Shared Flashcard Set

Details

grc 411 2nd midterm
na
18
Management
Undergraduate 4
11/17/2010

Additional Management Flashcards

 


 

Cards

Term
Factors that influence price
Definition

stage of the product life cycle

competition

quality

ability to bundle products

Term
Price replaces...
Definition
barter
Term
What is price?
Definition

To a customer its a cost

To a business its a revenue

Price is what is given up in exchange

Term
Pricing Objectives
Definition

Profit Oriented

Sales Oriented

Status Quo Orientation

Term
Supply and Demand
Definition

Supply: is the quantity of a product that will be offered to the market by a printer at various prices for a specific period of time

 

Demand: Is the quantity of product that will be sold in the market at various prices for a specific amount of time

Term
Elasticity of Demad
Definition

Customers responsiveness to change in price


Elastic Demand: Customers buy more or less when the price changes

Inelastic Demand: changes in price wont significantly change price

Term
Factors Influencing Elasticity
Definition

availability of substitutes

degree of necessity to customer

proportion of customers budget consumed by purchase

time period considered

permanent or temporary price change

price points

Term
Factors that can influence price
Definition

stage of the product life cycle

competition

perceived quality

ability to bundle products

Term
importance of pricing
Definition

1.pricing must have value to the customer to facilitate change

2. prices must not be too high or too low

3. revenue=unit price * no. of goods sold

4. prices can be a competitive advantage

Term
Phil Ruggles Key Pricing Points
Definition

1. Profit is driven by pricing, NOT costs

2. Firm hast to find customers willing to pay the price they charge

3. perception of value by customer is key

4. service, bundled with products provide value

Term
Price Estimating Methods
Definition

1. Price Lists

2. Price Matrixes

3. Issues with process

Term
Business Success is driven from...
Definition
Personal success
Term
Strengths of RR Donnelley
Definition

1. Brand and reputation

2. asset productivity/ continuous improvement

3. long run printing platform

4. good revenue base

5. good financial sit.

Term
Strengths of Moore Wallace
Definition

1. fortune 500 clients

2. cross selling success

3. focused on costs

4. focused on siginificant cash flow

5. experience in integration

Term
Fragmented Industry 
Definition
Many small and medium sized local companies compete for small shares of total market
Term
Consolidated Industry
Definition
Mature industry dominated by a few large markets
Term
General Characteristics of Print
Definition

1. Highly fragmented

2. Consolidated at top end

3. Large number of niche market segments to focus on

4. high fixed cost industry

5. Manufacturing industry vs. service industry

Term
Five Forces that shape industry competition
Definition

threat of new entrants

barganing power of suppliers

"                     " of buyers

threats of substitutes, products or services

rivalry among existing competitors

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