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Chapter 12

Bait Pricing tries to get consumers into a store through false or misleading advertisement and then uses high-pressure selling to persuade consumers to buy more expensive products instead
Base Price the price level at which companies wish to sell the goods or services
Basing-Point Pricing charging freight from a base point, regardless of the city from which the goods are shipped
Cash Discount a price reduction offered to consumers in return for prompt payment of a bill
Cumulative Quantity Discount deduction from the list price that applies to the total purchases made during a specific time period
Deceptive Pricing Promoting a price or price saving that is not actually available
Flexible Pricing (Variable Pricing) different customers may receive different prices for the same products (selling cars)
FOB Origin Pricing the buyer absorbs the freight costs from the shipping point, farther customers pay more
Freight Absorption Pricing the seller pays all or part of the actual freight charges
Trade Discount (Functional) a discount to wholesalers and retailers for performing functions (setting up retail displays)
Loss-Leader Pricing a product is sold near or even below cost in hopes that customers will buy other items once in the store
Market Share companies product sales as a percentage of total sales for that industry
Noncumulative Quantity a deduction from list price that applies to a single order during a certain time period
Odd-Even Pricing (Psychological) odd priced items are bargains and even priced items are quality
Penetration Pricing a relatively low price for a product
Predatory Pricing a very low price for a product in hopes to driving competitors out of business
Price that which is given up in an exchange to acquire a good or service
Price Bundling marketing two or more products in a single package (hotel room and airline seats)
Price Fixing agreement between two or more companies on the price they will charge for a product, illegal
Price Lining offering a product line with several items at specific price points (balls for $2, $5, and $7)
Price Skimming a high price with heavy promotion
Price Strategy basic, long-term agreement that establishes the initial price for a product and the direction for price movements over the products life cycle
Profit revenue-expenses
Quantity Discount unit price reduction offered to buyers buying either in multiple units or at more than a specified dollar amount
Resale Price Maintenance attempts by a producer to control a store's retail price for a product
Revenue price charged to customers times the number of units sold
Seasonal Discount price reduction for buying products out of season
Single-Price Tactic offering all goods at the same price (Netflix)
Status Quo Pricing meeting the prices of competitors
Two-Part Pricing charging two separate prices for one product (bowling and shoes)
Unbundling reducing the bundle of services that comes with the basic product
Uniform Delivered Pricing the seller pays the freight charges and bills every customer an identical, flat freight charge
Value-Based Pricing setting the price at a level that seems like a good price to customers compared to the competition
Zone Pricing divides the total market into segments and charges a flat freight rate to customers in the given zone
Demand amount of a product that will be sold in the market at various prices for specified periods
Elastic Demand situation in which consumer demand is sensitive to changes in price
Elasticity of Demand consumer's responses to changes in price
Inventory Turnover measures the number of times a company goes through full stock
Markup dollar amount added to the cost of sales to get to the selling price
Price Discrimination charging different prices for different buyers (movie tickets)
Right Price for a Product Establish pricing goals, Estimate demand, costs, and profits, Choose a price strategy to help determine a base price, Fine-tune the base with pricing tactics
Created by: mchute
Popular Marketing sets




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