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MKT 301 Final pt 2

QuestionAnswer
Trade Allowances A price reduction from a manufacturer to a retailer or wholesaler in e change for the performance of specified promotion activities.
Push Money Intermediaries receive push money as a bonus for pushing the manufactuer's brand. Often the push money is directed at the retailer's salespeople.
Training Sometimes a manufacturer will provide free training for the personnel of an intermediary if the product is complex.
Free Merchandise Another trade promotion is free merchandise offered in lieu of quantity discounts.
Price That which is given in an exchange to acquire a good or service.
Revenue Prices charged to consumers multiplied by the number of u it's sold.
Profit Whatever is left over from revenue after paying for company activities.
Profit Maximization Setting prices do total revenue is as large as possible relative to total costs for a given item.
Target Return On Investment Sometimes called return on total assets. It measures the effectiveness of management in generating profits with its available assets.
Market Share Refers to a company's product sales as a percentage of total sales for that industry. Market share can e expressed in dollars of sales or u it's of product.
Status Quo Pricing Seems to maintain existing prices or simply to meet the competition's prices. This strategy requires little planning other than monitoring competitor's prices.
Demand The quantity of a product that will be sold in the market at various prices for a specified period. Ordinarily, the quantity demanded increases as prices decreases and decreases as price increases.
Supply Quantity of product that will be offered to the market by suppliers at various prices for a specified period.
Elasticity of Demand Refers to consumers' responsiveness or sensitivity to change in price.
Elastic Demand Occurs when consumers are sensitive to price changes.
Inelastic Demand An increase or decrease in price will not significantly affect demand for a product.
Yield Management Systems Use complex mathematical software to profitably fill unused capacity by discounting early purchases, limiting early sales at these discounted prices, and overbooking capacity.
Variable Costs Vary with changes in the level of output, for example, the cost of materials.
Fixed Costs Such as rent and executive salaries, do not change as output is increased or decreased. Rent, executive salaries, insurance for the building, vehicles, and computer leases are examples.
Average Variable Cost Total variable cost divided by quantity of output.
Average Total Cost Total cost divided by output.
Marginal Cost The change in total cost associated with a one-unit change in output.
Markup Pricing The cost of buying the product from the producer plus amounts for profit and for expenses not otherwise accounted for.
Keystoning Markups that are double the cost.
Profit Maximization Pricing Occurs when marginal revenue equals marginal cost.
Marginal Revenue The extra revenue associated with selling an additional unit of output.
Break-even Analysis Determines what sales volume must be reached for a product before the company breaks even and no profits are earned.
Prestige Pricing Marketing managers can use high prices to enhance the image of their product in some cases.
Created by: 569314993
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