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Mkting ch 12

Mkting Final Exam

QuestionAnswer
a technique that examines the relationship between total rev and total cost to determine profitability at different levels of output Break-even analysis
graph relating the quantity sold and the $ (1) consumer taste (2) price and avail of similar products (3)consumer income demand curve
money or other considerations exchanged for the ownership or use of a product or service price
technique that examines the relationship btw total rev and total cost to determine profitability at different levels of output Break-even analysis
a graph relating the quantity sold and the price, which shows the max number of units that will be sold at a given price demand curve
money or other considerations exchanged for the ownership or use of a product or service price
% change in the quantity demanded relative to a % change in price price elasticity of demand
factors that limit the range of prices a firm may set pricing constraints
total expenses incurred by a firm in producing and mkting a product; total cost is the sum of fixes costs and variable costs pricing objectives
PROFIT = TOTAL REV - TOTAL COST pricing objectives
profit equals total rev minus total cost profit equation
ratio of perceived benefits to price total cost
total expenses incurred by a firm in producing and mkting a product. TOTAL COST = FIXED COSTS + VAR COSTS total cost
Vizio Example total revenue
name the general pricing approaches (4) 1. demand-oriented 2. cost-oriented 3. profit-oriented 4. competition-oriented
ratio of perceived benefits to price value
Demand-oriented price approach. introduce a new or innovative product setting the highest initial price that customers really desiring the product are willing to pay (1)enough customers (2)no competition (3) high & high quality Skimming Pricing
Vizio Example -william wang -make flat-panel HDTV affordable -relies on contract manufacturers in Taiwan to build it -largest seller of HGTV -160 employees -less than 10 yrs
Demand-oriented price approach. setting a low initial price on a new product to appeal immediately to the mass mkt (1)price sensitive (2)low $ discourages competitors (3)unit $ and mkting cost decrease and production vol increases penetration pricing
Vizio Example -william wang -make flat-panel HDTV affordable -relies on contract manufacturers in Taiwan to build it -largest seller of HGTV -160 employees -less than 10 yrs
name the general pricing approaches (4) 1. demand-oriented 2. cost-oriented 3. profit-oriented 4. competition-oriented
name the general pricing approaches (4) 1. demand-oriented 2. cost-oriented 3. profit-oriented 4. competition-oriented
Demand-oriented price approach. introduce a new or innovative product setting the highest initial price that customers really desiring the product are willing to pay (1)enough customers (2)no competition (3) high & high quality Skimming Pricing
Demand-oriented price approach. introduce a new or innovative product setting the highest initial price that customers really desiring the product are willing to pay (1)enough customers (2)no competition (3) high & high quality Skimming Pricing
Demand-oriented price approach. setting a low initial price on a new product to appeal immediately to the mass mkt (1)price sensitive (2)low $ discourages competitors (3)unit $ and mkting cost decrease and production vol increases penetration pricing
Demand-oriented price approach. setting a low initial price on a new product to appeal immediately to the mass mkt (1)price sensitive (2)low $ discourages competitors (3)unit $ and mkting cost decrease and production vol increases penetration pricing
Demand-oriented price approach. setting a high price so that quality or status conscious consumers will be attracted to the prod and buy it prestige pricing
Demand-oriented price approach. setting a high price so that quality or status conscious consumers will be attracted to the prod and buy it prestige pricing
Demand-oriented price approach. setting price a few dollars or cents under an even num odd-even pricing
Demand-oriented price approach. setting price a few dollars or cents under an even num odd-even pricing
Demand-oriented price approach. results in the maufacturer deliberately adjusting the composition and feats of a product to achieve tgt $ target pricing
Demand-oriented price approach. results in the maufacturer deliberately adjusting the composition and feats of a product to achieve tgt $ target pricing
Demand-oriented price approach. mkting of 2 or more products in a single package price bundle pricing
Demand-oriented price approach. mkting of 2 or more products in a single package price bundle pricing
Demand-oriented price approach. charging of different prices to maximize rev for a set amt of capacity at any given time yield management pricing
Demand-oriented price approach. charging of different prices to maximize rev for a set amt of capacity at any given time yield management pricing
Cost-oriented price approach. adding a fixed % to the cost of all items in a specific product class standard mark-up pricing
Cost-oriented price approach. adding a fixed % to the cost of all items in a specific product class standard mark-up pricing
Cost-oriented price approach. summing the total unit cost of providing a product or serc and adding a specific amt to the cost to arrice at a price MOST COMMONLY USED METHOD cost-plus pricing
Cost-oriented price approach. summing the total unit cost of providing a product or serc and adding a specific amt to the cost to arrice at a price MOST COMMONLY USED METHOD cost-plus pricing
Profit-oriented price approach. sets an annual target of a specific dollar colume of profit Target profit pricing
Profit-oriented price approach. sets an annual target of a specific dollar colume of profit Target profit pricing
Profit-oriented price approach. set prices that will give them a profit that is a specified percentage of sales volume (ex supermarkets) target return on sales
Profit-oriented price approach. set prices that will give them a profit that is a specified percentage of sales volume (ex supermarkets) target return on sales
Competition-oriented pricing approach. loss-leader pricing
Profit-oriented price approach. set prices to achieve a return on investment tgt such as a % that is mandated by its board of directors target return on investment pricing
Competition-oriented pricing approach. what customers are generally willing to pay, not necessarily the price that the firm sets above, at, or below mkt pricing
Competition-oriented pricing approach. tradition, standardized channel of distribution, or other competitive factors dictate the price customary pricing
Competition-oriented pricing approach. deliberately sell a product below its customary $ to attract attention to it. not increase sales but to attract customers in hopes they will buy other products with lg markups loss-leader pricing
Competition-oriented pricing approach. deliberately sell a product below its customary $ to attract attention to it. not increase sales but to attract customers in hopes they will buy other products with lg markups loss-leader pricing
expectations that specify the role of price in an organization's marketing and strategic plan pricing objectives
Identify the six pricing objectives 1. profit 2. sales 3. mkt share 4. unit volume 5. survival 6. social responsibility
identify the 5 pricing constraints 1. demand 2. newness 3. cost of production/mkting 4. competitor's price 5. legal/ethical
illegal under sherman act when two or more competitors collude to explicitly or implicitly set prices price fixing
charging different prices to different buyers for goods of like grade and quality price discrimination
price deals that mislead customers deceptive pricing
charging very low price with the intent of driving competitors out of business predatory pricing
Identify the 3 steps in setting a final price 1. select approx price 2. set the list or quoted price 3. make special price adjustments
'free on board' the seller pays the cost of loading the product onto the vehicle FOB pricing
price he seller quotes includes all transportation costs uniform delivered pricing
Created by: mwoltner
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