Price Flashcards
1
Q
It refers to the sum of all values that consumers give up in order to gain the benefits of having or using a product or service
A
Price
2
Q
What Sets the prices?
A
Customer Perception of Value, Market Competition Marketing Strategies, objectives, and mix ,, product costs
3
Q
is a pricing strategy in which a firm charges a high initial price and then gradually lowers the price to attract more price-sensitive customers
A
Price skimming
4
Q
Lower price during intial offering, to make customers aware of new product
A
Product penetration
5
Q
Only element in the marketing mix that produces revenue, easiest to adjust, not always computed on basis of costs, communicates the brand positiniong
A
Price
