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Chapter 14 MKTG 250

QuestionAnswer
Demand-oriented customers tastes and preferences
Skimming Price Setting the highest initial price that customers really desiring the product are willing to pay when introducing a new or innovative product.
Penetration pricing Setting a low initial price on a new product to appeal immediately to the mass market.
Price Lining Setting the price of a line of products at a number of different specific pricing points.
odd-even pricing Setting prices a few dollars or cents under an even number.
target pricing 1 estimating the price that ultimate consumers would be willing to pay, 2 working backward through markups taken by retailers and wholesalers to for price to charge wholesalers,(3) adjusting the features of product for target price
Bundle pricing Marketing two or more products in a single package price.
yield management pricing Charging different prices to maximize revenue for a set amount of capacity at any given time
cost-oriented pricing cost side of the pricing problem. production and marketing costs and adding enough to cover direct expenses, overhead, and profit
standard markup pricing involves adding a fixed percentage to the cost of all items in a specific product class.
cost-plus pricing involves summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price
profit-oriented pricing balance revenue and costs to set price. setting target as specific dollar volume of profit or specific percentage of sales/investment
target profit involves setting an annual target of a specific dollar volume of profit.
target return-on-sales pricing involves setting a price to achieve a profit that is a specified percentage of the sales volume.
target-return-on-investment pricing involves setting a price to achieve an annual target return on investment (ROI).
Competition-oriented pricing set dependent on "the market" and competition
customary pricing involves setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors.
above,at,or below - market pricing involves setting a market price for a product or product class based on a subjective feel for the competitors’ price or market price as the benchmark.
loss-leader pricing involves deliberately selling a product below its customary price, not to increase sales, but to attract customers’ attention in hopes that they will buy other products with large markups as well.
price policy setting a list or quoted price
fixed-price policy involves setting one price for all buyers of a product or service. Also called a one-price policy
dynamic pricing policy involves setting different prices for products and services in real time in response to supply and demand conditions. Also called a flexible price policy
company, customer, competitive effects assesses how a price affects company - one product price influences a group, customer - how they percieve what is standard pricing, and competition-pricing between competitiors all being fair
product line pricing involves the setting of prices for all items in a product line to cover the total cost and produce a profit for the complete line, not necessarily for each item.
price war involves successive price cutting by competitors to increase or maintain their unit sales or market share.
discounts reduction from list price that the seller gives as a reward to the buyer for an activity the buyer does that benefits the seller
quantity discounts are reductions in unit costs for a larger order.
allowances reductions from the list price for performing an activity
promotional allowances are cash payments or extra amount of “free goods” awarded to sellers in the channel of distribution for undertaking certain advertising or selling activities to promote a product.
everyday low pricing is the practice of replacing promotional allowances with lower manufacturer list prices.
legal and regulatory aspects legal and regulatory restrictions - price fixing, price discrimination, deceptive pricing, geographical pricing, predatory pricing
price fixing involves a conspiracy among firms to set prices for a product.
price discrimination is the practice of charging different prices to different buyers for products of like grade and quality.
predatory pricing is the practice of charging a very low price for a product with the intent of driving competitors out of business.
Created by: agk236
 

 



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