question
What is price?
answer
The amount of money charge for a product or service, the sum of all values a customer gives up to gain benefits
question
What is customer value-based pricing?
answer
Setting price based on buyers perceptions of values rather than on the sellers cost
question
What are the variables of customer value-based pricing?
answer
Good value, EDLP, high-low
question
Customer Value-Based Pricing: good value?
answer
Offering just the right combination of quality and good service at a fair price
question
Customer Value-Based Pricing: EDLP?
answer
Every day low pricing, a level price with virtually no discounts or couponing
question
Customer Value-Based Pricing: high-low?
answer
Charging higher prices on an every day basis but you were constantly couponing and discounting
question
What is value added?
answer
When you attach value added features and services to differentiate and support higher prices
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What is cost based pricing?
answer
Setting prices based on the cost of producing, distributing, and selling the product plus a fair rate of return for the companies effort and risk
question
What is fixed cost?
answer
Cost I do not vary with production or sales level
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What are variable costs?
answer
Varied directly with the level of production
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What are total costs?
answer
The sum of the fixed and variable cost
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What is cost-plus (markup)?
answer
Add a standard markup to the cost
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What is the break-even (target return) pricing?
answer
Setting a price to break even on the cost of making and marketing a product, or setting the price to make different target return
question
What is competition-based pricing?
answer
Setting prices based on competitors, strategies, costs, prices, and market offerings
question
Pricing in different types of markets?
answer
Marketing situation in which there are a large number of sellers of a product, which cannot be differentiated and there's no firm has
question
What is pure competition?
answer
Many buyers and sellers trading in a uniform commodity, we're no buyer or seller affects the price
question
What is monopolistic competition?
answer
Many buyers and sellers trading over a range of prices because of differentiation. Branding, advertising, and selling to set your brand apart
question
What is oligopolistic competition?
answer
Fewer larger sellers, who are alert to each other
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What is a pure monopoly?
answer
When the market is dominated by one seller
question
What is a demand curve?
answer
A curve that shows a number of units the market will buy in a given time period at different prices
question
What is price elasticity?
answer
A measure of sensitivity of demand of changes in price. If it is price elastic, demand will change. If it is priced inelastic, demand won't change
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