Question: false

Answer: T or F: More than 90% of Fortune 500 companies have a full-time job dedicated to pricing.

Question: true

Answer: T or F: Value-based pricing will always be more profitable than cost-based pricing.

Question: Which of these does not happen in a “smart industry”?

Answer: companies fight with price only

Question: Which of these does not happen in a “dumb industry”?

Answer: barriers to entry are increased

Question: What is the first step in strategic pricing?

Answer: Knowing how your industry behaves

Question: What is defined as responsiveness of demand to changes in price?

Answer: Price elasticity

Question: Breakeven point

Answer:

Question: false

Answer: T or F: You do not need to understand margin and markup if you are using value-based pricing.

Question: greater

Answer: A change in price in an elastic market is likely to show _______ change in demand when compared to a similar change in an inelastic market.

Question: What is the main difference between the equations for margin and mark-up?

Answer: Margin is (Price - Cost)/Price and Mark-up is (Price - Cost/Cost