Marketing Essentials Chapter 26 Basic Pricing Policies
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| The price for which a business will provide a good or service | bid
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| also known as a price range | base price
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| sales decrease and profit margins are reduced | decline stage
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| techniques that appeal to a target market's perceptions and buying habits-they help create an illusion | psychological pricing
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| a partial refund from the manufacturers on the cost of a product | rebate
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| exchange of an old product model for a price reduction on a new model | allowance
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| 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
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| requires all customers to pay the same price for a product | one-price policy
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| setting a high price for a new product to capitalize on high demand-method for encouraging trendsetting customers to purchase a product | skimming pricing
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| wireless technology that involves tiny chips imbedded in products | RFID
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| customers pay different prices for the same type or amount of merchandise-bargaining is allowed | flexible-price
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| setting a low initial price to encourage higher distribution and exposure | penetration pricing
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| 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
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| 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
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| refers to price adjustments required because of the location of the customer for delivery of products | geographical pricing
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| sets higher than average prices to suggest status and high quality | prestige pricing
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| allow customers to take reductions at the time of purchase | coupon
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| items are reduced in price for a short period of time, based on a specific happening or holiday | special-event pricing
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