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MKTG 450W Exam 2 Pricing

question
willingness to pay
answer
the maximum price at which a consumer will buy a good, optimal price to generate maximum profit
question
price elasticity
answer
how does demand (units sold) increase (or decrease) as price changes
question
factors that influence price elasticity
answer
customer (loyalty, strength of preference), price, product (differentiation, need or luxury)
question
Price-quality inferences
answer
...
question
cost-based pricing
answer
markup (cost-plus), target-return, usually lower compared to value-based pricing
question
value-based pricing
answer
pre-existing value, cultivating value
constraints- lack of demonstrated value, budget constraint, fairness, competition
question
competitive pricing
answer
pricing depends on competitors and their actions, often between value-based and cost-based (EDLP)
question
first degree price discrimination
answer
charging each individual customer a different price based on their willingness to pay
question
second degree price discrimination
answer
non-observable, customers self-select (quantity, quality)
question
third degree price discrimination
answer
observable, aka group pricing (location, time)
question
auctions
answer
benefits- individual level value, potentially allow price discrimination
question
penetration pricing
answer
setting a low initial price on a new product to appeal immediately to the mass market
question
skimming pricing
answer
a pricing policy that sets a very high price for a new product
question
why not to do temporary price cuts
answer
competitors can imitate, attract disloyal customers, customers may "stock up", negatively affect brand image, discount price becomes expected price

coupons are a better alternative
1 of 14
question
willingness to pay
answer
the maximum price at which a consumer will buy a good, optimal price to generate maximum profit
question
price elasticity
answer
how does demand (units sold) increase (or decrease) as price changes
question
factors that influence price elasticity
answer
customer (loyalty, strength of preference), price, product (differentiation, need or luxury)
question
Price-quality inferences
answer
...
question
cost-based pricing
answer
markup (cost-plus), target-return, usually lower compared to value-based pricing
question
value-based pricing
answer
pre-existing value, cultivating value
constraints- lack of demonstrated value, budget constraint, fairness, competition
question
competitive pricing
answer
pricing depends on competitors and their actions, often between value-based and cost-based (EDLP)
question
first degree price discrimination
answer
charging each individual customer a different price based on their willingness to pay
question
second degree price discrimination
answer
non-observable, customers self-select (quantity, quality)
question
third degree price discrimination
answer
observable, aka group pricing (location, time)
question
auctions
answer
benefits- individual level value, potentially allow price discrimination
question
penetration pricing
answer
setting a low initial price on a new product to appeal immediately to the mass market
question
skimming pricing
answer
a pricing policy that sets a very high price for a new product
question
why not to do temporary price cuts
answer
competitors can imitate, attract disloyal customers, customers may "stock up", negatively affect brand image, discount price becomes expected price

coupons are a better alternative
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