Chapter 14 Important Terms and Concepts - Custom Scholars
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Chapter 14 Important Terms and Concepts

question
The 5 C's of Pricing
answer
Company Objectives, Customers, Costs, Competition, and Channel Members
question
4 Company Objectives
answer
Profit-orientated, Customer-oriented, Competitor-oriented, Sales-oriented
question
What are the issues with profit orientation?
answer
it disregards the value customers have for a product --> low pricing of a product than it's actual value
question
Why should firms adopt sales orientation?
answer
To have a good position in the market by attracting price-sensitive customers to switch brands
question
What are benefits of competitor strategy?
answer
Allows for new brands to price their products at the same costs of their competitors knowing consumers will reference the prices to the quality.
question
What is price elasticity of demand?
answer
measures how changes in price affect the quantity of product demand
question
difference between elastic and inelastic
answer
elastic --> price sensitive; inelastic --> price insensitive
question
What factors influence price elasticity?
answer
Substitution effect, income effect, cross-price elasticity
question
What are the 3 different costs?
answer
Fixed costs, variable costs, total costs
question
What is the difference between fixed costs and variable costs?
answer
Fixed costs don't change regardless of the changes in production, variable costs change depending on the volume of production
question
What are the four different types of competitive environments
answer
monopoly, monopolistic, oligopolistic, pure competition
question
Difference between EDLP and high/low pricing
answer
EDLP saves search costs of finding lowest overall prices, and High/low provides the thrill of the chase for the lowest price.
question
What pricing strategies should be considered when introducing a new product?
answer
price skimming and premium pricing
question
What are common pricing practices that are considered to be illegal or unethical?
answer
deceptive or illegal price advertising, loss-leader pricing, bait-switch, and price-fixing
1 of 14
question
The 5 C's of Pricing
answer
Company Objectives, Customers, Costs, Competition, and Channel Members
question
4 Company Objectives
answer
Profit-orientated, Customer-oriented, Competitor-oriented, Sales-oriented
question
What are the issues with profit orientation?
answer
it disregards the value customers have for a product --> low pricing of a product than it's actual value
question
Why should firms adopt sales orientation?
answer
To have a good position in the market by attracting price-sensitive customers to switch brands
question
What are benefits of competitor strategy?
answer
Allows for new brands to price their products at the same costs of their competitors knowing consumers will reference the prices to the quality.
question
What is price elasticity of demand?
answer
measures how changes in price affect the quantity of product demand
question
difference between elastic and inelastic
answer
elastic --> price sensitive; inelastic --> price insensitive
question
What factors influence price elasticity?
answer
Substitution effect, income effect, cross-price elasticity
question
What are the 3 different costs?
answer
Fixed costs, variable costs, total costs
question
What is the difference between fixed costs and variable costs?
answer
Fixed costs don't change regardless of the changes in production, variable costs change depending on the volume of production
question
What are the four different types of competitive environments
answer
monopoly, monopolistic, oligopolistic, pure competition
question
Difference between EDLP and high/low pricing
answer
EDLP saves search costs of finding lowest overall prices, and High/low provides the thrill of the chase for the lowest price.
question
What pricing strategies should be considered when introducing a new product?
answer
price skimming and premium pricing
question
What are common pricing practices that are considered to be illegal or unethical?
answer
deceptive or illegal price advertising, loss-leader pricing, bait-switch, and price-fixing
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