P
The amount a seller charges for a good or service
SELLING PRICE
An organization’s share of the total industry sales in a specific market
MARKET SHARE
A pricing technique in which consumers are given the price per unit (pound, ounce, etc.) for products
UNIT PRICING
The movement of funds into and out of a business; determines the amount of cash the business has to work with at any given time
CASH FLOW
The stages through which goods and services move from the time they are introduced until they are taken off the market
PRODUCT LIFE CYCLE
A market characterized by many buyers and sellers and a range of prices rather than a single market price
MONOPOLISTIC COMPETITION
Periods of expansion and contraction in economic activities
BUSINESS CYCLE
Business costs that are not affected by changes in sales volume
FIXED COSTS
A profit-oriented pricing objective intended to give the firm the most possible profit
PROFIT MAXIMIZATION
Actual price that prevails in a market at any particular moment
MARKET PRICE
The particular group of customers a business seeks to attract
TARGET MARKET
A market in which there are relatively few sellers, and industry leaders usually determine prices
OLIGOPOLY
An illegal activity in which a business charges customers different prices for similar amounts and types of merchandise
PRICE DISCRIMINATION
A category of pricing objectives that focuses on profit for the business
PROFIT-ORIENTED PRICING
Illegal agreement between businesses as to a price or price range for products
PRICE FIXING
Promoting a low-priced item to attract customers to whom the business then tries to sell a higher priced item
BAIT-AND-SWITCH ADVERTISING
The particular assortment of products that a business offers in order to meet the needs of its market(s) and its company goals
PRODUCT MIX
The difference between the cost of a product and its selling price
MARKUP
A market in which there are a great many buyers and sellers of nearly identical products,
and marketers have very little control over pricing; the most competitive market
PURE COMPETITION
A category of pricing objectives that focuses on increasing total amount of income from sales
SALES-ORIENTED PRICING
Business costs that change according to changes in sales volume
VARIABLE COSTS
A profit-oriented pricing objective in which the business bases the amount of profit it wants to earn on the amount of its sales; often called target return
RETURN ON SALES
A market in which there is only one seller or provider of a good or service, and no substitutes are readily available
MONOPOLY
The combination of a firm’s fixed and variable costs
TOTAL COSTS
A profit-oriented pricing objective in which the business bases the amount of profit it wants to earn on the amount of its capital investment
RETURN ON INVESTMENT