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ch. 9 mkt vocab
for exam 2
| Question | Answer |
|---|---|
| Price | the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service |
| Fixed Costs | costs that do not vary with production or sales level |
| Variable Costs | costs that vary directly with the level oof production |
| Total Costs | the sum of the fixed and variable costs for any given level of production |
| Demand curve | a curve that shows the number of units the mkt will buy in a given time period, at different prices that might be charged |
| Price elasticity | a measure of the sensitivity of demand to changes in price |
| Cost-plus pricing | (markup pricing) adding a standard markup to the cost of the product |
| Break-even pricing | (target return pricing) setting price to break even on the costs of making and marketing a product, or setting price to make a target return |
| value-based pricing | setting price based on buyers' perceptions of value rather than on the seller's cost |
| Market-skimming pricing | setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales |
| Market-penetration pricing | setting a low price for a new product in order to attract a large number of buyers and a large mkt share |
| Discount | a straight reduction in price on purchases during a stated period of time or or larger quantities |
| Allowance | promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer's products in some way |
| Segmental pricing | selling a product or service at two or more prices, where the difference in prices is not based on differences in costs |
| Promotional pricing | temporarily pricing products below the list price, and sometimes even below cost to increase short-run sales |
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ss316908
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