Marketing Mix - Price | Karteikarten

Frage	Antworten
That which is given up in an exchange to acquire a good or service.	PRICE
The price charged to customers multiplied by the number of units sold.	Revenue
Revenue minus Expenses	Profit
Objectives that include profit maximization, satisfactory profits, and target return on investment.	Profit-Oriented Pricing Objectives
Net Profit after taxes divided by total assets. Can predetermine desired level of profitability.	Return on Investment ROI
Pricing objective based either on market share or on dollar or unit sales.	Sales Oriented Pricing Objectives
A company's product sales as a percentage of total sales for that industry	Market Share
A pricing objective that maintains existing prices or meets the competition's prices.	Status Quo Pricing
The quantity of a product that will be sold in the market at various prices for a specified period.	Demand
The quantity of a product that will be offered to the market by a supplier at various prices for a specified period.	Supply
The price at which demand and supply are equal.	Price Equilibrium
Consumers' responsiveness or sensitivity to changes in price.	Elasticity of Demand
A situation in which an increase or a decrease in price will not significantly affect demand for the product.	Inelastic Demand
A cost that varies with changes in the level of output.	Variable Cost
A cost that does not change as output (production) increases or decreases.	Fixed Cost
The change in total costs associated with a one unit change in output. The cost of that next unit produced.	Marginal Cost (MC)
The cost of buying the product from the producer plus amounts for profit and for expenses not otherwise accounted for.	Markup Pricing
The practice of marking up prices by 100% or doubling the cost.	Keystoning
A method of determining what sales volume must be reached before total revenue equals total costs.	Break-Even Analysis
A basic, long-term pricing framework, which establishes the initial price for a product and the intended direction for price movements over the product life cycle.	Price Strategy
A pricing policy whereby a firm charges a high introductory price, often coupled with heavy promotion.	Price Skimming
A pricing policy whereby a firm charges a relatively low price for a product initially as a way to reach the mass market.	Penetration Pricing
An agreement between two or more firms on the price they will charge for a product.	Price Fixing

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