All Things Pricing
What are the four P's of the marketing mix?
Product
Price
Place
Promotion
This “P” directly determines how much revenue a company earns.
Price
According to the price–value equation, value equals perceived benefits minus this.
Perceived Costs
This pricing goal focuses on increasing net profit.
Profit oriented pricing
This animal’s fingerprints are so similar to humans’ they can confuse crime scenes.
Koala
These costs stay the same regardless of how many units are sold.
Fixed costs
This word describes the feeling when you open a test and realize you studied the wrong chapter.
Panic
What stage of the product life cycle does price tend to be at its highest?
Introduction
This pricing approach asks: “What is the highest price I can charge and still make the sale?”
Customer-oriented (value-based) pricing
What is the name of the princess in Little Mermaid?
Ariel
When price is equal or just below the price of a competitor to capture market share
Competitive Pricing
This word describes the act of opening your laptop with full intentions… and immediately checking social media.
Procrastinating
When a product is sold for a very low price for a short period of time
Promotional Pricing
When price is set lower than a competitor to enable the enter into the market
Penetration Pricing
A type of market structure in which a small number of firms control most of the market.
Oligopoly
An identifiable sub-group of whole market where customers have similar characteristics or preferences
Market Segment
This animal is considered one of the smartest birds in the world and can solve puzzles and use tools.
Parrot
This cognitive bias makes customers compare all future prices to the first price they see.
Anchoring
When price is set high for a new product on the market.
Price Skimming
This phrase means “absolutely yes” in Canada, but confuses everyone else.
Yeah, no
Where consumers are sensitive to changes in price
Price Elastic Demand
This is the name for the pleasant, earthy smell that happens after rain.
Petrichor
Higher prices result in this effect on break-even volume.
Lower break-even volume
Which river runs through Vienna, Bratislava, Budapest and Belgrade?
Danube