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pbmf > chapter 11.2 > Flashcards

chapter 11.2 Flashcards

1
Q

amount of money requested/exchanged for a product

A

price

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2
Q

relative worth of something to a person

A

value

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3
Q

explanation of a value of a certain product over others that are similar

A

value proposition

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4
Q

the established price printed in a catalog, on a price tag, or on a price list

A

list price

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5
Q

the actual price a customer pays for a product after any discounts or coupons are deducted

A

selling price

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6
Q

price recommended by the manufacturer

A

manufacturer’s suggested retail price (MSRP)

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7
Q

goals defined in the business and marketing plans for the overall pricing policies of the company

A

pricing objectives

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8
Q

a pricing objective based on offering the lowest price possible to get the largest number of customers to buy the product

A

maximizing sales

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9
Q

a pricing objective that aims to generate as much revenue as possible in relation to total cost

A

maximizing profit

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10
Q

Company goals, expenses, customers perception, competition, supply and demand, economic conditions, product life-cycle

A

factors influencing a price of a product

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11
Q

price of a brand new product is often high

A

introduction stage

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12
Q

more competitors enter the market and the high price of new products usually falls

A

growth stage

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13
Q

sales and price of products are stable

A

maturity stage

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14
Q

price is often significantly reduced and some products are eliminated

A

decline stage

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15
Q

the point at which revenue from sales equals the cost (product starts making profit)

A

break-even point

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16
Q

the amount added to the cost to determine the price

A

markup

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17
Q

the general price at which the company expects to sell the product

A

base price

18
Q

pricing techniques that create an image of a product that entice costumer’s to buy

A

psychological pricing

19
Q

prices end in an odd number

A

odd pricing

20
Q

prices end in an even number

A

even pricing

21
Q

prices high to convey quality and status

A

prestige pricing

22
Q

various prices for same type of product to indicate different levels of quality

A

price lining

23
Q

free or reduced-price item when another is purchased at full price

A

Buy one Get one (BOGO) pricing

24
Q

combines two or more products for one price

A

bundling

25
Q

selling overseas

A

international

26
Q

selling where you are

A

geonational

27
Q

a percentage deducted from the total invoice amount

A

cash discount

28
Q

given to businesses that agree to advertise or promote a manufacturer’s product

A

promotional discount

29
Q

offers a reduced per-item price for larger numbers of an item purchased

A

quantity discount

30
Q

offered by retailers when they buy goods well in advance of a season

A

seasonal discount

31
Q

the way manufacturers quote prices to wholesalers and retailers; percentage off list price

A

trade discount

32
Q

the practice of advertising one product with the intent of persuading customers to buy a more expensive item when they arrive in store

A

bait and switch

33
Q

a group of competitors get together and set the price for a specific product

A

pricing fixing

34
Q

when a company sells the same product to different customers at different prices based on their personal characteristics of the customer

A

price discrimination

35
Q

the illegal pricing of products in a way that intentionally misleads customers

A

deceptive pricing

36
Q

the practice of setting very low prices to get rid of competition

A

predatory pricing

37
Q

pricing an item much lower than the current market price or the cost of acquiring a product

A

loss leader

38
Q

the raising of prices on certain kinds of goods to an excessively high level during an emergency

A

price gouging

39
Q

maximum price set by government for certain goods and services that it thinks are being priced to high

A

price ceilings

40
Q

minimum price set by the government for certain goods and services that it thinks are being priced to low

A

price floors

pbmf (3 decks)

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