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Marketing Vocab
VB Pricing Vocab
Word | Definition |
---|---|
Cost | What it costs your store to purchase a product form a supplier. |
Margin | The difference between your price and the cost for a particular product. |
Revenue | The total sales (in dollars) of your store over a period of time. |
Profit | The revenue of your store mubys all expenses over some period of time. |
Cost-Oriented Pricing | Setting prices based on cost. Usually price are set as a multiple of cost, such as 1.2 times the cost. |
Demand-Oriented Pricing | Setting prices based on what the customer is willing to pay. |
Competition-Oriented Pricing | Setting prices based om competitor's prices. Setting Prices lower than a competitor will generally draw more customers to your store. |