Chapter 25: Price Planning
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| the value in money (or its equivalent) placed on a good or service. | Price
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| a calculation that is used to determine the relative profitability of a product | Return on investment (ROI)
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| a firm's percentage of the total sales volume generated by all competitors in a given market. | Market share
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| the point at which sales revenue equals the costs and expenses of making and distributing a product. | Break-even point
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| the degree to which demand for a product is affected by its price. | demand elasticity
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| states that consumers will buy only so much of a given product, even though the price is low. | Law of diminishing marginal utility
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| occurs when competitors agree on certain price ranges within which they set their own prices. | Price fixing
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| occurs when a firm charges different prices to similar customers in similar situation. | Price discrimination
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| allows consumers to compare prices in relation to a standard unit or measure, such as an ounce or a pound. | Unit pricing
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| where minimum price laws are not in effect, an item priced at or below cost to draw customers into a store. | Loss leader
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Review the information in the table. When you are ready to quiz yourself you can hide individual columns or the entire table. Then you can click on the empty cells to reveal the answer. Try to recall what will be displayed before clicking the empty cell.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
To hide a column, click on the column name.
To hide the entire table, click on the "Hide All" button.
You may also shuffle the rows of the table by clicking on the "Shuffle" button.
Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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