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| Bait-and-switch advertising: |
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Definition
| Promoting a low-priced item to attract customers to whom the business then tries to sell a higher priced item |
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| Periods of expansion and contraction in economic activities |
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| The movement of funds into and out of a business; determines the amount of cash the business has to work with at any given time |
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| The expenses involved with manufacturing, promoting, and distributing a product |
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Definition
| A form of demand for products in which changes in price correspond to changes in demand |
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| Business costs that are not affected by changes in sales volume |
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| The product life cycle stage in which sales rise rapidly |
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| A form of demand in which changes in price do not affect demand |
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Definition
| The product life cycle stage when the product first appears in the marketplace |
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| Law of supply and demand: |
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Definition
| Economic principle which states that the supply of a good or service will increase when demand is great and decrease when demand is low |
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Definition
| Actual price that prevails in a market at any particular moment |
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| An organization’s portion of the total industry sales in a specific market |
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Definition
| The difference between the cost of a product and its selling price |
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| The product life cycle stage in which sales peak and then increase at a slower rate or start to decline |
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Term
| Monopolistic competition: |
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Definition
| A type of market structure in which a lot of businesses sell similar products that have only a few differences |
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Definition
| The state of being outmoded or unfashionable |
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| A market structure in which there are relatively few sellers, and industry leaders usually determine prices |
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Definition
| All of the expenses involved in running a business |
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| An illegal activity in which a business charges different customers different prices for similar amounts and types of products |
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| Illegal business agreement in which businesses agree on prices of their goods or services, resulting in little choice for the consumer |
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Definition
| Goals a company hopes to accomplish through its pricing strategies |
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Definition
| The stages through which goods and services move from the time they are introduced on the market until they are taken off the market |
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Definition
| The particular assortment of goods and services that a business offers in order to meet the needs of its market(s) and its company goals |
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Definition
| The income left once all expenses are paid |
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| A profit-oriented pricing objective intended to give the firm the most possible profit |
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Definition
| A category of pricing objectives that focus on profit for the business |
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Definition
| A market structure in which there are many businesses selling a lot of identical products for about the same price to many buyers |
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| A condition in which a market is controlled by one supplier, and there are no substitute goods or services readily available |
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| The degree of excellence of a good or service—how good it is |
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| A profit-oriented pricing objective in which the business bases the amount of profit it wants to earn on the amount of its capital investment |
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| A profit-oriented pricing objective in which the business bases the amount of profit it wants to earn on the amount of its sales; often called target return |
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Definition
| A category of pricing objectives that focus on increasing total amount of income from sales |
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| The amount of a firm’s sales; usually expressed in dollars |
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| The amount a seller charges the purchaser for a good or a service |
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| The particular group of customers a business seeks to attract |
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| All of a business's costs, both fixed and variable |
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| A pricing technique in which consumers are given the price per unit (pound, ounce, etc.) for products |
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| Business costs that change according to changes in sales volume |
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