Marketing Chapter 10 Terms

question

Price

answer

the amount of money charged for a product or service, the sum of the values that customer 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 just 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 of 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 levels

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 (learning) curve

answer

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

question

Cost-plus pricing (markup)

answer

adding a standard markup to the cost of the product

question

Break-even pricing (target return)

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 competitor's strategies, prices, costs, and market offerings

question

Target costing

answer

pricing that starts with 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 customer 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 just 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 of 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 levels

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 (learning) curve

answer

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

question

Cost-plus pricing (markup)

answer

adding a standard markup to the cost of the product

question

Break-even pricing (target return)

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 competitor's strategies, prices, costs, and market offerings

question

Target costing

answer

pricing that starts with 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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Marketing Chapter 10 Terms

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