MKTG 301 FINAL CH 10 - Custom Scholars
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MKTG 301 FINAL CH 10

question
value based pricing
answer
uses the buyers' perceptions of value rather than the seller's cost
- customer driven and more mktg-oriented
- start with what consumers are willing to pay than work backwards
Ex) Homegrown sandwiches
question
Cost based pricing
answer
sets prices based on the costs for the producing, distributing, and selling the product plus a fair rate of return for effort and risk
-traditional based pricing, is conservative
- adds a std markup to the cost of the product
Ex) 600 hair dryer
question
Every Day Low Pricing (EDLP) (value based pricing)
answer
involves charging a constant everyday low price with few or no temporary price discounts
- works well for customer needs not wants
Ex) Walmart
question
High low pricing (value based pricing)
answer
involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items (occasional discounts/sales)
-good for wants not needs
they need the nudge to purchase
Ex) Nordstrom
question
value added pricing (value based pricing)
answer
attaches value-added features and services to differentiate a company's offers and thus their higher prices (premium pricing supported by quality products)
question
pros and cons of cost plus pricing
answer
Pros: sellers are certain about costs, price competition is minimized, and buyers feel it is fair
Cons: Ignores demand and competitor prices (the evaluation of consumers' perceptions of cost/prices)
question
target costing
answer
starts with an ideal selling price based on customer value considerations and then targets costs that will ensure that the price is met
question
break even pricing (target return pricing)
answer
setting price to break even on cost or to make a target return
question
competition based pricing
answer
setting prices based on competitors' strategies, costs, prices, and market offerings
question
price elasticity
answer
a measure of the sensitivity of demand to changes in price
question
inelastic demand
answer
when demand hardly changes with a small change in price
question
elastic demand
answer
when demand changes greatly with a small change in price
question
pricing in different types of mkts
answer
-pure competition (no difference : soybeans)
-monopolistic competition (similar but differentiated, branded products : pepsi vs coke)
-oligopolistic competition (2 competitiors, last thing they want to do is have a price war)
-pure monopoly (competitor can set any price they want
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question
value based pricing
answer
uses the buyers' perceptions of value rather than the seller's cost
- customer driven and more mktg-oriented
- start with what consumers are willing to pay than work backwards
Ex) Homegrown sandwiches
question
Cost based pricing
answer
sets prices based on the costs for the producing, distributing, and selling the product plus a fair rate of return for effort and risk
-traditional based pricing, is conservative
- adds a std markup to the cost of the product
Ex) 600 hair dryer
question
Every Day Low Pricing (EDLP) (value based pricing)
answer
involves charging a constant everyday low price with few or no temporary price discounts
- works well for customer needs not wants
Ex) Walmart
question
High low pricing (value based pricing)
answer
involves charging higher prices on an everyday basis but running frequent promotions to lower prices temporarily on selected items (occasional discounts/sales)
-good for wants not needs
they need the nudge to purchase
Ex) Nordstrom
question
value added pricing (value based pricing)
answer
attaches value-added features and services to differentiate a company's offers and thus their higher prices (premium pricing supported by quality products)
question
pros and cons of cost plus pricing
answer
Pros: sellers are certain about costs, price competition is minimized, and buyers feel it is fair
Cons: Ignores demand and competitor prices (the evaluation of consumers' perceptions of cost/prices)
question
target costing
answer
starts with an ideal selling price based on customer value considerations and then targets costs that will ensure that the price is met
question
break even pricing (target return pricing)
answer
setting price to break even on cost or to make a target return
question
competition based pricing
answer
setting prices based on competitors' strategies, costs, prices, and market offerings
question
price elasticity
answer
a measure of the sensitivity of demand to changes in price
question
inelastic demand
answer
when demand hardly changes with a small change in price
question
elastic demand
answer
when demand changes greatly with a small change in price
question
pricing in different types of mkts
answer
-pure competition (no difference : soybeans)
-monopolistic competition (similar but differentiated, branded products : pepsi vs coke)
-oligopolistic competition (2 competitiors, last thing they want to do is have a price war)
-pure monopoly (competitor can set any price they want
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