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MP Pricing 2021

Unit 4 Pricing

QuestionAnswer
price the value in money placed on a good or service
demand elasticity the degree to which demand or change in demand for a product is affected by its price depending on certain factors: urgency, substitutes, brand name, etc.
price fixing occurs when competitors agree on certain price ranges to set their prices
price discrmination occurs when a firm charges different prices to similar customers in similar situations.
loss leader when a business prices a product at a loss in order to draw customers into the store.
markup pricing when re-sellers or retailers add an amount to the cost of the product in order to earn a profit
price lining is a special pricing technique that sets a limited number of prices for specific groups or lines of merchandise. Example - Big Mac Jr, Big Mac Classic, and the Grand Big Mac
bundle pricing a company offers several complementary products in a package that is sold at a single price
odd-even pricing a technique that involves setting prices that all end in either odd or even numbers . Odd numbers convey a bargain like you are paying less
prestige pricing sets higher than average prices to suggest status and high quality
everyday low prices (EDLP) are low prices set on a consistent basis with no intention of raising them or offering discounts in the future - Walmart
special event pricing items are reduced in a price for a short period of time, based on a specific happening. Halloween sale or back to school sale
cost plus pricing this is used primarily by manufacturers and producers who sell large quantities of a product for a small percentage added after the cost of production are calculated
promotional pricing used with other sales promotions where prices are reduced for a short period of time. Ex - buy one get one free, 25% off this weekend only, etc.
rebates are refunds provided by the manufacturers after the sale. Usually mail in receipt and get money back later
coupon are refunds at the cash register for a certain reduction in price
factors of demand available substitutes, brand names, urgency of purchase, income are all
goals of pricing earn a profit, gain market share, meet or beat the competition, and satisfy the customer needs and wants
consumer perceptions feelings a customer has about a product can be influenced by its price
demand what customers are willing to pay for a product
competition oriented pricing involves pricing products based on the competition: above, below or in-line
Created by: janice ritchey
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