Kotler, Armstrong, Principles of Marketing 11th ed, Ch 10 vocab
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| Price | The amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service
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| Dynamic pricing | Charging different prices depending on individual customers and situations
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| Target costing | Pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met
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| Fixed costs | Costs that do not vary with production or sales level
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| Variable costs | Costs that vary directly with the level of production
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| Total costs | The sum of the fixed and variable costs for any given level of production
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| Experience curve (learning curve) | The drop in the average per-unit cost that comes with accumulated production experience
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| Demand curve | A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged
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| Price elasticity | A measure of the sensitivity of demand to changes in price
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| Cost-plus pricing | Adding a standard markup to the cost of production
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| Break-even pricing (target profit pricing) | Setting price to break even on the costs of making and marketing a product, or setting price to make a target profit
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| Value-based pricing | Setting price based on buyers’ perceptions of value rather than on the seller’s cost
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| Value pricing | Offering just the right combination of quality and good service at a fair price
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| Competition-based pricing | Setting prices based on the prices that competitors charge for similar products
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