Chapter 9

अब Quizwiz के साथ अपने होमवर्क और परीक्षाओं को एस करें!

external reference price

an estimation of what a price should be based on information external to a consumer, such as advice, advertisements, or comparison shopping

tangibility

an item's capability of being touched, seen, tasted, or felt.

Product

anything that is offered to the market to satisfy consumer wants, needs, and demands

price gouging

charging an outrageously high price for something

off-peak pricing

charging lower prices at certain times to encourage customers to come during slack periods

bundling

combining two or more products in one unit and pricing it less than if the units were sold separately

4 Ps of Marketing

Product, Price, Promotion, and Placement

elasticity

from economics, the idea that the markets demand for a product or service is sensitive to changes in its price

internal reference price

a consumers mental image of what a products price should be

referral discount

a discount given to a customer who refers a friend to the business

services

a nonphysical product

goods

a physical product

markup pricing

a price setting method where an amount is added to the cost of a product to set the retail price and provide a profit

augmented product

core product plus features that tend to differentiate it from the competition

elastic product

product for which there are any number of substitutes and for which a change in price makes a difference in quantity purchased

inelastic price

product for which there are few substitutes and for which a change in price makes very little difference in quantity purchased

me-too products

products essentially similar to something already on the market

periodic or random discounting

sales conducted at either predictable or nonpredictable intervals

prestige or premium pricing

setting a price above that of the competition so as to indicate a higher quality or that a product is a status symbol

skimming

setting a price at the highest level the market will bear, usually because there is no competition at the time

odd-even pricing

setting a price that ends in the numbers 5, 7, or 9

partitioned pricing

setting the price for a base item and then charging extra for each additional component

captive pricing

setting the price for an item relatively low and then charging much higher prices for the expendables it uses

markup

the amount an entrepreneur adds to costs to provide a profit

law of supply and demand

the economic theory that describes how the demand for products (or services) and the supply of them affect each other

total product

the entire bundle of products, services, and meanings of your offering; includes extras like service, warranty, or delivery, as well as what the product means to the customer

target market

the group of people on which a marketer focuses promotion and sales efforts

optimum price

the highest price that will produce your desired level of sales in your intended market

price lining

the practice of setting (usually) three price points: good quality, better quality, best quality

core product

the very basic description of what a product is - a bar of soap, a house-cleaning service

multiple or bonus pack

combining more than one unit of the same product and pricing it lower than if each unit were sold separately

heterogeneity

a quality of a service in which each time it is provided it will be slightly different from the previous time

inseparability

a quality of a service in which the service being done cannot be disconnected from the provider of the service

perishability

a service exhibits perishability in that if it is not used when offered, it cannot be saved for later use


संबंधित स्टडी सेट्स

Chapter 5: Introduction to Learning and Habituation & Classical Conditioning

View Set

rn 300 week 9 hw: intrapartum complications

View Set

Special Ed. and ESL (Teaching as a Profession)

View Set

Chapter 10 Defining Worker Stress

View Set

Period 1-2 Review Test 1450-1815 Study Guide

View Set