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Pricing strategy > Chapter 2 > Flashcards

Chapter 2 Flashcards

1
Q

The earliest commercial exchanges, goods or services were exchanged for other goods or
services

A

Barter

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2
Q

it is where a seller provides a product to a buyer in return for something in exchange

A

Commercial Exchange

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3
Q

product that is tangible

A

Goods

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4
Q

result of human or mechanical effort

A

Service

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5
Q

an individual who purchases a product for his or her own use

A

Consumer

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6
Q

an individual or group who purchases the product in order to resell it or for other business purposes

A

Customer

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7
Q

it is what is given in a commercial exchange in return for a good or service

A

Price

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8
Q

T or F

A cost is what a firm pays, while a price is what a business charge

A

True

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9
Q

What is the term for price when in college course or education

A

Tuition

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10
Q

What is the term for price when it comes to use of a place to live or use of equipment for a period of time

A

Rent

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11
Q

What is the term for price when its the use of money

A

Interest

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12
Q

What is the term for price when used in professional services: for lawyers, doctors, consultants

A

Fee

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13
Q

What is the term for price when for insurance

A

Premium

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14
Q

What is the term for price for transportation

A

Fare

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15
Q

What is the term for price used of a road, bridge, or long distance phone rate

A

Toll

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16
Q

What is the term for price for work of managers

A

Salary

17
Q

What is the term for price for work of hourly workers

A

Wages

18
Q

What is the term for price used in sales effort

A

Commission

19
Q

The key to business success is to focus on
satisfying customer needs. This signifies that a business strives to meet consumer needs in every way possible

A

Marketing Concept

20
Q

The four elements of the marketing mix

A
  1. Product development
  2. Placement/ distribution
  3. Promotion
  4. Pricing
21
Q

Designing, naming, and packaging goods and/or services that meet client needs

A

Product Development

22
Q

efforts to get the product to customers when and where they want it.

A

Placement/ distribution

23
Q

the act of spreading information about a product and/or the company that makes it

A

Promotion

24
Q

entails deciding what a client must provide in exchange for a product

A

Pricing

25
Q

T or F

Pricing create value; Product, distribution and Promotion harvest value

A

False. Pricing harvests value; Product, distribution and Promotion creates value

26
Q

refer to the benefits, or the satisfactions of needs and wants, that a product
provides to customers

A

Value

27
Q

Three categories of pricing issues

A
  1. Buyer seller interactivity in determining prices
  2. Price structure
  3. Price format
28
Q

a process involving some number of prices and offers and statements supporting the
validity of each.

A

Haggling

29
Q

The seller and the customer would then try to arrive at an amount they can both agree on

A

Haggling

30
Q

A price arrived at by the buyer–seller interactions of negotiation or the interactions of auction or bidding would be referred to as

A

Interactive Price

31
Q

The price that the seller actually expects to receive and sticking to it is referred to as

A

Fixed Price

32
Q

refers to the specific way prices are set or organized within a business

A

Price structure

33
Q

The practice of charging different customers different prices for the same item is known as

A

Price Segmentation

34
Q

The form of expression of a price is known as

A

Price Format

35
Q

The question of whether a price should be expressed as a single number or as the sum of more than one number is the issue

A

Price partitioning

36
Q

T or F

It is possible for a large company to experience problems in the effective implementation of pricing decisions.

A

True

37
Q

the price of the item that will appear on the
customer’s bill

A

Invoice price

38
Q

T or F

A business organization should take steps to help ensure that everyday marketing decisions fit with the organization’s strategies and long-term interests.

A

False. A business organization should take steps to help ensure that everyday PRICING decisions fit with the organization’s strategies and long-term interests.

39
Q
A

Pricing strategy (3 decks)

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