Kotler Chapter 10

question

Price

answer

The amount of money charged for a product or service; the sum of the values that customers exchange for the benefits of having or using the product or service.

question

Customer value-based pricing

answer

Setting price based on buyers' perceptions of value rather than on the seller's cost.

question

Good-value pricing

answer

Offering the right combination of quality and good service at a fair price.

question

Value-added pricing

answer

Attaching value-added features and services to differentiate a company's offers and charging higher prices.

question

Cost-based pricing

answer

Setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk.

question

Fixed costs (overhead)

answer

Costs that do not vary with production or sales level.

question

Variable costs

answer

Costs that vary directly with the level of production.

question

Total costs

answer

The sum of the fixed and variable costs for any given level of production.

question

Experience curve (learning curve)

answer

The drop in the average per-unit production cost that comes with accumulated production experience.

question

Cost-plus pricing (markup pricing)

answer

Adding a standard markup to the cost of the product.

question

Break-even pricing (target return
pricing)

answer

Setting price to break even on the costs of making and marketing a product or setting price to make a target return.

question

Competition-based pricing

answer

Setting prices based on competitors' strategies, prices, costs, and market offerings.

question

Target costing

answer

Pricing that starts with an ideal selling price and then targets costs that will ensure that the price is met.

question

Demand curve

answer

A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged.

question

Price elasticity

answer

A measure of the sensitivity of demand to changes in price.

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question

Price

answer

The amount of money charged for a product or service; the sum of the values that customers exchange for the benefits of having or using the product or service.

question

Customer value-based pricing

answer

Setting price based on buyers' perceptions of value rather than on the seller's cost.

question

Good-value pricing

answer

Offering the right combination of quality and good service at a fair price.

question

Value-added pricing

answer

Attaching value-added features and services to differentiate a company's offers and charging higher prices.

question

Cost-based pricing

answer

Setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk.

question

Fixed costs (overhead)

answer

Costs that do not vary with production or sales level.

question

Variable costs

answer

Costs that vary directly with the level of production.

question

Total costs

answer

The sum of the fixed and variable costs for any given level of production.

question

Experience curve (learning curve)

answer

The drop in the average per-unit production cost that comes with accumulated production experience.

question

Cost-plus pricing (markup pricing)

answer

Adding a standard markup to the cost of the product.

question

Break-even pricing (target return
pricing)

answer

Setting price to break even on the costs of making and marketing a product or setting price to make a target return.

question

Competition-based pricing

answer

Setting prices based on competitors' strategies, prices, costs, and market offerings.

question

Target costing

answer

Pricing that starts with an ideal selling price and then targets costs that will ensure that the price is met.

question

Demand curve

answer

A curve that shows the number of units the market will buy in a given time period, at different prices that might be charged.

question

Price elasticity

answer

A measure of the sensitivity of demand to changes in price.

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Kotler Chapter 10

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