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Chapter 13 MKTG 250

QuestionAnswer
Price A price (P) is the money or other considerations (including other products and services) exchanged for the ownership or use of a product or service.
Barter Barter is the practice of exchanging products and services for other products and services, rather than for money.
Value Value is the ratio of perceived benefits to price; or Value = (Perceived benefits divided by Price).
Value Pricing Value pricing is the practice of simultaneously increasing product and service benefits while maintaining or decreasing price.
Profit Equation The profit equation is: Profit = Total revenue − Total cost; or Profit = (Unit price × Quantity sold) − (Fixed cost + Variable cost).
Pricing Objectives Pricing objectives specify the role of price in an organization’s marketing and strategic plans.
Pricing Constraints Pricing constraints are factors that limit the range of prices a firm may set.
Demand Curver A demand curve is 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 Demand factors determine consumers’ willingness and ability to pay for products and services.
Price Elacsticity of Demand price elasticity of demand is the percentage change in quantity demanded relative to a percentage change in price.
Total Revenue Total revenue (TR) is the total money received from the sale of a product.
Total Cost Total cost (TC) is the total expense incurred by a firm in producing and marketing a product. Total cost is the sum of fixed cost and variable cost.
Break-Even Analysis Break-even analysis is a technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output.
Step 1 Identify pricing objectives/constraints.
Step 2 Estimate demand and revenue.
Step 3 Determine cost, volume, and profit relationships.
Elastic When 1 percent price decrease generates more than 1 percent quantity increase. (lots of substitutes-put it on sale ervyone wants it - coke)
Inelasticit `When 1 percent price decrease produces less than 1 percent quantity increase. (Necessities like gas and baby products. people will pay the price no matter what)
Total costs variable + fixed costs
variable costs direct labor/direct materials/sales commission
Fixed costs rent/executive salaries/insurance
Pricing objectives Profit, Sales revenue, Market share, Unit volume, survival, social responsibility
Pricing constraints (8) 1.legal and ethical considerations 2. competitors prices and consumers awareness
Washburn Guitars dif product lines at dif price points for dif segments
Created by: agk236
 

 



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