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Chapter 11

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Across: 2 __________is a new business model based on pricing goods at zero or close to zero. It is based on the idea of externalities. 6 When a beverage maker came out with a new drink and priced it at half price for a month to attract buyers, the company was using a(n) ________ pricing strategy. 7 The _________price is a set price or price range in consumers' minds that they refer to in evaluating a product's price. 8 Many people rely on a prescription drug to control their cholesterol. An increase in the price of the drug would have little effect on the quantity demanded because there are no substitutes for the drug and because people who take it have no choice but to continue taking it if they wish to stay healthy. The demand for the cholesterol drug is ________. 10 A(n) ________ strategy is implemented when a store places two similar items next to each other, highlighting the fact that the price of one item is slightly lower than that of the other item. 11 Sellers should know that the less elastic the demand for their product is, the more advantageous it is for them to ________ the price. 12 ________ lets marketers look at cost and demand at the same time and identify the output and the price that will generate the maximum profit. 13 _________ costs for producing textbooks include the price of paper. 14 After looking at the ads in her Sunday paper, Ruby decided to visit a local nursery and buy potting soil at $1.99 a bag. The regular price is $4.99 a bag. While Ruby was there she also purchased three bushes, six flowering plants, and a bird bath. You can infer from this information that the nursery used the bags of potting soil as a(n) ________. 16 As a manufacturer increases price, the ________ drops. 17 ____________ pricing is a strategy that focuses on customers' needs. 18 The changes in prices of other products affect the demand for an item. This is a phenomenon called ________. 19 In a market with ________ competition, the market consists of many buyers and a few sellers who are likely to have similar pricing. 20 When Circuit Town Electronics sets its televisions at three price levels of $699, $899, and $1,099, it is most likely using ________.

21 Bayer AG agreed to pay $46 million as part of a law settlement for conspiring with ArcherDaniels-Midland (ADM) to keep prices of citric acid at a certain level. These two international companies were guilty of ________. 22 On the Internet, price can easily be adjusted to meet changes in the marketplace. This is called ________. 24 Johnson Boats wants to introduce a new model of boat into mature markets in highly developed countries with the goal of quickly gaining mass-market share. As a consultant, you should recommend a ________ pricing strategy. 28 Enforcing laws against ________ tactics is complicated because such practices are similar to the legal practice of "trading up." 30 When a snow blower shop offers a price reduction to customers who buy during the spring and summer, the shop is giving a(n) ________ discount. 31 Swatch surveyed the market and identified an unserved segment of watch buyers. Using these results, they created a watch at a price consumers were willing to pay. The unorthodox order of this marketing mix decision is an example of ________. 34 In a market with ________ competition, there are many sellers, each offering a slightly different product. Firms can differentiate products and focus on nonprice competition. 35 When Joe's Coffee Nook raised the price of a latte, Joe noticed a substantial change in how many lattes he sold daily. A price reduction caused his sales to increase. From this information, you can assume the demand for lattes is ________. 37 For a company that manufactures plastic signs, the printing press used to make the signs, the manager's salary, and the utilities are all examples of ________. 38 Savings for You, a discount retail chain, is highly competitive. When entering a new market, Savings for You often cuts prices so deeply that it sells below costs, effectively pushing smaller companies with less purchasing power out of the market. Savings for You is most at risk of being accused of ________ pricing. 39 A hamburger stand near the local mall sells hamburgers for $3.99, drinks for $1.99, and fries for $1.49, while a gourmet restaurant nearby sells entrees for $20, $30, and $45. Both of these restaurants are using ________ pricing. 40 ________ pricing strategy turns the typical assumption about price-demand relationships on its head.

Down: 1 A number of top fashion-modeling agencies were charged with ________ because they were jointly determining what commissions they would charge for models. 3 The first step in planning how to price a product is to develop pricing __________. 4 Application fees, tuition, and fines are all examples of _________. 5 This occurs when manufacturers or wholesalers attempt to force retailers to charge a certain price for their products. 9 From a marketer's point of view, price lining is a way to ________ profits. 15 In a(n) ________, all of the buyers know the highest price bid at any point in time. 23 As a result of the ________, Rick decided the candy priced at $2.50 per pound could not be nearly as good as the candy priced at $9.50 per pound. 25 A ________ discount is a price reduction to buyers who purchase large volumes 26 In which type of pricing is the selling price based on an estimate of volume or quantity a firm can sell in different markets at different prices? 27 Whether a firm sells to businesses or directly to consumers, most pricing structures are built around ____________. 28 Value Meal Deals at a fast food restaurant in which you get a sandwich, fries, and a drink for one price are an example of price __________. 29 Valeo Fashions has just introduced a new line of fashion dresses for teens. The line will initially enter the market at high prices in a ________ pricing strategy. 32 When setting prices, a leading manufacturer of nutritional supplements decided to institute a pricing strategy that would support a five percent increase in sales over the next three years. This is an example of the __________ pricing strategy. 33 Joe Bergerson makes and sells maple racks for cooling cakes and cookies. Joe knows that it costs $15 to make one rack, and he wants to earn a 25 percent profit on each rack. Joe is most likely to use a ______ pricing strategy? 36 Mach 3 razor blades must be used in the Mach 3 razor. Which type of pricing is most likely used for the razor blades?

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