Term
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Definition
| Pricing an item in a product line low with the intention of selling a higher-priced item in the line |
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Term
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Definition
| Packaging together two or more complementary products and selling them at a single price |
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Term
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Definition
| Pricing the basic product in a product line low, while pricing related items higher |
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Term
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Definition
| Setting a price at a specific level and comparing it with a higher price |
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Term
| competition-based pricing |
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Definition
| Pricing influenced primarily by competitors’ prices |
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Term
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Definition
| Adding a dollar amount or percentage to the cost of the product |
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Term
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Definition
| Adding a specified dollar amount or percentage to the seller’s cost |
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Term
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Definition
| Pricing on the basis of tradition |
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Term
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Definition
| Pricing based on the level of demand for the product |
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Term
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Definition
| Charging different prices to different buyers for the same quality and quantity of product |
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Term
| everyday low prices (EDLP) |
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Definition
| Pricing products low on a consistent basis |
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Term
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Definition
| Adding to the cost of the product a predetermined percentage of that cost |
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Term
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Definition
| Packaging together two or more identical products and selling them at a single price |
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Term
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Definition
| Establishing a final price through bargaining between seller and customer |
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Term
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Definition
| Ending the price with certain numbers to influence buyers’ perceptions of the price or product |
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Term
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Definition
| Setting prices below those of competing brands to penetrate a market and gain a significant market share quickly |
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Term
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Definition
| Temporary reduction of prices on a patterned or systematic basis |
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Term
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Definition
| Pricing the highest-quality or most versatile products higher than other models in the product line |
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Term
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Definition
| Setting prices at an artificially high level to convey prestige or a quality image |
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Term
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Definition
| A product priced below the usual markup, near cost, or below cost |
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Term
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Definition
| Setting a limited number of prices for selected groups or lines of merchandise |
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Term
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Definition
| Charging the highest possible price that buyers who most desire the product will pay |
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Term
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Definition
| Goals that describe what a firm wants to achieve through pricing |
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Term
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Definition
| Establishing and adjusting prices of multiple products within a product line |
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Term
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Definition
| Fees set by people with great skill or experience in a particular field |
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Term
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Definition
| Pricing that attempts to influence a customer’s perception of price to make a product’s price more attractive |
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Term
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Definition
| Temporary reduction of prices on an unsystematic basis |
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Term
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Definition
| Pricing a product at a moderate level and displaying it next to a more expensive model or brand |
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Term
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Definition
| Setting one price for the primary target market and a different price for another market |
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Term
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Definition
| Advertised sales or price cutting linked to a holiday, a season, or an event |
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