Marketing exam 3 all chapters - Custom Scholars
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Marketing exam 3 all chapters

question
pricing
answer
amount of money charged for a product or service, determines a firms market share and profitability, produces revenue
question
which part of the marketing mix contributes revenue to a company?
answer
...
question
value-based pricing
answer
access customer needs and value perceptions--set target price to match customer perceived value--determine costs that can be incurred --design product to deliver desired value at target price.
Example-- adding restaurant menu in a movie theatre
question
cost-based pricing
answer
design a good product--determine product costs-- set price based on cost-- convince buyers of products value
question
consumer value based pricing includes
answer
good value pricing- It is a form of value-based pricing that offers good quality and good service at a fair price.
value added pricing- Value-added pricing refers to the practice of pricing a product based on the perceived value that products and their features add for a customer
question
price ceiling
answer
A legal maximum on the price at which a good can be sold
question
price floor
answer
A legal minimum on the price at which a good can be sold
question
break-even point
answer
the level of sales at which profit is zero
question
target return pricing
answer
A pricing strategy implemented by firms less concerned with the absolute level of profits and more interested in the rate at which their profits are generated relative to their investments; designed to produce a specific return on investment, usually expressed as a percentage of sales.
question
fixed costs
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 cost
answer
fixed costs plus variable costs
question
target costing
answer
pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met
question
Market-skimming pricing
answer
setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales
question
market penetration
answer
a marketing strategy that tries to increase market share among existing customers
question
Pure Competition Market
answer
the market consists of many buyers and sellers trading in a uniform commodity, such as wheat, copper, or financial securities
question
monopolistic competition
answer
a market structure in which many companies sell products that are similar but not identical
question
inelastic pricing
answer
price change has a small impact on supply or demand, usually a necessity, something needed now, or low price (example gas for a car)
question
Elastic Pricing
answer
price change has a big effect on supply or demand
question
optrional
answer
...
1 of 20
question
pricing
answer
amount of money charged for a product or service, determines a firms market share and profitability, produces revenue
question
which part of the marketing mix contributes revenue to a company?
answer
...
question
value-based pricing
answer
access customer needs and value perceptions--set target price to match customer perceived value--determine costs that can be incurred --design product to deliver desired value at target price.
Example-- adding restaurant menu in a movie theatre
question
cost-based pricing
answer
design a good product--determine product costs-- set price based on cost-- convince buyers of products value
question
consumer value based pricing includes
answer
good value pricing- It is a form of value-based pricing that offers good quality and good service at a fair price.
value added pricing- Value-added pricing refers to the practice of pricing a product based on the perceived value that products and their features add for a customer
question
price ceiling
answer
A legal maximum on the price at which a good can be sold
question
price floor
answer
A legal minimum on the price at which a good can be sold
question
break-even point
answer
the level of sales at which profit is zero
question
target return pricing
answer
A pricing strategy implemented by firms less concerned with the absolute level of profits and more interested in the rate at which their profits are generated relative to their investments; designed to produce a specific return on investment, usually expressed as a percentage of sales.
question
fixed costs
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 cost
answer
fixed costs plus variable costs
question
target costing
answer
pricing that starts with an ideal selling price, then targets costs that will ensure that the price is met
question
Market-skimming pricing
answer
setting a high price for a new product to skim maximum revenues layer by layer from the segments willing to pay the high price; the company makes fewer but more profitable sales
question
market penetration
answer
a marketing strategy that tries to increase market share among existing customers
question
Pure Competition Market
answer
the market consists of many buyers and sellers trading in a uniform commodity, such as wheat, copper, or financial securities
question
monopolistic competition
answer
a market structure in which many companies sell products that are similar but not identical
question
inelastic pricing
answer
price change has a small impact on supply or demand, usually a necessity, something needed now, or low price (example gas for a car)
question
Elastic Pricing
answer
price change has a big effect on supply or demand
question
optrional
answer
...
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