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by: Napoleon Parker


Napoleon Parker
GPA 3.55

Bonnie Guy

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About this Document

Bonnie Guy
Class Notes
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This 2 page Class Notes was uploaded by Napoleon Parker on Friday October 2, 2015. The Class Notes belongs to MKT 3050 at Appalachian State University taught by Bonnie Guy in Fall. Since its upload, it has received 78 views. For similar materials see /class/217669/mkt-3050-appalachian-state-university in Marketing at Appalachian State University.




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Date Created: 10/02/15
Average fixed cost The fixed cost per unit produced Baita ndSwitch An illegal marketing practice in which an advertised price special is used as bait to get customers into the store with the intention of switching them to a higherpriced item BasingPoint pricing A pricing tactic in which customers pa shipping charges from set basing pint locations whether the goods are actually shipped from these points or not Breakeven analysis A method for determining the number of units that a firm must produce and sell at a given price to cover all its costs Breakeven point The point at which the total revenue and total costs are equal and beyond which the company makes a profit below that point the firm will suffer Captive pricing A pricing tactic fortwo items that must be used together one item is priced very low and the firm makes its profit on another high margin item essential to the operation ofthe first item Contribution per unit The difference between the price the firm charges for a product and the variable costs Costplus pricing A method of setting prices in which the seller totals all the costs for the product and then adds and amount to arrive at the selling price Crosselasticity of demand When changes in the price of one product affect the demand for another item Demandbased pricing A pricesetting method based on estimates of demand at different prices Dynamic pricing A pricing strategy in which the price can easily be adjusted to meet changes in the marketplace Elastic demand Demand in which changes in price have large effects on the amount demanded FOB delivered pricing A pricing tactic in which the cost of loading and transporting the product to the customer is included in the selling price and is paid by the manufacturer FO B origin pricing A pricing tactic in which the cost oftransporting the product from the factory to the customer s location is the responsibility of the customer Fixed cost Costs of production that do not change with the number of units produced Freight absorption pricing A pricing tactic in which the seller absorbs the total cost of transportation Inelastic demand Demand in which changes in price have little or no effect on the amount demanded Internal reference price A set price or a price range in consumers minds that they refer to in evaluating a product s price List price The price the end customer is expected to pay as determined by the manufacturer Loss leader pricing The pricing policy of setting prices very low or even below cost to attract customer into a store Marginal analysis A method that uses cost and demand to identify the price that will maximize profits Marginal cost The increase in total income or revenue that results from producing one additional unit of a product Marginal revenue The increase in total income or revenue that results from selling one additional unit of a product Online auctions Ecommerce that allows shoppers to purchase products through online bidding Penetration pricing A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it Predatory pricing lllegal pricing strategy in which a company sets a very low price for the purpose of driving competitors out of business Prestige products Products that have a high price and that appeal to statusconscious consumers Price The assignment of value or the amount the consumer must exchange to receive the offering Price bundling Selling two or more goods or services as a single package for one price Price elasticity of demand The percentage change in unit sales that results from a percentage change in price


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