Save
Busy. Please wait.
Log in with Clever
or
show password
Forgot Password?
Don't have an account?  Sign up 
Sign up using Clever
or
Username is available taken
show password


Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account. Your email address is only used to allow you to reset your password. See our Privacy Policy and Terms of Service.

Already a StudyStack user? Log In

Reset Password
Enter the associated with your account, and we'll email you a link to reset your password.
focusNode
Didn't know it?
click below
 
Knew it?
click below
Don't Know
Remaining cards (0)
Know
0:00
edit
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

  Normal Size     Small Size show me how

Chp. 9 Marketing

QuestionAnswer
Price The amount of money charged for a product or service, or the sum of all the values that customers give up in order to gain the benefits of having or using a product or service.
Value-based pricing Setting price based on buyers' perceptions of value rather than on the seller's cost.
Good-value pricing Offering just the right combination of quality and good service at a fair price.
Value-added pricing Attaching value-added features and services to differentiate a market offering and support higher prices, rather than cutting prices to match competitors.
Cost-based pricing Setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for its effort and risk.
Fixed costs Costs taht do not vary with production or sales level.
Variable costs Costs that vary directly with the level of production.
Total costs The sum of the fixed and variable costs for any given level of production.
Cost-plus pricing Adding a standard markup to the cost of the product.
Break-even pricing (target profit pricing) Setting price to break even on the costs of making and marketing a product; or setting price to make a target profit.
Target costing Pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met.
Demand curve A curve that shows the number of units the market 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.
Market-skimming pricing 9price skimming) 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 market share.
Optional-product pricing The pricing of optional or accessory products along with a main product.
Captive-product pricing Setting a price for products that must be used along with a main product.
By-product pricing setting a price for by-products in order to make the main product's price more competitive.
Product bundle pricing Combining several products and offering the bundle at a reduced price.
Discount A straight reduction in price on purchases under stated conditions or during a stated period of time.
Allowance Promotional money paid by manufacturers to retailers in return for an agreement to feature the manufacturer's products in some way.
Segmented pricing Selling a product or service at two or more prices, where the difference in prices is not based on differences in costs.
Psychological pricing A pricing approach that considers the psychology of prices and not simply the economics; the price is used to say something about the product.
Reference prices Prices that buyers carry in their minds and refer to when they look at a given product.
Promotional pricing Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales.
Geographical pricing Setting price based on the buyer's geographic location.
Dynamic pricing Adjusting prices continually to meet the characteristics and needs of individual customers and situations.
Price fixing sellers must set prices without talking to competitors
Created by: tgrant01
Popular Marketing sets

 

 



Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

Pass complete!
"Know" box contains:
Time elapsed:
Retries:
restart all cards