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Pricing Vocabulary

Price –
Market Share - the percentage of a market (defined in terms of either units or revenue) accounted for by a specific entity.
Market Position - Positioning refers to the customer's perceptions of the place a product or brand occupies in a market segment. In some markets, a position is achieved by associating the benefits of a brand with the needs or life style of the segments.
Cost - The money expended to produce and market a product or service.
Markup - The difference between merchandise cost and the retail price.
Margin - The difference between the selling price and total unit costs for an item.
Markdown - The amount of a reduction from the selling price.
Break-Even Point - The sales volume at which total revenues are equal to total costs .
Elasticity - The degree that an economic variable changes in response to a change in another economic variable.
Price Competition - The rivalry among firms seeking to attract customers on the basis of price, rather than by the use of other marketing factors.
Nonprice Competition – rivalry based on quality of service, distribution, and promotion that highlights the benefits and features of their products.
Price Fixing - The practice of two or more sellers agreeing on the price to charge for similar products or services.
Price Discrimination - The practice of charging different buyers different prices for the same quantity and quality of products or services.
Market Share - is the percentage of a market (defined in terms of either units or revenue) accounted for by a specific entity.
Return on Investment (ROI) - Return on investment (ROI) is one way of considering profits in relation to capital invested.
Cost-Based Pricing - A pricing method in which a fixed sum or a percentage of the total cost is added to the cost of the product to arrive at its selling price.
Demand-Based Pricing - A method of pricing in which the seller attempts to set price at the level that the intended buyers are willing to pay. It is also called value-in-use pricing or value-oriented pricing.
Flexible-Price Policy - A practice of selling at different prices to different customers. This practice could be suspect under the Robinson-Patman Act.
One-Price Policy - A policy that, at a given time, all customers pay the same price for any given item of merchandise.
Psychological Pricing - A method of setting prices intended to have special appeal to consumers.
Prestige Pricing – higher than average prices to suggest status and high quality to the customer.
Odd/Even Pricing - A form of psychological pricing that suggests buyers are more sensitive to certain ending digits. Odd price refers to a price ending in an odd number. Even price refers to a price ending in a whole number or in tenths.
Price Lining - A limited number of predetermined price points at which merchandise will be offered for sale-e.g., $7.95, $10.95, $14.95.
Promotional Pricing – when prices are reduced for a short period of time during a sales promotion.
Cash Discounts - A premium for advance payment at a rate that is usually higher than the prevailing rate of interest. It also is a reduction in price allowed the buyer for prompt payment.
Quantity Discounts - A reduction in price for volume purchases.
Trade Discounts - The discount allowed to a class of customers (manufacturers, wholesalers, retailers) on a list price before consideration of credit terms. It applies to any allowance granted without reference to the date of payment.
Promotional Discounts - An allowance given by vendors to retailers to compensate the latter for money spent in advertising a particular item in local media, or for preferred window and interior display space used for the vendor's product.
Seasonal Discounts - A special discount to all retailers who place orders for seasonal merchandise well in advance of the normal buying period.
Skimming Pricing - A method of pricing that attempts to first reach those willing to buy at a high price before marketing to more price-sensitive customers.
Penetration Pricing - A pricing policy that sets a low initial price in an attempt to increase market share rapidly. This policy is effective if demand is perceived to be fairly elastic.
Created by: danna balcarcel
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