Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

Marketing Concepts > EXAM #2 > Flashcards

EXAM #2 Flashcards

1
Q

TERM: Money or other negotiable instrument exchanged for the ownership or use of a product or service

A

Price

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

TERM: Exchange of products/services for products/services; money is not used in the exchange

A

Barter

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

TERM: Consumer’s perceived benefit from product/service, e.g. quality, durability

A

Value

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

TERM: total money received from sale of product

A

Total Revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

TERM: average amount of money received from selling one unit of product = price

A

Average Revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

TERM: change in total revenue from producing & marketing one additional unit of that product

A

Marginal Revenue

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

TERM: total expense incurred by a company to produce & market a product

A

Total Cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

TERM: overhead = company’s expenses that are stable, and do not change with quantities of product produced & sold

A

Fixed Costs

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

TERM: company’s expenses that change directly with the quantity of product produced & sold

A

Variable Cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

TERM: change in total cost from producing one more unit of product

A

Marginal Cost

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

TERM: conspiracy among companies to set prices for a product; illegal in the US

A

Price Fixing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

ERM: charging different prices to different buyers for the same products

A

Price Discrimination

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

TERM: charging a very low price in order to drive competitors out of business

A

Predatory Pricing

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

CONCEPT: curve on a graph showing number of units consumers will buy in a given time period, at different prices that might be charged

A

Demand Curve

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

CONCEPT: a measure of the sensitivity of demand to changes in price

A

Price elasticity of Demand

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

CONCEPT: analysis of relationship between total cost and total revenue to determine profitability at various levels of production

A

Break-Even Analysis

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

CONCEPT: straight reduction in price on purchases during stated period of time

A

Discount

18
Q

CONCEPT: promotional money paid by manufacturers to retailers in return for featuring manufacturer’s products

A

Allowance

19
Q

CONCEPT: geographical pricing strategy where goods are placed Free On Board (FOB) a carrier; customer pays freight from factory to destination

A

FOB pricing

20
Q

CONCEPT: geographical pricing strategy where company charges same price plus freight to all customers, regardless of location

A

Uniform Delivered Pricing

21
Q

PRICING STRATEGY: setting a very high initial price for a new or innovative product

A

Skimming Pricing

22
Q

PRICING STRATEGY: setting a low initial price on a new product to appeal quickly to the mass market

A

Penetration Pricing

23
Q

PRICING STRATEGY: setting a high price to attract quality- or status-conscious consumers

A

Prestige Pricing

24
Q

PRICING STRATEGY: setting prices for a line of products at a number of different price points

A

Price Lining

25
Q

PRICING STRATEGY: pricing a few cents or dollars below an even number, e.g. $11.99 rather than $12.00

A

Odd-Even Pricing

26
Q

PRICING STRATEGY: working backwards from price consumers are thought to be willing to pay

A

Target Pricing

27
Q

PRICING STRATEGY: marketing 2 or more products or services in a single package price

A

Bundle Pricing

28
Q

PRICING STRATEGY: pricing in differentiated categories to maximize revenue for finite capacity; commonly used by airlines

A

Yield-Management Pricing

29
Q

PRICING STRATEGY: adding a fixed percentage to the cost of all items in a specific product category

A

Standard Mark-Up Pricing

30
Q

PRICING STRATEGY: adding a specific amount to the cost of providing a product or service; common in some professions and in construction

A

Cost-Plus Pricing = markup pricing

31
Q

PRICING STRATEGY: pricing based on experience that unit cost of particular product/service declines 10 – 30 % each time a company’s experience at producing and selling them doubles; used in electronics industry

A

Experience Curve Pricing

32
Q

PRICING STRATEGY: pricing to achieve a target of a specific $ volume of profit

A

Target Profit Pricing

33
Q

PRICING STRATEGY: pricing to return a profit of a specified percentage of sales; used by some supermarket chains

A

Target Return-On-Sales Pricing

34
Q

PRICING STRATEGY: pricing to meet a target of a particular return on investment; commonly used by public utilities

A

Target Return-on-Investment Pricing. Target return pricing is also known as break-even pricing.

35
Q

PRICING STRATEGY: pricing levels set by tradition, a standardized channel of distribution, or some other competitive factor

A

Customary Pricing

36
Q

PRICING STRATEGY: pricing strategy in relation to competitors or market leaders

A

Above-, At-, or Below-Market Pricing

37
Q

PRICING STRATEGY: intentionally pricing below customary price, in order to entice customers into sales venue, where they will be tempted to buy other goods, in addition to the loss-leader

A

Loss-Leader Pricing

38
Q

PRICING STRATEGY: setting one price for all buyers of a product/service

A

One-Price Policy = fixed pricing

39
Q

PRICING STRATEGY: setting different prices for products/services depending on individual buyers and purchase situations

A

Flexible-Price Policy = Dynamic Pricing

40
Q

Name four things “Price” is:

A

the only element in the marketing mix that produces revenue; all other elements represent costs
one of the most flexible elements of marketing mix: price can be changed quickly
the biggest problem for many marketing executives
historically the major factor affecting buyer choice

41
Q

PRICE = _______ - _______ + _______

A

= LIST PRICE - DISCOUNTS + FEES

Marketing Concepts (9 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions