Flashcards
Chapter 39: Price
Flashcards do conjunto (17)
- 1demandwhat customers are willing to buy at a given price
- 2supplydetermined by business
amount businesses are willing to offer for sale - 3Factors affecting priceObjectives
Taxes
Marketing Mix
Competition
Costs
Consumers perceptions - 4Pricing Strategiesset of plans designed to meet a specific marketing aim
- 5cost based pricing(cost-plus)pricing strategies based on the prices charged by rivals
adding mark up
may lower sales bc of high cost - 6market oriented pricingpricing strategies based upon the conditions in the market
- 7What are the types of Market-orientated pricing?Skimming/creaming
penetration pricing
psychological pricing
loss leaders
discounts and sales - 8skimming/creamingusing a high cost for a new product then decreasing it when sales slow down
- 9penetration pricingusing a low price at first then increasing it when it gains interest
- 10psychological pricingcharging a cent less
for example $99.99, not $100 - 11loss leaderslower price than cost
often used in supermarkets - 12competition based pricingcharge same price as competitors
follow price leadership(남이 쓰는 가격) - 13destroyer/ predatory pricinglowering price to drive out competition
- 14price elasticity of demandmeasures the responsiveness of demand to change in price
- 15Price inelastic demand(minority)where a price will result in a much smaller change in demand
- 16mark upthe percentage added to costs which makes a profit for a business hen setting the price
- 17price elastic demand(majority)where a price change will result in a significant change in demand.
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- GCSE Business Studies FlashCards sobre Chapter 39: Price, criado por 19leesia em 23-02-2016.
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