Chapter 10:
Put the correct word in front of the definition
4 P’s of marketing
Bait & switch
Bundling
Cash discount
Channel of distribution
Competition-based pricing
Cost-based pricing
Introduction stage
Growth stage
Keystone pricing
List price
Logo
Manufacturer’s suggested retail
price (MSRP)
Market share
Markup
Maturity stage
Maximize profit
Nonprice competition
Deceptive pricing
Decline stage
Demand-based pricing
Direct channel
Odd pricing
Place
Predatory pricing
Prestige pricing
Elastic market
Even pricing
Fixed expenses
Goods
Indirect channel
Inelastic market
Intermediaries
Price ceilings
Price competition
Price discrimination
Price floors
Price lining
Price-fixing
Product depth
BOGO
Brand
Branding
Break-even point
Product life cycle
Product line
Product mix
Product positioning
Product width
Profit margin
Prototype
Psychological pricing
Quantity discount
Repurpose
Return on investment
(ROI)
Return on sales (ROS)
Selling price
Service or idea
Supply chain
management
Tagline
Trade discount
Unique selling proposition
Utility
Value
Variable expenses
Volume pricing
The amount a vendor reduces the MSRP for businesses
Offers a reduced per-item price for large numbers of items purchased
Usually a percentage removed from the total invoice amount
Setting different levels of prices for similar products: good, better, best
Combining two or more services or products for one price
Buy one, get one
Set the price so it ends in an even number to convey quality
Set the sale price so it ends in an odd number to convey value
Pricing objective that revolves around fewer sales, but increased profit
margins
When the list price is lowered based on the amount purchased
When a small change in price produces a relatively large change in the
amount of the items demanded.
Setting prices high to convey quality and status
Pricing a product lower than the competition
When the price of a product has no effect on the demand for it
It is illegal to set very low prices to remove competition
Expenses that change based on activity of the business
Expenses that do not change and are not affected by the number sold
Explains the value of the product over others that are similar
Laws may prohibit setting prices too low
The period during which sales of a product increase rapidly
It is illegal for a group of businesses to agree to keep their prices in the
same range.
The number of product lines a company offers
Laws may prohibit setting prices too high
Relative worth of something to a person.
To use a product for something different than its original function
It is illegal to price products in a way to intentionally mislead a customer
It is illegal to sell the same product to different customers at different
prices based on personal characteristics
The period when sales decrease, and a decision may be made to
discontinue the product
Product, price, place, promotion
Name, term, or design that sets a product or business apart from its
competitors.
Common measure of profitability for a business
It is illegal to advertise one product with the intent of persuading a
customer to buy a more expensive item.
Positioning a product as more valuable to the customer because of
service, appearance, or other factors not related to price
Attribute that makes a product capable of satisfying a need or want.
The period when product sales are no longer increasing quickly, but they
are note decreasing quickly
Something intangible
Phrase or sentence that summarizes some essential part of the product.
Also known as a slogan.
Coordinating the events happening throughout the supply chain.
Graphic symbol closely associated with a brand
Is the time when a new product is first brought to market
Price a customer actually pays for the product after discounts and
coupons
Something tangible
Using a product’s personality, image, and history to position it favorably
in the minds of consumers.
Pricing method based on what customers are willing to pay.
Measure of a company’s profitability and is equal to the net income
divided by total sales.
The number of product items in a product line
Pricing technique used by retailers to influence buying decisions.
Consists of the stages a product goes through from the beginning to the
end.
Working model for a new product for testing purposes.
Distinguishing your products from competing products.
All the goods and services that a business sells.
Group of closely related products within the product mix.
When a product goes directly from the manufacturer, or producer, to the
end user.
Percentage of the total sales in a given market that one business
conducts.
List price recommended by a manufacturer.
Doubling the total cost of a product to determine its selling price.
Established price printed in a catalog or on a price tag.
People or business in between the manufacturers or producers and the
end user.
Path a product takes when intermediaries are involved in getting the
product from the producer to the end user.
Amount by which revenue from sales exceeds the costs of making the
product and selling it.
Pricing method based primarily on what the competitors charge.
Path that goods take through the supply chain.
Amount of revenue a business must generate to equal its expenses.
Desired amount of profit added.
Activities involved in getting a product or service to the end user
Cost of the product is used to set the product’s selling price