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Pricing Policies

Marketing Essentials Chapter 26 Basic Pricing Policies

QuestionAnswer
The price for which a business will provide a good or service bid
also known as a price range base price
sales decrease and profit margins are reduced decline stage
techniques that appeal to a target market's perceptions and buying habits-they help create an illusion psychological pricing
a partial refund from the manufacturers on the cost of a product rebate
exchange of an old product model for a price reduction on a new model allowance
a percentage of expressing the difference between the price of an item and its cost-resellers add a dollar amount to arrive at a price markup
requires all customers to pay the same price for a product one-price policy
setting a high price for a new product to capitalize on high demand-method for encouraging trendsetting customers to purchase a product skimming pricing
wireless technology that involves tiny chips imbedded in products RFID
customers pay different prices for the same type or amount of merchandise-bargaining is allowed flexible-price
setting a low initial price to encourage higher distribution and exposure penetration pricing
sets the price for one product low but compensates for that low price by setting high prices for the supplies needed to operate that product captive product pricing
several complementary products are sold in a package at a single price that is lower than the cost of buying each item separately bundle pricing
refers to price adjustments required because of the location of the customer for delivery of products geographical pricing
sets higher than average prices to suggest status and high quality prestige pricing
allow customers to take reductions at the time of purchase coupon
items are reduced in price for a short period of time, based on a specific happening or holiday special-event pricing
Created by: lbauer
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