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Ch25: Marketing
Chapter 25: Price Planning
| Question | Answer |
|---|---|
| the value in money (or its equivalent) placed on a good or service. | Price |
| a calculation that is used to determine the relative profitability of a product | Return on investment (ROI) |
| a firm's percentage of the total sales volume generated by all competitors in a given market. | Market share |
| the point at which sales revenue equals the costs and expenses of making and distributing a product. | Break-even point |
| the degree to which demand for a product is affected by its price. | demand elasticity |
| states that consumers will buy only so much of a given product, even though the price is low. | Law of diminishing marginal utility |
| occurs when competitors agree on certain price ranges within which they set their own prices. | Price fixing |
| occurs when a firm charges different prices to similar customers in similar situation. | Price discrimination |
| allows consumers to compare prices in relation to a standard unit or measure, such as an ounce or a pound. | Unit pricing |
| where minimum price laws are not in effect, an item priced at or below cost to draw customers into a store. | Loss leader |
Created by:
kweenbee30
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