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Marketing Chap 13
Marketing Chap 13
13
Marketing
Undergraduate 1
03/19/2007

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Term
profit maximization
Definition
Point at which the additional revenue gained by increasing the price of a product equals the increase in total costs.
Term
value pricing
Definition
Pricing strategy emphasizing benefits a product provides in comparison to the price and quality levels of competing offerings
Term
modified breakeven analysis
Definition
Pricing technique that evaluates consumer demand by comparing the quantities that a firm must sell at a variety of prices in order to cover total cost with estimates of expected sales at those prices.
Term
customary prices
Definition
In pricing strategy, the traditional amounts that customers expect to pay for certain goods or services.
Term
breakeven analysis
Definition
Pricing technique that determines the number of products that must be sold at a specified price in order to generate sufficient revenue to cover total cost
Term
Robinson-Patman Act
Definition
Federal legislation prohibiting price discrimination that is not based on a cost differential; this law also prohibits selling at an unreasonably low price to eliminate competition
Term
target return objective
Definition
Short-run or long-run pricing practice intended to achieve a specified return on either sales or investment
Term
yield management
Definition
Pricing strategies designed to maximize revenues in situations such as air fares and theater tickets where costs are fixed
Term
price
Definition
Exchange value of a good or service
Term
fair-trade laws
Definition
Statutes enacted in most states that permit manufacturers to stipulate minimum retail prices for their products.
Term
Profit Impact of Market Strategies (PIMS) Project
Definition
Major research study that discovered a strong positive relationship between a firm's market share and its return on investment
Term
unfair-trade laws
Definition
State law requiring sellers to maintain minimum prices for comparable merchandise
Term
elasticity
Definition
Measure of the responsiveness of purchasers and suppliers to a change in price
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