Price Is Important to Managers ________

question 122

Multiple Choice

Price is important to managers ________.

• A) because prices cannot be changed quickly, so must be correctly determined
• B) because a small percentage improvement in price can generate a large percentage increase in profitability
• C) but other marketing mix elements create customer value and build relationships
• D) but product features can be changed more quickly
• E) but has little impact on a firm's market share

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Definitions:

Inversion Illusions

Visual phenomena where the perception of an object or scene is flipped, causing the brain to interpret it in an opposite manner from reality.

Marketing Mix

A combination of activities that represent everything a firm can do to influence demand for its good, service, or idea; often referred to as the four Ps of marketing (product, price, place, and promotion).

Marketplace

A space, physical or virtual, where buyers and sellers meet to exchange goods and services.

Communications

The process of exchanging information, ideas, thoughts, and feelings through verbal or non-verbal means.