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chapter 14

QuestionAnswer
Skimming pricing involves setting the highest initial price that customers who really desire the product are willing to pay when introducing a new or innovative product.
Penetration pricing involves setting a low initial price on a new product to appeal immediately to the mass market
Prestige pricing involves setting a high price so that. quality or status conscious consumers will be attracted to the product and but it.
price lining involves setting the price of a line of products a number of different specific pricing points
odd- even pricing involves setting prices a few dollars or sends under an even number
Bundle pricing Involves the marketing of two or more products in a single package price.
yield management pricing involves the changing of different prices to maximize revenue for a set amount of capacity at any given time.
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 price.
Target profit pricing 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 specifies percentage of the sales volume.
target return on investment pricing involves setting a price to achieve an annual target return on investment (ROI)
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.
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 responce to supply and demand conditions. also called flexible price policy.
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.
quantity discounts are reductions in unit costs for a larger order.
promotional allowance are cash payments or extra amount of "free goods" awarded to sellers in the channel of distribution for understanding certain advertising or selling activities to promote a product.
Everyday low pricing is the practice of replacing promotional allowances with lower manufacturer list prices.
price fixing involves a conspiracy amoung 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 changing a very low price for a product with the intent of driving competitors out of business.
Created by: user-2025327
 

 



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