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Customer Value-Based Pricing:
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Setting price based on buyers' perceptions of value rather than on the seller's cost
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Good-Value Pricing:
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Offering just the right combination of quality & good service at a fair price
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Value-Added Pricing:
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Attaching value-added features & services to differentiate a company's offers & charging higher prices
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Cost-Based Pricing:
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Setting prices based on the costs of producing, distributing, & selling the product plus a fair rate of return for effort & risk
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Cost-Plus Pricing (Markup Pricing):
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Adding a standard markup to the cost of the product
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Break-Even Pricing (Target Return Pricing):
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Setting price to break even on the costs of making & marketing a product, or setting price to make a target return
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Competition-Based Pricing:
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Setting prices, based on competitors' strategies, prices, costs, & market offerings
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Target Costing:
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Pricing that starts w/ an ideal selling price, then targets costs that will ensure that the price is met
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Demand Curve:
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A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged
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Price Elasticity:
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A measure of the sensitivity of demand to changes in price
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As production workers become better organized & more familiar w/ equipment, the average cost per unit tends to decrease w/ the ___.
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Accumulated production experience
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