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Marketing 21

Setting Prices

QuestionAnswer
Psychological Pricing Pricing that attempts to influence a customer's perception of price to make a product's price more attractive.
Penetration Pricing Setting prices below those of competing brands to penetrate a market and gain a significant market share quickly.
Cost-Plus Pricing Adding a specified dollar amount or percentage to the seller's cost.
Professional Pricing Fees set by people with great skill or experience in a particular field.
Price Lining Setting a limited number of prices for selected groups or lines of merchandise.
Bait Pricing Pricing an item in a product line low with the intention of selling a higher-priced item in the line.
Cost-Based Pricing Adding a dollar amount or percentage to the cost of the product.
Captive Pricing Pricing the basic product in a product line low, while pricing related items higher.
Customary Pricing Pricing on the basis of tradition.
Prestige Pricing Setting prices at an artificially high-level to convey prestige or a quality image.
Differential Pricing Charging different prices to different buyers for the same quality and quantity of product.
Pricing Objectives Goals that describe what a firm wants to achieve through pricing.
Markup Pricing Adding to the cost of the product a predetermined percentage of that cost.
Price Skimming Charging the highest possible price that buyers who most desire the product will pay.
Secondary-Market Pricing Setting one price for the primary target market and a different price for another market.
Product-Line Pricing Establishing and adjusting prices of multiple products within a product line.
Random Discounting Temporary reduction of prices on an unsystematic basis.
Competition-Based Pricing Pricing influenced primarily by competitors' prices.
Special-Event Pricing Advertised sales or price cutting linked to a holiday, a season, or an event.
Bundle Pricing Packaging together two or more complementary products and selling them at a single price.
Odd-Even Pricing Ending the price with certain numbers to influence buyers' perceptions of the price or product.
Price Leaders Products priced near or even below cost.
Multiple-Unit Pricing Packaging together two or more identical products and selling them at a single price.
Premium Pricing Pricing the highest-quality or most versatile products higher than other models in the product line.
Demand-Based Pricing Pricing based on the level of demand for the product.
Comparison Discounting Setting a price at a specific and comparing it with a higher price.
Reference Pricing Pricing a product at a moderate level and displaying it next to a more expensive model or brand.
Negotiated Pricing Establishing a final price through bargaining between seller and customer.
Everyday Low Prices (EDLP) Pricing products low on a consistent basis.
Periodic Discounting Temporary reduction of prices on a patterned or systematic basis.
Created by: ElTioBabalu
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