Price
It is the only component that affects profits rather than costs
What is Price?
There are how many pierce adjustment strategies mentioned earlier
What is seven?
Also known as markup pricing.
What is Cost-Plus Pricing?
an aspect of maturity that deals with the consumer’s acceptance of a new product or service idea
What is Market Maturity?
selling one main product at a lower price, then selling accessories for that product at a higher price.
What is optional pricing?
This ecompasses raw material cost, labor cost, machinery cost, inventory cost, shipping, etc.
What is cost of production?
Adjusting prices continually to meet the characteristics and needs of individual customers and situations.
What is dynamic pricing?
refers to setting prices to break even on the costs of making and marketing a product or setting prices to make a target return.
What is break-even pricing?
concept where the skimming pricing strategy is based on
What is learning curve theory?
Selling of the incidental products which were indirect results from the manufacturing process.
What is Byproduct Pricing?
This factor encompasses the economy, legal issues, government policies, etc.
What is external factors?
This pertains to adjusting prices for differences in customers, products or locations.
What is segmented pricing?
This approach involves setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for the company’s effort and risk.
What is Cost-based pricing approach?
Kind of demand where skimming pricing is most effective
Inelastic demand
refers to the complete set of products and/or services offered by a firm.
What is Product Mix?
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The act of Companies adjusting their prices to account for differences in customers and situations.
What is price adjustment strategies?
involves setting prices based on competitors’ strategies, costs, prices, and market offerings.
What is competition based pricing?
kind of pricing strategy commonly used for newly published books
What is penetration pricing?
what is the product mix pricing strategy of a value meal at Jollibee? (Getting a 105 pesos deal on a one piece chicken, fries, with a drink)
What is Bundle Pricing?
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The five geographical pricing strategies
What is FOB-Origin Pricing, Uniform-delivered, zone, base-point, price-absorption?
Setting prices based on buyers’ perceptions of value rather than on the seller’s cost.
Customer Value-Based Pricing
this is a concept every company must keep in mind before coming up with pricing strategies for a new product
What is inevitable degeneration?
associated items that consumers tend to use together or think of as similar products or services.
What is product lines?