Lesson 6 part 2

Question 1

refers to the method and approach a business uses to set the prices of it’s products or services

Answer 1

Pricing Strategy

Question 2

The ultimate judge of wheter your price delivers a superior value is the customer

Answer 2

Customers

Question 3

The most obvious component of pricing decisions

Answer 3

Costs

Question 4

It must work in concert with everything else you’re trying to achieve

Answer 4

Company objectives

Question 5

This is where managers often make fatal pricing decisions.

Answer 5

Competition

Question 6

If you sell through “middle men” to get to the end-suers of your products or services,

Answer 6

Channel members

Question 7

Setting initially high prices for a new product to capitilize on early adopters and gradually lowering prices over time

Example of pricing strateigies / framework

Answer 7

Skiimming pricing

Question 8

Setting low initial prices to quickly gain market share and penetrate the market, with the possibility of raising prices later

Example of pricing strateigies / framework

Answer 8

Penetration Pricing

Question 9

Setting prices based on the perceived value of the product or service to the customer, rather than solely on costs or competitor prices

Example of pricing strateigies / framework

Answer 9

Value-Based Pricing

Question 10

refers to the customer’s evaluation of a product or service’s worth based on their expectations and experiences, rather than its actual cost or intrinsic value

Answer 10

Perceived value

Question 11

Setting prices in line with or slightly below competitors’ prices to remain competitive in the market

Example of pricing strateigies / framework

Answer 11

Competitive Pricing

Question 12

Offering multiple products or services together at a discounted price compared to purchasing them seperately

Example of pricing strateigies / framework

Answer 12

Bundle Pricing

Question 13

Adjusting prices in real-time based on demand fluctiations, inventory levels, or other market conditions

Example of pricing strateigies / framework

Answer 13

Dynamic Pricing

Question 14

Offering a basic version of a product or service for free with the option to upgrade to a premium version for a fee

Answer 14

Freemium Pricing

Question 15

refers to the chammel or the route through which goods move from the source to the final user

Answer 15

Place

Question 16

refers to the connected network of individual, organization, resources, activities and technologies involved in the manufacture and sale of a product or service

Answer 16

Supply chain

Question 17

distribution is limited to a select number of dealers, usually one or a few

Product Distribution types

Answer 17

Exclusive distribution

Question 18

makes the product available in as many retail outlet as possible

Answer 18

Intensive distribution

Question 19

lies between intensive distribution or exclusive distribtuion. and which only a few retail outlets cover a specific geographical area

Answer 19

Selective distribution

Question 20

The process of marketing communation between company that sells the product and the potential customer, with the purpose of influencing the attitued and behavior

Answer 20

Promotion

Question 21

Usually for the purpose of selling products or services, trough the use of various froms of media, such as print or braodcast notices

Answer 21

Advertising