Chapter 9 - Small Business Entrepreneurs

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elasticity

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

perishability

if not used when offered, it cannot be saved for later use

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 product

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

me-too products

products essentially similar to something already on the market

periodic or random discounting

sales conducted at either predictable or non-predictable intervals

tangibility

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

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

multiple or bonus pack

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

bundling

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

partitioned pricing

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

augmented product

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

internal reference price

a consumer's 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

heterogeneity

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

inserparability

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

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

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 number 5, 7, or 9

captive pricing

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

margin

the amount of profit, usually stated as a percentage of the total price

law of supply and demand

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

total product

the entire bundle of products, services, and meanings of your offerings; 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 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


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