Lesson 2.2.2a
2.2.2a Pricing strategies Quiz: Pearson Edexcel Business, Unit 7
20 questions
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Lesson 2.2.2a, Pricing strategies: 20 multiple choice questions for the Pearson Edexcel GCSE Business (1BS0), Unit 7: Making marketing decisions, written with Revision Ninja.
Host it live on the board and students join with a game code on their own devices, or revise alone with Free Play. The answers are revealed in the game.
The 20 questions
-
What is the main aim of using a penetration pricing strategy at launch?
- Gain market share
- Deter all suppliers
- Eliminate fixed costs
- Maximise immediate profit
-
What pricing strategy involves setting a high initial price and lowering it over time?
- Price skimming
- Cost-plus pricing
- Competitive pricing
- Penetration pricing
-
What pricing strategy sets prices in line with or just below rivals?
- Penetration pricing
- Price skimming
- Cost-plus pricing
- Competitive pricing
-
Which pricing strategy best suits a unique new product with very few rivals?
- Competitive pricing
- Penetration pricing
- Price skimming
- Cost-plus pricing
-
Which strategy aims to win a large market share in a competitive market?
- Penetration pricing
- Price skimming
- Premium pricing
- Prestige pricing
-
What is the main goal of using a loss leader pricing strategy?
- Maximise profit
- Attract customers
- Cover costs
- Reduce stock
-
Which price point is an example of psychological pricing?
- £10.00
- £20.00
- £9.99
- £15.00
-
Which pricing method is best for quickly clearing slow-moving stock?
- Discounting
- Price skimming
- Prestige pricing
- Cost-plus
-
A new product costs £8 per unit to make. It is launched at £20 and later reduced to £14. What is the profit per unit at the lower price?
- £8
- £22
- £6
- £12
-
A firm uses penetration pricing at £5 per unit, while rivals charge £7. How does its price compare?
- £2 cheaper
- £5 dearer
- £2 dearer
- £12 cheaper
-
A business sells a printer at a loss to sell expensive ink cartridges. Which strategy is this?
- Price skimming
- Penetration pricing
- Loss leader
- Premium pricing
-
What pricing strategy sets a high price to signal superior quality?
- Competitive pricing
- Penetration pricing
- Cost-plus
- Prestige pricing
-
A firm reduces a product price from £80 to £60 for a summer sale. What is the percentage reduction?
- 33%
- 75%
- 20%
- 25%
-
Offering a free trial before charging a standard fee is an example of what?
- Price skimming
- Cost-plus
- Penetration pricing
- Loss leader
-
Which pricing strategy is best for a unique new tech product?
- Promotional pricing
- Cost-plus pricing
- Price skimming
- Penetration pricing
-
What typically happens to total profit when cutting price reduces overall revenue significantly?
- Profit falls
- Profit doubles
- Profit stays same
- Profit rises
-
What is the primary aim of selling a loss leader product?
- To reduce fixed costs
- To boost footfall
- To clear old stock
- To increase unit profit
-
A firm launches a product at £30 to match rivals priced at £30. Which pricing approach is it using?
- Competitive pricing
- Price skimming
- Loss leading
- Penetration pricing
-
A buy-one-get-one-free offer is an example of which pricing approach?
- Cost-plus
- Promotional pricing
- Price skimming
- Prestige pricing
-
Which pricing approach carries the highest risk of starting a price war?
- Psychological pricing
- Price skimming
- Cost-plus
- Competitive pricing
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