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Mini-Quiz: Setting the Price of your Product or Service

by Ron Kurtus (13 April 2010)

Take this Mini-Quiz to check your understanding of the lesson material.

1. What is the reason to examine what others are changing for a similar item?

You want to get a competitive advantage and establish a niche

You want to charge exactly the same as your competitors

It is a way to copy their ideas

2. How could you justify charging more than your competitors?

You should never charge more than your competitors

Your product provide greater perceived value to the customer

Tell people you need the money

3. When do you emphasize price in your advertising?

When there is nothing good to say about your product

To draw in price-conscious buyers

When your product is extremely expensive

If you got all three correct, you are on your way to becoming a Champion in Marketing. If you had problems, you had better look over the material again.

Study the competition

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Mini-Quiz: Setting the Price of Your Product or Service

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