MKTG Ch 19 - Custom Scholars
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MKTG Ch 19

question
price
answer
The value paid for a product in a marketing exchange
question
barter
answer
The trading of products​
The oldest form of exchange
question
profit=
answer
total revenue - total costs​
question
profit =
answer
(price × quantity sold) - total costs​
question
Price competition
answer
Emphasizing price as an issue and matching or beating competitors' prices​
question
price war
answer
Involves two or more companies engaging in intense price competition, often in an effort to boost market share
question
Nonprice competition
answer
Emphasizing factors other than price to distinguish a product from competing brands
question
demand curve
answer
A graph of the quantity of products expected to be sold at various prices if other factors remain constant
question
prestige products
answer
tend to sell better at higher prices than at lower ones, partly because their expense makes buyers feel elite​
question
prestige products curve
answer
as the price increases, the demand increases
question
Factors that can influence demand
answer
Changes in buyers' needs​
Variations in the effectiveness of other marketing-mix variables​
The presence of substitutes​
Dynamic environment​
question
Price elasticity of demand
answer
A measure of the sensitivity of demand to changes in price​
question
price elasticity of demand =
answer
% change in quantity demanded / % change in price
question
If demand is elastic
answer
a change in price causes an opposite change in total revenue​
question
If demand is inelastic
answer
total revenue changes in the same direction as the change in price
question
Fixed costs
answer
Costs that do not vary with changes in the number of units produced or sold​
question
Variable costs
answer
Costs that vary directly with changes in the number of units produced or sold​
question
Total cost
answer
The sum of average fixed and average variable costs times the quantity produced​
question
marginal analysis
answer
the study of the costs and benefits of doing a little bit more of an activity versus a little bit less
question
Breakeven point​
answer
The point at which the costs of producing a product equal the revenue made from selling the product​
question
breakeven point =
answer
fixed costs/(price-variable costs)
question
factors that affect pricing decisions
answer
Organizational and ​Marketing Objectives​
Pricing objectives
Costs
Channel Member expectations
Competition
Legal and regulatory issues
Customer interpretation and response
other marketing mix variables
question
costs
answer
A marketer should be careful to analyze all costs so they can be included in the total cost associated with a product​
question
customer interpretation and response
answer
determined by their assessment of value, or what they receive compared with what they give up to make the purchase​
question
prestige sensitivity
answer
drawn to products that signify prominence and status
question
Internal reference price
answer
A price developed in the buyer's mind through experience with the product​
question
External reference price
answer
A comparison price provided by others​
question
price discounting
answer
Trade​
Quantity​
Cash​
Seasonal​
Allowance​
question
trade discount
answer
a reduction in the list price granted to customers
question
quantity discount
answer
Deductions from the list price for purchasing in large quantities​
question
Cash discount
answer
A price reduction given to buyers for prompt payment or cash payment​
question
Seasonal discount
answer
A price reduction given to buyers for purchasing goods or services out of season​
question
Allowance
answer
A concession in price to achieve a desired goal​
1 of 33
question
price
answer
The value paid for a product in a marketing exchange
question
barter
answer
The trading of products​
The oldest form of exchange
question
profit=
answer
total revenue - total costs​
question
profit =
answer
(price × quantity sold) - total costs​
question
Price competition
answer
Emphasizing price as an issue and matching or beating competitors' prices​
question
price war
answer
Involves two or more companies engaging in intense price competition, often in an effort to boost market share
question
Nonprice competition
answer
Emphasizing factors other than price to distinguish a product from competing brands
question
demand curve
answer
A graph of the quantity of products expected to be sold at various prices if other factors remain constant
question
prestige products
answer
tend to sell better at higher prices than at lower ones, partly because their expense makes buyers feel elite​
question
prestige products curve
answer
as the price increases, the demand increases
question
Factors that can influence demand
answer
Changes in buyers' needs​
Variations in the effectiveness of other marketing-mix variables​
The presence of substitutes​
Dynamic environment​
question
Price elasticity of demand
answer
A measure of the sensitivity of demand to changes in price​
question
price elasticity of demand =
answer
% change in quantity demanded / % change in price
question
If demand is elastic
answer
a change in price causes an opposite change in total revenue​
question
If demand is inelastic
answer
total revenue changes in the same direction as the change in price
question
Fixed costs
answer
Costs that do not vary with changes in the number of units produced or sold​
question
Variable costs
answer
Costs that vary directly with changes in the number of units produced or sold​
question
Total cost
answer
The sum of average fixed and average variable costs times the quantity produced​
question
marginal analysis
answer
the study of the costs and benefits of doing a little bit more of an activity versus a little bit less
question
Breakeven point​
answer
The point at which the costs of producing a product equal the revenue made from selling the product​
question
breakeven point =
answer
fixed costs/(price-variable costs)
question
factors that affect pricing decisions
answer
Organizational and ​Marketing Objectives​
Pricing objectives
Costs
Channel Member expectations
Competition
Legal and regulatory issues
Customer interpretation and response
other marketing mix variables
question
costs
answer
A marketer should be careful to analyze all costs so they can be included in the total cost associated with a product​
question
customer interpretation and response
answer
determined by their assessment of value, or what they receive compared with what they give up to make the purchase​
question
prestige sensitivity
answer
drawn to products that signify prominence and status
question
Internal reference price
answer
A price developed in the buyer's mind through experience with the product​
question
External reference price
answer
A comparison price provided by others​
question
price discounting
answer
Trade​
Quantity​
Cash​
Seasonal​
Allowance​
question
trade discount
answer
a reduction in the list price granted to customers
question
quantity discount
answer
Deductions from the list price for purchasing in large quantities​
question
Cash discount
answer
A price reduction given to buyers for prompt payment or cash payment​
question
Seasonal discount
answer
A price reduction given to buyers for purchasing goods or services out of season​
question
Allowance
answer
A concession in price to achieve a desired goal​
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