL 2025/2026 WITH VERIFIED ANSWERS

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UCF MAR 3023 EXAM 4 REVIEW (CH. 14-17) ACTUAL 2025/2026 QUESTIONS AND 100% CORRECT ANSWERS What is the definition of price? - Answer -The overall sacrifice a consumer is willing to make—money, time, energy—to acquire a specific product or service. What are the 5 C's of Pricing? - Answer -Competition, Costs, Company Objectives, Customers, Channel Members What is Profit-Orientation? - Answer -A company objective that can be implemented by focusing on target profit pricing, maximizing profits, or target return pricing. What is Target Profit Pricing? - Answer -A pricing strategy implemented by firms when they have a particular profit goal as their overriding concern; uses price to stimulate a certain level of sales at a certain profit per unit. What is Maximizing Profits? - Answer -A profit strategy that relies primarily on economic theory. If a firm can accurately specify a mathematical model that captures all the factors required to explain and predict sales and profits, it should be able to identify the price at which its profits are maximized. What is Target Return Pricing? - Answer -A pricing strategy implemented by firms less concerned with the absolute level of profits and more interested in the rate at which their profits are generated relative to their investments; designed to produce a specific return on investment, usually expressed as a percentage of sales. What is Sales Orientation? Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com - Answer -A company objective based on the belief that increasing sales will help the firm more than will increasing profits. What is Premium Pricing? - Answer -A competitor-based pricing method by which the firm deliberately prices a product above the prices set for competing products to capture those consumers who always shop for the best or for whom price does not matter. What is Competitor Orientation? - Answer -A company objective based on the premise that the firm should measure itself primarily against its competition. What is Competitive Parity? - Answer -A firm's strategy of setting prices that are similar to those of major competitors. What is Status Quo Pricing? - Answer -A competitor-oriented strategy in which a firm changes prices only to meet those of competition. What is Customer Orientation? - Answer -A company objective based on the premise that the firm should measure itself primarily according to whether it meets its customers' needs. What is the Demand Curve? - Answer -Shows how many units of a product or service consumers will demand during a specific period at different prices. What is the Price Elasticity of Demand? - Answer -Measures how changes in a price affect the quantity of the product demanded; specifically, the ratio of the percentage change in quantity demanded to the percentage change in price. What is Price Elastic? - Answer -Refers to a market for a product or service that is price sensitive; that is, relatively small changes in price will generate fairly large changes in the quantity demanded. What is Price Inelastic? - Answer -Refers to a market for a product or service that is price Need assistance on Online classes, Exams & Assignments? Reach out for instant help!! Full Course Assistance, Plagiarism-free Essay Writing, Research Paper, Dissertation, Discussion Posts, etc…. Confidential & Secure services. Tutors are available for all subjects! Email now at: tutorjean01@gmail.com