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Marketing > Finalizing Price > Flashcards

Finalizing Price Flashcards

1
Q

How companies can raise prices without alienating customers

A

Be honest about why
Keep promotions
Maintain quality
Timing - coincide with new product

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2
Q

Clickstreaming/Dynamic Pricing

A

Based o internet usage/custom pricing

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3
Q

Freemium

A

Most of the features are free but a premium upgrade is available

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4
Q

Surge Pricing

A

Based on demand

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5
Q

Demand oriented approaches

A 
Skimming
Penetration 
Prestige 
Price Lining 
Odd Even 
Target
Bundle 
Yield Management
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6
Q

Price Skimming

A

Charge high price

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7
Q

Price Penetration

A

Charge low price

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8
Q

Prestige Pricing

A

Charge high price because its prestigious

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9
Q

Price Lining

A

Separate goods into bundles

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10
Q

Odd Even

A

Add the .99 on the end of the price

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11
Q

Target Pricing

A

Manufacturer adjusts composition and features to achieve target price

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12
Q

Bundle Pricing

A

Market two or more products in single package price

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13
Q

Yield Management

A

Charge different price to maximize revenue for set capacity

Ex: Airline seats

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14
Q

Cost Oriented Approaches

A

Standard Markup
Cost Plus
Experience Curve

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15
Q

Standard Markup

A

Add fixed amount of money onto base price of all items

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16
Q

Cost Plus

A

Price plus flat fee - can be flat percentage

17
Q

Experience Curve

A

More production, less cost

18
Q

Profit Oriented Approaches

A

Target profit
Target Return on Sales
Target Return on Investment

19
Q

Competition Oriented Approaches

A

Customary
Above, At, or Below-Market
Loss Leader

20
Q

Customary

A

Charge historic price

21
Q

Above, At, or Below-Market

A

Set price above, at, or below market value

22
Q

Loss Leader

A

Sell product below customary price for attention, not sales

23
Q

Illegal Pricing Practices

A

Price Fixing
Price Discrimination
Deceptive Pricing
Predatory Pricing

Marketing (12 decks)

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