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CH 10 MKT

10 MKT

QuestionAnswer
price assignment of value, or the amount the consumer must exchange to receive the offering
profit setting prices for your products that will guarantee you'll make money on each sale 8 percent profit margin on al goods sold
Sales or market share develop bundle pricing offers in order to increase market share
Competitive Effect alter pricing strategy during first quarter of the year to increase sales during competitors intro of a new product
Customer satisfaction alter price levels to match customer expectations
Image Enhancement alter pricing policies to reflect the increased emphasis on the products quality image
Getting the right price groups cost, demand, revenue, pricing environment
Demand refers to customers' desire for a product
Law of demand as price goes up, quantity demanded goes down
Price elasticity of demand percentage change in unit sales/percentage change in price
Elastic demand changes in price have large effects on the amount demanded
Inelastic demand changes in price have little or no effect on the amount demanded
Cross Elasticity of demand changes in price of one product may affect the other product's demand
Positive cross elasticity increase in the price of one will increase demand for the other-- substitutes
Negative cross elasticity increase in price of one will decrease demand for another-- complements
Variable costs per unit costs of production that will fluctuate depending on how many units a firm produces
Fixed costs costs that don't vary with the number of units produced
Break even analysis how many units must be sold in order to cover all costs total fixed costs/contribution per unit to fixed costs
Markup amount added to cost of the product to create a price at which the channel member will sell the product
Competition monopoly (1 brand) , oligopoly (fewer but larger brands) , monopolistic, or perfect competition
Created by: user-1879979
 

 



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