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Marketing > Chapter 17 > Flashcards

Chapter 17 Flashcards

1
Q

The amount of money that is charged for something of value

A

Price

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2
Q

Target return objective

A

A specific level of profit as an objective

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3
Q

Profit maximizationobjective

A

And objective to get as much profit as possible

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4
Q

Sales oriented objective

A

An objective to get some level of unit sales without referring to profit

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5
Q

Administered prices

A

Consciously set prices aimed at reaching the firms objectives

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6
Q

One price policy

A

Offering the same price to all customers who purchase products under the essentially same conditions and same qualities

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7
Q

Flexible price policy

A

Offering the same products and quantities to different customers at different prices

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8
Q

Skimming price policy

A

Trying to sell to the top of the market at a high price before aiming at more price-sensitive customers

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9
Q

Penetration pricing policy

A

Trying to sell the whole market At one low price

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10
Q

Introductory price dealing

A

Temporary price cuts to speed new products into a market

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11
Q

Basic list prices

A

The prices that final customers are users are normally asked to pay for products

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12
Q

What are discounts

A

Reductions from the list price given by a seller to buyer

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13
Q

What are quantity discounts

A

Discounts offered to encourage customers to buy in larger amounts

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14
Q

What are cumulative quantity discounts

A

Reductions in price for larger purchases over a given period

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15
Q

What are non-cumulative quantity discounts

A

Reductions in price when a customer purchases a larger quantity on an individual order

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16
Q

What are seasonal discounts

A

Discounts offered to encourage buyers to buy earlier than present demand requires

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17
Q

What is net

A

An invoice term meaning that payment for the face value of the invoice is due immediately

18
Q

What are cash discounts

A

Reduction in the price to encourage buyers to pay their bills quickly

19
Q

2/10, net 30

A

Allows a 2% discount off the face value of the invoice if the invoice is paid within 10 days

20
Q

What is a trade discount

A

And list price reduction to give it to channel members for the job they are going to do

21
Q

What is a sale price

A

A temporary discount from the list price

22
Q

What is every day low pricing

A

Setting a low list price rather than relying on frequent sales

23
Q

What are allowances

A

Reduction in price given to the final customers for doing something or accepting less of something

24
Q

What are advertising allowances

A

Price reduction’s to firms in the channel to encourage them to advertise or otherwise promote the firms products locally

25
Q

What are stocking allowances

A

Allowances given to intermediaries to get shelf space for a product

26
Q

Push money allowances

A

Allowance is given to retailers by manufacturers pass to the retailer sales clerks

27
Q

What is the trade in allowance

A

The price reduction given for used products one similar new products are bought

28
Q

What are rebates

A

Refunds to customers after purchase

29
Q

F.O.B.

A

A transportation term meaning free on board some vehicle at some point

30
Q

What is zone pricing

A

Making an average freight charge to all buyers within a specific geographic area

31
Q

What is the uniform delivered pricing

A

Making an average freight charge to all buyers

32
Q

What is freight absorption pricing

A

Absorbing freight cost so that affirms delivered price meets the nearest competitors

33
Q

What is value pricing

A

Setting a fair price level for a marketing mix that really gives the target market superior customer value

34
Q

What is the unfair trade practices act do

A

Puts a lower limit on prices

35
Q

What is dumping

A

Pricing and product sold any foreign market below the cost of production or at a price lower than its domestic market

36
Q

What are phony list prices

A

Miss leading prices that customers are shown to suggest that the price they are to pay has been discounted from list

37
Q

What is the wheeler Lee amendment

A

Law that bans unfair or deceptive acts in commerce

38
Q

What is price fixing

A

Competitors illegally getting together to raise lower or stabilize prices

39
Q

What is the Robinson Patman act

A

A 1936 law that makes it illegal any price discrimination if it injures competition

40
Q

What is price discrimination

A

Injuring competition by selling the same products to different buyers at different prices

Marketing (17 decks)

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