Term
| Overall sacrifice a consumer is willing to make - money, time energy - to acquire a specific product or service |
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Definition
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Term
| Company objective implemented by focusing on target profit pricing, maximizing profit or target return pricing |
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Definition
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Term
an economically based pricing strategy that attempts to identify the price at which a product or service profits are maximized
a. maximizing profits
b. targeting return pricing
c. premium pricing
d. competitor orientation
e. Sales Orientation |
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Definition
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Term
Strategy implemented by firms interested in the rate of profits relative investments; designed to produce specific return on investment, usually expressed as percentage of sales
a. maximizing profits
b. targeting return pricing
c. premium pricing
d. competitor orientation
e. Sales Orientation
f. Competitive Parity |
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Definition
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Term
Company objective based on the belief that increasing sales help the firm more than increasing profits
a. maximizing profits
b. targeting return pricing
c. premium pricing
d. competitor orientation
e. Sales Orientation
f. Competitive Parity |
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Definition
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Term
a company objective based on the premise that the firm should measure itself primarily against its competition
a. maximizing profits
b. targeting return pricing
c. premium pricing
d. competitor orientation
e. Sales Orientation
f. Competitive Parity |
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Definition
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Term
strategy of setting prices similar to those of major competitors.
a. maximizing profits
b. targeting return pricing
c. premium pricing
d. competitor orientation
e. Sales Orientation
f. Competitive Parity |
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Definition
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Term
Competitor based pricing method; firm deliberate prices products above competitors to capture consumers who always shop for the best or for whom price does not matter
a. premium pricing
b. status quo pricing
c. customer oriented pricing
d. Price Skimming
e. Market Penetration Pricing Strategy |
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Definition
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Term
competitor oriented strategy; firms changes prices only to meet those of competition
a. premium pricing
b. status quo pricing
c. customer oriented pricing
d. Price Skimming
e. Market Penetration Pricing Strategy |
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Definition
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Term
Orientation That explicitly invokes the concept of customer value and sets prices to match consumer expectations
a. premium pricing
b. status quo pricing
c. customer oriented pricing
d. Price Skimming
e. Market Penetration Pricing Strategy |
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Definition
| Consumer Oriented pricing |
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Term
strategy of selling innovation at a high price that innovators and early adapters will pay to obtain it, then lowering the price to capture the next more price sensitive segment
a. premium pricing
b. status quo pricing
c. customer oriented pricing
d. Price Skimming
e. Market Penetration Pricing Strategy |
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Definition
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Term
Pricing strategy that sets low initial price of new product or service to build sales, market share and profits quickly
a. premium pricing
b. status quo pricing
c. customer oriented pricing
d. Price Skimming
e. Market Penetration Pricing Strategy |
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Definition
| Market Penetration Pricing Strategy |
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Term
| how many units of a product or service consumers demand during a specific period at different prices |
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Definition
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Term
| Measures how changes in price affect quantity of prduct demanded;specifically ratio of the percentage change in quantity demanded to the percentage change in price |
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Definition
| Price elasticity of demand |
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Term
| market for a product or service that is price sensitive; relatively small changes in price generate large changes in quantity demanded |
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Definition
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Term
| Market for a product or service that is price insensitive; relatively small changes in price do not generate large changes int he quantity demanded |
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Definition
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Term
| change in quantity of a product demanded by consumeres due to a change in their income |
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Definition
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Term
| Consumers ability to substitute other products for the focal brand and increase price elasticity of demand for the focal brand |
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Definition
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Term
Higher price to which consumers can compare the selling price to evaluate a purchase
a. Reference Price
b. External reference price
c. internal reference price
d. everyday low pricing
e. high/low pricing
f. cost based pricing |
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Definition
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Term
Price info saved in the consumers memory, used to assess a current price offering
a. Reference Price
b. External reference price
c. internal reference price
d. everyday low pricing
e. high/low pricing
f. cost based pricing |
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Definition
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Term
strategy to emphasize the continuity of retail prices somewhere between the regular, non sale price and deep discount sale prices
a. Reference Price
b. External reference price
c. internal reference price
d. everyday low pricing
e. high/low pricing
f. cost based pricing |
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Definition
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Term
price against which buyers compare actual selling price of a product; facilitates evaluation process
a. Reference Price
b. External reference price
c. internal reference price
d. everyday low pricing
e. high/low pricing
f. cost based pricing
g. Leader pricing
h. loss leader pricing
i. predatory pricing |
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Definition
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Term
strategy to promote sales by temporarily reducing prices to encourage purchase
a. Reference Price
b. External reference price
c. internal reference price
d. everyday low pricing
e. high/low pricing
f. cost based pricing
g. Leader pricing
h. loss leader pricing
i. predatory pricing |
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Definition
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Term
pricing strategy that involves determining the costs of producing a product and adding a fixed amount to arrive at the selling price
a. Reference Price
b. External reference price
c. internal reference price
d. everyday low pricing
e. high/low pricing
f. cost based pricing
g. Leader pricing
h. loss leader pricing
i. predatory pricing |
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Definition
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Term
consumer pricing tactic to build store traffic by aggressively pricing and advertising regularly purchased items at or just above the stores cost
a. Reference Price
b. External reference price
c. internal reference price
d. everyday low pricing
e. high/low pricing
f. cost based pricing
g. Leader pricing
h. loss leader pricing
i. predatory pricing |
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Definition
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Term
extend leader pricing by lowering the price the stores cost
a. Reference Price
b. External reference price
c. internal reference price
d. everyday low pricing
e. high/low pricing
f. cost based pricing
g. Leader pricing
h. loss leader pricing
i. predatory pricing |
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Definition
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Term
| practice of setting very low prices with the intent to drive competitors out of business |
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Definition
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Term
When a few firms dominate a market
a. oligopolistic competition
b. Monopolistic Competition
c. Pure competition |
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Definition
| few firms dominating market |
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Term
many firms sell closely related but not homogeneous products; products may be viewed as but are not perfect substitutes
a. oligopolistic competition
b. Monopolistic Competition
c. Pure competition |
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Definition
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Term
when different companies sell commodity products that consumer perceive as substitutable; price usually set according to laws of supply and demand
a. oligopolistic competition
b. Monopolistic Competition
c. Pure competition |
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Definition
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