MARKETING FINAL (CH. 13) STUDY GUIDE - Custom Scholars
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MARKETING FINAL (CH. 13) STUDY GUIDE

question
Price
answer
The money or other considerations exchanged for the ownership or use of a product or service
question
List Price
answer
Established price normally quoted to potential buyers
question
Final Price
answer
The price the buyer pays
question
Final Price = List Price - (Incentives + Allowances) + Extra Fees
answer
What is the final price equation?
question
A coupon
answer
Whats an example of an incentive?
question
Getting 5 $1.25 apples for $5
answer
Whats an example of an allowance?
question
Value
answer
The ratio of perceived benefits to price
question
Value-Pricing
answer
The practice of simultaneously increasing product and service benefits while maintaining or decreasing price
question
[(Unit Price) x (Unit Sold)] - Total Fixed Cost - [(Unit Variable Cost) x (Units Sold)]
answer
What is the Profit Equation
question
Variable Cost
answer

Costs that change with level of production

(WAGES, RAW MATERIALS)

question
Fixed Cost
answer

Cost that stay constant within any production range

(INSURANCE)

question
Pricing Objectives
answer
Specifying roles of prices in an organization's marketing and strategic plans
question
Profitability Objective
answer

"Set prices with profit in mind"

Convince consumers they are receiving good value at a fair price

question
Volume Objective
answer
"Set prices to achieve maximum sales"
question

Revenue,

Market Share,

Units

answer
What are the three types of volume objectives?
question
Survival Objectives
answer

"Setting prices to keep the business open"

(Bed Bath & Beyond)

question
Social Responsibility Objective
answer
"Set prices based on ethical principles"
question
Pricing Constraints
answer
factors that limit the range of prices a firm may set
question
Demand Curve
answer

A graph relating quantity sold and price

*SHOWS THE MAXIMUM UNITS SOLD AT A GIVEN PRICE*

question
Price Elasticity of Demand
answer
The percentage change in quantity demanded relative to percent change in price
question
Percent Change In Quantity Demand/Percent Change in Price
answer
What is the price elasticity of demand formula?
question
Consumers will react to price changes
answer
What does it mean for a price to be elastic?
question
Consumers will not change their purchase behavior in response to price changes
answer
What does it mean for a price to be inelastic?
question
Determinants of Elasticity
answer

Substitutes

Complements

Necessities

Luxuries

Budget

Consumer Time

question
Yes
answer
If a product has substitutes, is its price elastic?
question
No
answer
If a product has complements, is its price change elastic?
question
No
answer
If a product is a necessity, is its price elastic?
question
Yes
answer
If a product is a luxury, is its price elastic?
question
Total Revenues
answer
What do demand curves lead to?
question
Total Revenue
answer
Total money received from a sale
question
Price Cuts
answer
These increase revenue for products with elastic demand.
question
Price Increases
answer
These increase revenue for products with inelastic demand
question
Break-Even Analysis
answer
A technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output
question
No
answer
Does the Break-Even Analysis consider the demand of a product?
question

Break Even Point

answer
The quantity at which total revenue and total costs are equal
1 of 35
question
Price
answer
The money or other considerations exchanged for the ownership or use of a product or service
question
List Price
answer
Established price normally quoted to potential buyers
question
Final Price
answer
The price the buyer pays
question
Final Price = List Price - (Incentives + Allowances) + Extra Fees
answer
What is the final price equation?
question
A coupon
answer
Whats an example of an incentive?
question
Getting 5 $1.25 apples for $5
answer
Whats an example of an allowance?
question
Value
answer
The ratio of perceived benefits to price
question
Value-Pricing
answer
The practice of simultaneously increasing product and service benefits while maintaining or decreasing price
question
[(Unit Price) x (Unit Sold)] - Total Fixed Cost - [(Unit Variable Cost) x (Units Sold)]
answer
What is the Profit Equation
question
Variable Cost
answer

Costs that change with level of production

(WAGES, RAW MATERIALS)

question
Fixed Cost
answer

Cost that stay constant within any production range

(INSURANCE)

question
Pricing Objectives
answer
Specifying roles of prices in an organization's marketing and strategic plans
question
Profitability Objective
answer

"Set prices with profit in mind"

Convince consumers they are receiving good value at a fair price

question
Volume Objective
answer
"Set prices to achieve maximum sales"
question

Revenue,

Market Share,

Units

answer
What are the three types of volume objectives?
question
Survival Objectives
answer

"Setting prices to keep the business open"

(Bed Bath & Beyond)

question
Social Responsibility Objective
answer
"Set prices based on ethical principles"
question
Pricing Constraints
answer
factors that limit the range of prices a firm may set
question
Demand Curve
answer

A graph relating quantity sold and price

*SHOWS THE MAXIMUM UNITS SOLD AT A GIVEN PRICE*

question
Price Elasticity of Demand
answer
The percentage change in quantity demanded relative to percent change in price
question
Percent Change In Quantity Demand/Percent Change in Price
answer
What is the price elasticity of demand formula?
question
Consumers will react to price changes
answer
What does it mean for a price to be elastic?
question
Consumers will not change their purchase behavior in response to price changes
answer
What does it mean for a price to be inelastic?
question
Determinants of Elasticity
answer

Substitutes

Complements

Necessities

Luxuries

Budget

Consumer Time

question
Yes
answer
If a product has substitutes, is its price elastic?
question
No
answer
If a product has complements, is its price change elastic?
question
No
answer
If a product is a necessity, is its price elastic?
question
Yes
answer
If a product is a luxury, is its price elastic?
question
Total Revenues
answer
What do demand curves lead to?
question
Total Revenue
answer
Total money received from a sale
question
Price Cuts
answer
These increase revenue for products with elastic demand.
question
Price Increases
answer
These increase revenue for products with inelastic demand
question
Break-Even Analysis
answer
A technique that analyzes the relationship between total revenue and total cost to determine profitability at various levels of output
question
No
answer
Does the Break-Even Analysis consider the demand of a product?
question

Break Even Point

answer
The quantity at which total revenue and total costs are equal
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