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MKTG 250 Ch. 14

Vocab Review

QuestionAnswer
Skimming pricing 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.
Prestige pricing Setting a high price so that quality- or status-conscious consumers will be attracted to the product and buy it.
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 1st step estimating the price that ultimate consumers would be willing to pay for a product
Target pricing 2nd step working backward through markups taken by retailers and wholesalers to determine what price to charge wholesalers
Target pricing 3rd step deliberately adjusting the composition and features of the product to achieve the target price to consumers.
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.
Standard markup pricing Adding a fixed percentage to the cost of all items in a specific product class.
Cost-plus pricing Summing the total unit cost of providing a product or service and adding a specific amount to the cost to arrive at a price.
Target profit pricing Setting an annual target of a specific dollar volume of profit.
Target return-on-sales pricing Setting a price to achieve a profit that is a specified percentage of the sales volume.
Target return-on-investment pricing Setting a price to achieve an annual target return on investment (ROI).
Customary pricing Setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors.
Above-, At-, or Below-Market Pricing 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 Deliberately selling a product below its customary price, not to increase sales, but to attract customers’ attention to it in hopes that they will buy other products with large markups as well.
Fixed-price policy Setting one price for all buyers of a product or service. Also called a one-price policy.
Dynamic-pricing policy Setting different prices for products and services in real time in response to supply and demand conditions. Also called a flexible-price policy.
Product line pricing Setting 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 Successive price cutting by competitors to increase or maintain their unit sales or market share.
Quantity discounts Reductions in unit costs for a larger order.
Promotional allowances Cash payments or an extra amount of “free goods” awarded sellers in the marketing channel for undertaking certain advertising or selling activities to promote a product.
Everyday low pricing (EDLP) The practice of replacing promotional allowances with lower manufacturer list prices.
Price fixing A conspiracy among firms to set prices for a product.
Price discrimination Charging different prices to different buyers for products of like grade and quality.
Predatory pricing Charging a very low price for a product with the intent of driving competitors out of business.
Created by: dom23uriarte
 

 



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