Chapter 19: Pricing Concepts - Custom Scholars
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Chapter 19: Pricing Concepts

question
price
answer
the value paid for a product in a marketing exchange
question
barter
answer
the trading of products
question
price competition
answer
emphasizing price as an issue and matching or beating competitors' prices
question
price war
answer
Involves two or more companies engaging in intense price competition, often in an effort to boost market share
question
nonprice competition
answer
emphasizing factors other than price to distinguish a product from competing brands
question
demand curve
answer
a graph of the quantity of products expected to be sold at various prices if other factors remain constant
question
price elasticity of demand
answer
a measure of the sensitivity of demand to changes in price
question
marginal analysis
answer
examines what happens to a firm's costs and revenues when production (or sales volume) changes by a single unit
question
fixed costs
answer
costs that do not vary with changes in the number of units produced or sold
question
average fixed cost
answer
the fixed cost per unit produced
question
variable costs
answer
costs that vary directly with changes in the number of units produced or sold
question
average variable cost
answer
the variable cost per unit produced
question
total cost
answer
the sum of average fixed and average variable costs times the quantity produced
question
average total cost
answer
the sum of the average fixed cost and the average variable cost
question
marginal cost (MC)
answer
the extra cost incurred by producing one more unit of a product
question
marginal revenue (MR)
answer
the change in total revenue resulting from the sale of an additional unit of a product
question
breakeven analysis
answer
the process of determining the number of units a firm must sell to cover all costs
question
breakeven analysis formula
answer
fixed costs/(price-cost to produce) = # of units that must be sold to break even
question
factors that affect pricing decisions
answer
-organizational and marketing objectives
-pricing objectives
-costs
-other marketing mix variables
-channel member expectations
-customer interpretation and response
-competition
-legal and regulatory issues
question
competition
answer
a marketer needs to know competitors' prices so it can adjust its own prices
question
price fixing
answer
an agreement among competing firms to raise, lower, or maintain prices for mutual benefit
question
deceptive pricing
answer
the use of false or misleading statements or practices to persuade buyers that a product is a better deal than it really is
question
price discrimination
answer
employing price differentials that injure competition by giving one or more buyers a competitive advantage
question
predatory pricing
answer
also called undercutting, involves the intent to set a product's price so low that rival firms cannot compete and therefore withdraw from the marketplace
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question
price
answer
the value paid for a product in a marketing exchange
question
barter
answer
the trading of products
question
price competition
answer
emphasizing price as an issue and matching or beating competitors' prices
question
price war
answer
Involves two or more companies engaging in intense price competition, often in an effort to boost market share
question
nonprice competition
answer
emphasizing factors other than price to distinguish a product from competing brands
question
demand curve
answer
a graph of the quantity of products expected to be sold at various prices if other factors remain constant
question
price elasticity of demand
answer
a measure of the sensitivity of demand to changes in price
question
marginal analysis
answer
examines what happens to a firm's costs and revenues when production (or sales volume) changes by a single unit
question
fixed costs
answer
costs that do not vary with changes in the number of units produced or sold
question
average fixed cost
answer
the fixed cost per unit produced
question
variable costs
answer
costs that vary directly with changes in the number of units produced or sold
question
average variable cost
answer
the variable cost per unit produced
question
total cost
answer
the sum of average fixed and average variable costs times the quantity produced
question
average total cost
answer
the sum of the average fixed cost and the average variable cost
question
marginal cost (MC)
answer
the extra cost incurred by producing one more unit of a product
question
marginal revenue (MR)
answer
the change in total revenue resulting from the sale of an additional unit of a product
question
breakeven analysis
answer
the process of determining the number of units a firm must sell to cover all costs
question
breakeven analysis formula
answer
fixed costs/(price-cost to produce) = # of units that must be sold to break even
question
factors that affect pricing decisions
answer
-organizational and marketing objectives
-pricing objectives
-costs
-other marketing mix variables
-channel member expectations
-customer interpretation and response
-competition
-legal and regulatory issues
question
competition
answer
a marketer needs to know competitors' prices so it can adjust its own prices
question
price fixing
answer
an agreement among competing firms to raise, lower, or maintain prices for mutual benefit
question
deceptive pricing
answer
the use of false or misleading statements or practices to persuade buyers that a product is a better deal than it really is
question
price discrimination
answer
employing price differentials that injure competition by giving one or more buyers a competitive advantage
question
predatory pricing
answer
also called undercutting, involves the intent to set a product's price so low that rival firms cannot compete and therefore withdraw from the marketplace
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