Terms 1
The amount of the product you have to sell.
Supply
What is the definition of Law of Demand?
The amount of goods a consumer is willing to buy.
What is the 2ndstep in the market research process AND its two types?
Obtain Data
Primary Data & Secondary Data
What is Price Lining?
Sets a limited number of prices for specific groups / merchandise.
The biggest factor affecting price is _______.
Competition
An increase in price to increase the profit
Markup
What is Break-even Point?
They’ve made the exact amount they’ve spent. (No profit yet).
What is the 3rd step in the Market Research Process AND its definition?
Analyze the Data
The Process of compiling, analyzing, and interpreting the results of data collection
What is Price Bundling?
Offers several complementary products for one price
The three goals for pricing is?
Profit, Market Share, & Competition
Gathering, storing, and analyzing information
Marketing Information Management
What is a Marketing Plan?
A formal written document to guide company’s goals
What is the 1st step in the Market Research Process?
Define the Problem
What is Penetration pricing?
New product offered at a low price
Buyers want ___ ___.
Low prices
The amount the customers want.
Demand
What is the definition of Law of Supply?
The amount of goods a producers is able to make and sell.
What is the 5th step in the Market Research Process AND its definition?
Applying the Results
After research has been completed and changes have been made, a business must MONITOR the results.
What is Prestige Pricing?
Higher price than average to create a feeling of status.
Pricing is a _______ function in which both a buyer and a seller perceive the most favorable ______ for a good or service.
Marketing
Value
They’ve made the exact amount they’ve spent. (No profit yet)
Break-Even Point
What is Marketing Strategy?
A comprehensive plan on how the company will achieve its goals / objectives
What is the 4th step in the Market Research Process AND its definition?
Recommending Solutions to the Problem
Conclusions drawn from your research
What does EDLP stand for.
Everyday Low Pricing
Sellers want ___ ___.
High prices