10-1/10-2
the amount of something that a buyer exchnages with a seller to obtain a product.
what is price
also known as cost-plus pricing
what is mark up pricing
pricing tactic that involves constantly updating prices
what is dynamic pricing
the sale of branded products through legal but unauthorized distribution channels
what is gray market
practice of charging different customers different prices for the same product
what is price discrimination
the result of the price charged to customers multiplied by the number of units sold.
what is revenue
sets prices at even dollar amounts
what is even pricing
strategy to maximize revenue even when a firm has a fixed amount of something
what is yield management
taxes on imports and exports between countries
what are tariffs
when two or more companies collude to set a products price
what is price fixing
revenue minus total costs
what is profits
pricing a product higher than the competitor to signal higher quality
what is prestige pricing
what is dumping
setting prices low to push competitors our of the market or keeping new ones form entering the market
what is predatory pricing
costs that vary depending on the number of units produced or sold
what is variable costs.
selling a product at a price that causes financial losses
what is loss-leader pricing
illegal practice that involves misleading customers with price promotions
what is deceptive pricing
section in a contract that provides for price increases if certain, specified conditions occur
price reductions given to customers for goods and services out of season
seasonal discounts
what does FTCA stand for? (passed in 1914)
what is Federal Trade Commission act