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Definition
| anything that can be offered to a market for attention, acquisition, use or consumption that might satisfy a want or need |
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Definition
| form of product that consists of activities, benefits or satisfactions offered for sale that are essentially intangible and do not result inthe ownership of anything |
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| product bought by final consumers for personal consumption |
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| consumers usually buy frequently, immediately and with a minimum of comparison and buying effort |
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Definition
| less frequently purchased consumer products and services that customers compare carefully on suitability, quality, price and style |
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| consumer products and services with unique characteristics or brand identification for which a significant group of buyers is willing to make a special purchase effort |
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| consumer products that the consumer either does not know about or knows about but does not normally think of buying |
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Definition
| amount of money charged for a product or service |
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Term
| customer value-based pricing |
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Definition
| uses buyer's perceptions of value, not the seller's cost, as the key to pricing |
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Definition
| "good value" is not the same as "low price" |
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Definition
| offering just the right combination of quality and good service at a fair price |
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Definition
| charging a constant, everyday low price with few or no temporary price discounts |
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| charging higher price on an everydy basis but running frequent promotions to lower prices temporarily on selected items |
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Definition
| strategy of attaching value-added features and services to differentiate their offers and thus support higher prices |
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Term
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Definition
| setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for its effort and risk |
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Term
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Definition
| do not vary with prodction or sales lvel |
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Term
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Definition
| vary directly with the level of production; total varies with the number of units produced |
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Term
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Definition
| sum of the fixed and variable costs forany given level of production |
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Term
| markup pricing popular b/c: |
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Definition
| sellers are more certain about costs than about demand; when all firms in the industry use this pricing method, prices tend to be similar and price competition is thus minimized |
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Definition
| no single buyer or seller has much effect on the going market price |
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Term
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Definition
| range of prices rather than single market price; this occurs because sellrs can differentiate their offers to buyers |
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Term
| oligopolistic competition |
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Definition
| few sellers who are highly sensitive toeach other's pricing and marketing strategies |
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Term
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Definition
| market has one seller; government, private regulated or private nonregulated monopoly |
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Definition
| shows the total market demand resulting from different prices |
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Definition
| how responsive demand will be to a change in price |
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Term
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Definition
| setting the high initial prices to "skim" revenues layer by layer from the market |
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| market penetration pricing |
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Definition
| setting a low initial price in order to penetrate the market quickly and deeply-to attract a large number of buyers quickly and win a large market share |
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Definition
| management must decide on the price steps to set between the various products in line |
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| offering to sell optional or accessory products along with their main product |
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| companies make products that must be used along with a main product |
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Definition
| cash, quantity, functional, seasonal |
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Definition
| occurs when the company sells a product or service at two or more prices even though the difference in prices is not based on differences in costs |
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Term
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Definition
| adjusting prices continually to meet the characteristics and needs of individual customers and situations |
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