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Marketing 3000 Final > Overview, Learning Objectives, & Checklist > Flashcards

Overview, Learning Objectives, & Checklist Flashcards

1
Q

What elements make up a price?

A
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2
Q

What objectives does a firm have in setting prices?

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3
Q

What is a demand curve?

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4
Q

What role does revenue play in pricing decisions?

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5
Q

What does price elasticity of demand mean to a manger facing a pricing decision?

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6
Q

What role do costs make in pricing decisions?

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7
Q

How do various combinations of price, fixed cost and unit variable cost affect a firm’s break-even point?

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8
Q

How is an “approximate price level” established using a demand-oriented approach?

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9
Q

How is an “approximate price level” established using a profit-oriented approach?

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10
Q

How is an “approximate price level” established using a competition-oriented approach?

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11
Q

What major factors are considered in deriving a final list or quoted price from the approximate level?

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12
Q

What adjustments can be made to the approximate price level through discounts?

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13
Q

What adjustments can be made to the approximate price level through the basis of discounts?

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14
Q

What adjustments can be made to the approximate price level through geography?

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15
Q

How do laws and regulations affect pricing practices?

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16
Q

3 Factors that affect Demand Curve

A
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17
Q

Price

A
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18
Q

Allowances

A
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19
Q

Price Elasticity of Demand

A
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20
Q

Barter

A
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21
Q

Pricing Constraint

A
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22
Q

Break-Even Analysis

A

Relationship between total revenue and total cost to determine profitability at various levels of output

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23
Q

Pricing Objective

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24
Q

Break-even Chart

A
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25
Q

Profit

A
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26
Q

Break-even Point

A

When Total Revenue = Total Cost

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27
Q

Profit Equation

A
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28
Q

Contribution Margin

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29
Q

Profitability Objective

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30
Q

Demand Curve

A
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31
Q

Sales Revenue Objective

A
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32
Q

Demand Factors

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33
Q

Social Responsibility Objective

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34
Q

Elastic Demand

A
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35
Q

Survival Objective

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36
Q

Extra fees

A
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37
Q

Total Cost

38
Q

Final Price

39
Q

Total Revenue

A

Total money received from the sale of a product

40
Q

Fixed Cost

41
Q

Unit Variable Cost

42
Q

Incentives

43
Q

Unit Volume Objective

44
Q

Inelastic Demand

45
Q

Value

46
Q

List Price

A

Established price normally quoted to potential buyers

47
Q

Value Pricing

A

The practice of simultaneously increasing product and service benefits while maintaining or decreasing price

48
Q

Market Share Objective

49
Q

Variable Cost

50
Q

Above-, At, or Below-market pricing

A

Setting a price based on a subjective feel for the competitors’ price or market price as the benchmark

51
Q

Predatory Pricing

A

Charging a very low price for a product with the intent of driving competitors out of business

52
Q

Allowance

53
Q

Prestige Pricing

A

Setting a high price so that consumers that value quality or status will be attracted to the product

54
Q

Basing-point Pricing

55
Q

Price Fixing

A

A conspiracy among firms to set prices for a product

56
Q

Cash discount

57
Q

Price lining

58
Q

Cost-plus pricing

59
Q

Price War

60
Q

Cumulative Quantity Discount

61
Q

Product Line Pricing

62
Q

Customary Pricing

A

Setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors

63
Q

Promotional Allowance

64
Q

Deceptive Pricing

A

Bait-and-Switch
The practice of misleading consumers with price deals

65
Q

Quantity discounts

66
Q

Dynamic Price Policy (aka flexible price policy)

67
Q

Seasonal Discount

68
Q

Single-zone Pricing

69
Q

Skimming Pricing

A

Setting the highest initial price that customers who really desire the product are willing to pay when introducing a new or innovative product

70
Q

Everyday Low Pricing

71
Q

Experience Curve Pricing

72
Q

Fixed Price Policy (aka one price policy)

73
Q

FOB Origin Pricing

74
Q

Standard Markup Pricing

75
Q

Target Pricing

A
  1. Estimating the price that consumers would be willing to pay
  2. Working backward through markups taken by retailers and wholesalers
  3. Adjust composition and features of the product to achieve the target price to consumers
76
Q

4 Approaches to selecting price level

77
Q

Target profit pricing

A

Setting an annual target of a specific dollar volume of profit

78
Q

Geographical Pricing

79
Q

Target Return on investment pricing

80
Q

Loss leader pricing

81
Q

Target return on sales pricing

82
Q

Multiple zone pricing

83
Q

Trade-in Allowance

84
Q

Non-Cumulative Quantity Discount

85
Q

Uniform delivered pricing

A

Includes all transportation costs

86
Q

Odd-even pricing (aka odd pricing)

A

Setting prices a few dollars or cent under an even number ($189.99)

87
Q

Yield Management Pricing

A

Changing of different prices to maximize revenue for a set amount of capacity at any given time

88
Q

Penetration Pricing

A

The opposite of Skimming Pricing

Setting a low initial price on a new product to appeal immediately to the mass market

89
Q

Determinants of Elasticity

A
  • Availability of substitutes
  • Role as a complement to another product
  • Whether product is perceived as a necessity
  • Whether product is perceived as a luxury
  • Portion of a person’s budget spent on an item
  • Consumers’ time perspective
90
Q

Relationship between Elasticity and Revenue/Profit

A
  • Price cuts will increase revenues for products with elastic demand
  • Price increases will increase revenue for products with inelastic demand
91
Q

Left Digit Effect

Marketing 3000 Final (6 decks)

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