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Marketing 20

Pricing Concepts

QuestionAnswer
Quantity Discounts Deductions from the list price for purchasing in large quantities.
Total Cost The sum of average fixed and average variable costs times the quantity produced.
Uniform Geographic Pricing Charging all customers the same price, regardless of geographic location.
Demand Curve A graph of the quantity of products expected to be sold at various prices if other factors remain constant.
Break-Even Point The point at which the cost of producing a product equal the revenue made from selling the product.
Seasonal Discount A price reduction given to buyers for purchasing goods or services out of season.
Cash Discount A price reduction given to buyers for prompt payment or cash payment.
Zone Pricing Pricing based on transportation costs within major geographic zones.
Geographic Pricing Reductions for transportation and other costs related to the physical distance between buyer and seller.
Average Total Cost The sum of the average fixed cost and the average variable cost.
Allowance A concession in price to achieve a desired goal.
Price Elasticity of demand A measure of the sensitivity of demand to changes in price.
Base-Point Pricing Geographic pricing that combines factory price and freight charges from the base point nearest the buyer.
Price The value paid for a product in a marketing exchange.
F.O.B. The price of merchandise at the factory before shipment.
Noncumulative Discounts One-time price reductions based on the number of units purchased, the dollar value of the order, or the product mix purchased.
Value-Conscious Concerned about price and quality of a product.
Freight Absorption Pricing Absorption of all or part of actual freight costs by the seller.
Barter The trading of products.
Prestige-Sensitive Drawn to products that signify prominence and status.
F.O.B. Destination A price indicating the producer is absorbing shipping costs.
Price Discrimination Employing price differentials that injure competition by giving one or more buyers a competitive advantage.
Marginal Cost (MC) The extra cost incurred by producing one more unit of a product.
Marginal Revenue (MR) The change in total revenue resulting from the sale of an additional unit of a product.
Variable Costs Costs that vary directly with changes in the number of units produced or sold.
Trade (Functional) Discount A reduction off the list price a producer gives to an intermediary for performing certain functions.
Price Competition Emphasizing price as an issue and matching or beating competitors' prices.
Non-price Competition Emphasizing factors other than price to distinguish a product from competing brands.
Internal Reference Price A price developed in the buyer's mind through experience with the product.
Average Fixed Cost The fixed cost per unit produced.
Fixed Costs Costs that do not vary with changes in the number of units produced or sold.
Cummulative Discounts Quantity discounts aggregated over a stated time period.
Price-Conscious Striving to pay low prices.
External Reference Price A comparison price provided by others.
Transfer Pricing Prices charged in sales between an organizations's units.
Average Variable Cost The variable cost per unit produced.
Prestige Sensitive Drawn to products that signify that prominence and status.
Value Conscious Concerned about price and quality of a product.
Created by: ElTioBabalu
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