Pricing Influences
The point at which supply meets demand.
Equilibrium Point
The act of making a product, organization, person, or place easy to recognize as different from others by connecting it with a particular name, design, symbol, set of qualities, etc.
Branding
The exchange of goods and services between countries.
A) Intranational Trade
B) Transnational Trade
C) International Trade
D) Embargo
C) International Trade
A psychological pricing strategy where prices end in odd numbers rather than round numbers.
A) Odd Even Pricing
B) Penetration Pricing
C) Seasonal Pricing
D) Premium Pricing
A) Odd Even Pricing
The amount a product or service is desired by buyers.
Demand
The quantity or how much the market can provide
Supply
A brief, clear statement that describes the purpose, goals, and core values of an organization.
Mission Statement
Is the process of modifying an existing product so it is suitable for different customers or markets.
A) Product Differentiation
B) Product Adaption
C) World Trade
D) Globalization
B) Product Adaption
A strategy where a product is priced higher than similar products in the market, often to convey exclusivity or luxury.
A) Odd Even Pricing
B) Product Pricing
C) Premium Pricing
D) Dynamic Pricing
C) Premium Pricing
The current US housing market has resulted in high prices as a result of a ___________ of homes on the market
Shortage
Business costs that change in proportion to production or sales volume.
Variable Costs
Name one way a company can build brand equity.
Brand Awareness
Consistent Brand Image
Quality Products/Services
Customer Loyalty Programs
Emotional Connection
Differentiation and Innovation
Strong Customer Experience
Positive Brand Associations
Goods brought into a country from another country.
Imports
A dynamic pricing strategy where prices increase in response to higher demand or limited availability.
A) Seasonal Pricing
B) Surge Pricing
C) Odd Even Pricing
D) Premium Pricing
B) Surge Pricing
Data that contains information regarding quantities, that can be measured and interpreted with numbers.
Quantitative Data
Business costs that are constant regardless of the quantity of goods or services produced.
Fixed Costs
The general public's or customers' collective feelings, beliefs, and opinions about a brand.
Brand Perception
Goods sent from one country to another.
Exports
A strategy where a product is priced lower than competitors to quickly gain market share.
A) Premium Pricing
B) Odd Even Pricing
C) Surge Pricing
D) Penetration Pricing
D) Penetration Pricing
First hand information you gather yourself is called _______________ Data.
Primary
Where the total revenue equals the total costs. At this point, there will be no profits and no losses.
Break Even Point
The value a company gains from its name recognition and its perceived benefits and admirable qualities.
Brand Equity
A tax imposed by one country on the goods and services imported from another country.
Tariff
A product is sold at a low price to attract customers, with the expectation they will purchase other products.
A) Odd Even Pricing
B) Penetration Pricing
C) Loss Leader Pricing
D) Surge Pricing
C) Loss Leader Pricing
The process of gathering data about people or companies and analyzing it to better understand what that group needs.
Market Research