With Respect to Product,which of the Following Would a Business

question 51

Multiple Choice

With respect to product,which of the following would a business law professor most likely indicate as being the source of an adopted mandatory measure of the standard of care for tort liability?

• A) Consumer Packaging and Labelling Act
• B) Canadian Code of Advertising Standards
• C) Sale of Goods Act
• D) Canadian Standards Association

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Definitions:

Odd Pricing

Psychological pricing strategy in which goods are priced at, say, $9.99 rather than $10.00 in the belief that the price will seem lower than it really is.

Prestige Pricing

A pricing strategy where goods are priced higher than market averages to evoke a sense of luxury or exclusivity.

Reference Pricing

Reference pricing is a pricing strategy wherein the price of a product is determined relative to the price of similar products or a benchmark in the market.

Penetration Pricing

A pricing strategy where the price of a product is set lower than the competitors' to gain market share rapidly.