1. Who is the Founder of Toyota Motor Corporation?
Kiichiro Toyoda
1. What do you call prices that consumers use as a benchmark for evaluating the fairness of a product's price?
Reference Price
1. What do you call the temporary price reductions offered to customers to encourage purchases?
Clue: This is typically offered to customers who purchase larger quantities
Price discounts and allowances
Companies pursue ____________ as their major pricing objective if they are plagued with overcapacity, intense competition, or changing consumer wants.
Survival
1. What is the Marketing Mix element that produces revenue?
Price
2. Which country is Toyota headquartered in?
Japan
2. What principle companies use of specific numbers, such as .99 or .95, at the end of a price to make the product seem more affordable?
Price Ending
2. What do you call the practice of charging different prices for products or services based on geographic location?
Geographical pricing
What type of cost that do not vary with production level or sales revenue?
Fixed Cost
True/False
If demand is elastic, sellers will consider increasing the price to produce more total revenue.
False (lower the price)
3. What is the name of Toyota's luxury vehicle division?
Lexus
3. What is the principle that refers to the idea that consumers often assume that higher-priced products are of higher quality?
Price-quality inferences
3. What is the tactics used by companies to create a sense of urgency or excitement around a product or service by temporarily reducing its price?
Promotional pricing
What is the pricing strategy where a company sets its prices based on what its competitors are charging for similar products or services?
Going Rate Pricing
4. When was Toyota Motor Corporation founded?
1937
4. What business technique is used to charge different consumers varying prices for the same good or service?
Differentiated pricing
What is the pricing strategy that Toyota used when it introduced the first-generation Toyota Prius in 1997?
Skimming Pricing Strategy
5. What is the name of Toyota's best-selling car model?
Toyota Corolla
_____________ is a pricing technique that add a standard markup to the product’s cost.
Markup Pricing