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Marketing > Chapter 13 > Flashcards

Chapter 13 Flashcards

1
Q

Which of the four P’s is the forgotten p ?

A

price

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2
Q

is the amount of money EXCHANGED for products and services
what is this ?

A

price

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3
Q

price is what the consumer ____ ?

A

pays

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4
Q

value is what the consumer ___ ?

A

receives

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5
Q

value = ?

A

perceived benefits / price

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6
Q
  1. identify pricing objectives and constraints
  2. estimate demand and revenue
  3. determine cost, volume, and profit
  4. select an approximate price level
  5. set the price
  6. make special adjustments
    what are these ?
A

six steps in setting price

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7
Q

*profit
*sales
*market share
*unit volume
*survival
*social responsibility
what are these ?

A

objectives and constraints in the identifying pricing step of setting price

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8
Q

market share = ?

A

unit brand sales / unit category sales

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9
Q
  1. How will the price vs quantity combination affect my firms financials?
  2. How will consumers respond to price changes (price sensitivity)?
    what are these ?
A

the two key questions to asl to find out how to estimate demand

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10
Q

effective marketing can make brands more elastic or inelastic ?

A

inelastic

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11
Q

increased competitiveness can make a brand more elastic or inelastic if not differentiated ?

A

elastic

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12
Q

Total cost = ?

A

fixed cost + variable cost

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13
Q

Contribution margin = ?

A

price (per unit) - variable cost (per unit)

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14
Q

a technique that analyzes total revenue and total cost to determine profitability at various quantities
what is this ?

A

break-even analysis

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15
Q

shows the quantity sold needed to cover costs
what is this ?

A

break even point

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16
Q

break even point = ?

A

fixed cost / unit price - unit variable cost

17
Q

measures the relationship between PRICE and the QUANTITY DEMANDED
what is this ?

A

price elasticity of demand

18
Q

___ type items usually have more elastic demand curves ?

A

luxury

19
Q

____ type items usually have more inelastic demand curves ?

A

necessity type

20
Q

profit = ?

A

total revenue - total cost

21
Q

the quantity produced or sold, as a pricing objective
what is this ?

A

unit volume

22
Q
  1. pure competition
  2. monopolistic competition
  3. oligopoly
  4. pure monopoly
    what are these ?
A

the 4 competitive situations

23
Q

the percentage change in quantity demanded relative to a percentage change in price
what is this ?

A

price elasticity of demand

24
Q

the total money received from the sale of a product
what is this ?

A

total revenue

25
Q

the graphic presentation of the break even analysis that shows when total revenue and total cost intersect to identify profit or loss for a given quantity sold
what is this ?

A

break even chart

26
Q

Necessity

A

Inelastic

27
Q

Non neccesaty products

A

Elastic

Marketing (19 decks)

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