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Pricing 3.06

Pricing

TermDefinition
Deceptive Pricing False advertising or deceptive advertising is the use of false or misleading statements in advertising
Bait-and-Switch Advertising First, customers are baited by advertising for a product or service at a low price; second the customers discover that the advertised good is not available or the sales person disparages the advertised item and customers are switched to a costlier product
Loss-Leader pricing A product sold at a low price (at cost or below cost) to stimulate other profitable sales. It is a kind of sales promotion, in other words marketing concentrating on a pricing stategy
Price Discrimination Occurs when a firm charges different prices to similar customers in similar situations
Clayton Antitrust act of 1914 Defines price discrimination as creating unfair competition
Robinson-Patman Act Passed in 1936 to strengthen the Clayton act, prohibits sellers from offering one customer one price and another customer a different price if both are buying the same product in similar situations
Price Fixing Is an agreement among competitors to raise, fix, or otherwise maintain the price at which their goods and services are sold, price fixing is illegal
Sherman Antitrust Act of 1890 Federal law against price fixing, which outlawed monopolies
Predatory Pricing Is the practice of selling a product or service at a very low price, intending to drive competitors out of the market
Dumping Is the practice of any kind of predatory pricing, especially in the context of international trade
Resale Price Maintenance Manufacturers try to force retailers to sell their products at a certain price, and if the retailer dropped the price too low, the manufacturer would punish the retailer by withholding the merchandise or refusing agreed upon discounts
Pricing Decisions Must consider transportation, production, and selling costs
Price What the customer pays for the product/service
Cost Expense that a business has for the product/service
Created by: E_McFadden
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