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5.01-5.02 H Entrep

Unit 5 Final Exam Review

QuestionAnswer
Pricing marketing function that involves the determination of an exchange price at which the buyer and seller perceive optimum value for a good or service.
Characteristics of Effective Pricing Realistic, flexible, competitive
Factors affecting price costs, supply and demand, economic conditions, competition, government regulations, channel members, company objectives and strategies
Pricing objectives the goals a company hopes to accomplish through its pricing strategies
Profitability pricing objective making as much money as possible or simply covering the cost
sales pricing objective selling as many as possible or gaining a certain market share
Image/Prestige pricing objective setting prices to keep a certain image in the customers mind
selling price amount the seller charges for a product
Sales-Oriented Pricing Objectives to increase the total amount of income from sales
Profit-Oriented Pricing Objectives to create profits for the business
Factors affecting selling price Costs (fixed & variable), Supply and Demand, Economic Conditions, Competition, Government Regulations
Pure Competition many buyers and sellers of nearly identical products, and marketers have very little control over pricing.
Monopolistic Competition many buyers and sellers, but there is a range of prices rather than one market price.
Oligopoly there are relatively few sellers, and the industry leader usually determines prices.
fixed costs Business costs that are not affected by changes in sales volume. Examples: rent, utilities, insurance premiums
variable costs Business costs that change according to changes in sales volume. Examples: cost of goods or services, sales commission, delivery charges, advertising
Supply the amount of goods or services that producers are willing to provide.
demand the quantity of goods or services that consumers are willing and able to buy at various prices
Competition the rivalry among businesses for consume dollar
price gouging pricing above the market when no other retailer is available
price fixing an illegal practice in which competing companies agree, formally or informally, to restrict prices within a specified range
resale price maintenance price fixing imposed by a manufacturer on wholesale or retail resellers of its products to deter price-based competition
unit pricing the pricing of goods on the basis of cost per unit of measure, such as a pound or an ounce, in addition to the price per item
bait-and-switch descriptive and illegal method of selling in which a customer, attracted to a store by an advertised sale, is told either that the advertised item is unavailable or is inferior to a higher-priced item that is available
cost-based pricing where you consider your business costs and your profit objectives
demand-based pricing requires you to find out what customers are willing to pay for your product, then set the price accordingly
competition-based pricing you need to find out what your competitors charge, then decide what you should charge for your product
prestige pricing a pricing technique in which higher-than-average prices are used to suggest status and prestige to the customer
odd/even pricing a pricing technique to which odd-numbered prices are used to suggest bargains
price lining a pricing technique in which items in a certain category are priced the same
promotional pricing pricing technique in which lower prices are offered for a limited period of time to stimulate sales
multiple-unit pricing- pricing technique in which items are priced in multiples
price skimming practice of charging a high price on a new product or service in order to recover costs and maximize profits as quickly as possible
penetration pricing method used to build sales by charging a low initial price to keep unit costs to customers as low as possible
Created by: bypridge
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