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MKTG 250 Chapter 13

QuestionAnswer
Price the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service
Barter the practice of exchanging products and services for other products and services, rather than for money
Price Equation Final price= list price- (incentives + allowances) + extra fees
Value the ratio of perceived benefits to price; or Value = (Perceived benefits divided by Price)
Value Pricing the practice of simultaneously increasing product and service benefits while maintaining or decreasing price
Profit Equation Profit = Total revenue − Total cost; or Profit = (Unit price × Quantity sold) − (Fixed cost + Variable cost)
Price Setting Process Step 1 Identify pricing objectives/constraints
Price Setting Process Step 2 Estimate demand and revenue
Price Setting Process Step 3 Determine cost, volume, and profit relationships
Pricing Objectives specify the role of price in an organization’s marketing and strategic plans
Pricing Constraints are factors that limit the range of prices a firm may set
Demand Curves a graph relating the quantity sold and price, which shows the maximum number of units that will be sold at a given price
Demand Factors determine consumers’ willingness and ability to pay for products and services
Elastic Demand When 1 percent price decrease generates more than 1 percent quantity increase
Ineslastic Demand When 1 percent price decrease produces less than 1 percent quantity increase
Total Revenue the total money received from the sale of a product
Fixed Cost The sum of the expenses of the firm that are stable and do not change with the quantity of a product that is produced and sold
Variable Cost The sum of the expenses of the firm that vary directly with the quantity of a product that is produced and sold
Calculate Break-Even Point The relationship between total revenue and total cost determines profitability at various levels of output BEPquantity= fixed cost/(unit price- unit variable cost)
Created by: user-2023011
 

 



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