pricing chapter 19 - Custom Scholars
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pricing chapter 19

question
elastic demand
answer
consumers buy proportionately more or less of a product when the price changes
question
inelastic demand
answer
an increase or decrease in price will not significantly affect demand
question
unitary elasticity
answer
an increase in sales exactly offsets a decrease in prices, and revenue is unchanged
question
factors that affect elasticity of demand
answer
1. availability of substitues
2. product durability
3. price relative to purchasing power
4. reference prices
question
Types of cost
answer
1. variable cost
2. fixed cost
question
variable cost
answer
varies with changes in level of output
- cost of materials
question
fixed cost
answer
does not change as level of output changes
- rent, salaries, adv. etc.
question
markup pricing
answer
- the cost of buying product from producer plus a markup for profit and other expenses
question
other determinants of price besides demand and costs
answer
- stages of PLC
- competition
- disrtribution strategy
- promotion strategy
- percieved quality
question
selling against the brand
answer
- stocking well-known branded items at high prices in order to sell store brands at discounted price
question
price skimming - profit focused
answer
- a firm charges a high introductory price, often coupled with heavy promotion
question
penetration pricing - focus on sales
answer
- a firm charges a relatively low price for a product initially as a way to reach the mass market
question
status quo pricing
answer
- charging a price identical to or very close to the competitions price
1 of 13
question
elastic demand
answer
consumers buy proportionately more or less of a product when the price changes
question
inelastic demand
answer
an increase or decrease in price will not significantly affect demand
question
unitary elasticity
answer
an increase in sales exactly offsets a decrease in prices, and revenue is unchanged
question
factors that affect elasticity of demand
answer
1. availability of substitues
2. product durability
3. price relative to purchasing power
4. reference prices
question
Types of cost
answer
1. variable cost
2. fixed cost
question
variable cost
answer
varies with changes in level of output
- cost of materials
question
fixed cost
answer
does not change as level of output changes
- rent, salaries, adv. etc.
question
markup pricing
answer
- the cost of buying product from producer plus a markup for profit and other expenses
question
other determinants of price besides demand and costs
answer
- stages of PLC
- competition
- disrtribution strategy
- promotion strategy
- percieved quality
question
selling against the brand
answer
- stocking well-known branded items at high prices in order to sell store brands at discounted price
question
price skimming - profit focused
answer
- a firm charges a high introductory price, often coupled with heavy promotion
question
penetration pricing - focus on sales
answer
- a firm charges a relatively low price for a product initially as a way to reach the mass market
question
status quo pricing
answer
- charging a price identical to or very close to the competitions price
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