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Princ. of Marketing

Kotler, Armstrong, Principles of Marketing 11th ed, Ch 10 vocab

QuestionAnswer
Price The amount of money charged for a product or service, or the sum of the values that consumers exchange for the benefits of having or using the product or service
Dynamic pricing Charging different prices depending on individual customers and situations
Target costing Pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met
Fixed costs Costs that do not vary with production or sales level
Variable costs Costs that vary directly with the level of production
Total costs The sum of the fixed and variable costs for any given level of production
Experience curve (learning curve) The drop in the average per-unit cost that comes with accumulated production experience
Demand curve A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged
Price elasticity A measure of the sensitivity of demand to changes in price
Cost-plus pricing Adding a standard markup to the cost of production
Break-even pricing (target profit pricing) Setting price to break even on the costs of making and marketing a product, or setting price to make a target profit
Value-based pricing Setting price based on buyers’ perceptions of value rather than on the seller’s cost
Value pricing Offering just the right combination of quality and good service at a fair price
Competition-based pricing Setting prices based on the prices that competitors charge for similar products
Created by: cannons
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