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Pricing

TermDefinition
Price Discrimination The practice of charging different buyers different prices for the same quantity and quality of products or services.
Market Share The percentage of a market accounted for by a specific entity.
Return On Investment (ROI) Profits in relation to capital invested.
Cost Based Pricing Fixed sum or a percentage of the total cost added to the cost of the product.
Demand Based Pricing Seller attempts to set price at the level the intended buyers are willing to pay.
Flexible Price Policy Selling at different prices to different customers.
One Price Policy All customers pay the same price for an item of merchandise.
Psychological Pricing Prices intended to have special appeal to customers.
Prestige Pricing Higher than average prices to suggest status and high quality.
Odd/ Even Pricing A form of Psychological Pricing that suggests buyers are more sensitive to certain ending digits.
Price Lining A limited number of predetermined price points.
Promotional Pricing Prices are reduced for a short time during a sales promotion.
Cash Discounts A premium for advance payment at a rate that is higher than the rate of interest.
Quantity Discounts A reduction in price for volume purchases.
Trade Discounts Discount allowed to a class of customers on a list price before credit terms.
Promotional Discounts Allowance given by vendors to retailers to compensate for money spent in advertising an item.
Seasonal Discounts Special discount to all retailers who place orders for seasonal merchandise in advance of normal buying period.
Skimming Pricing Pricing that attmepts to first reach those willing to buy at a high price before marketing to more price sensitive customers.
Penetration Pricing Sets low initial price in an attempt to increase market share rapidly.
Price Ratio that indicates the quantities of money goods or services needed for a given quantity of goods.
Market Position Customer's perceptions of the place a product or brand occupies in a market segment.
Cost Money expended to produce and market a product.
Markup Difference between merchandise cost and the retail price.
Margin Difference between the selling price and total unit costs.
Markdown Amount of reduction from selling price.
Break Even Point Sales volume at which total revenues are equal to total costs.
Elasticity Degree that an economic variable changes in response to a change in another economic variable.
Price Competition Rivalry among firms seeking to attract customers on the basis of price.
Nonprice Competition Rivalry based on quality of service, distribution, and promotion that boasts the benefits of their product.
Price Fixing Two or more sellers agreeing on the price to charge for similar products.
Created by: MHolland04082001
Popular Marketing sets

 

 



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