| A | B |
|---|
| Term | Definition |
| Clayton Act | A federal law that prevents price discrimination |
| Consumer Goods Pricing Act | A federal law that gives retailers the right to establish a product's final price |
| Costs | The expenses involved with manufacturing, promoting, and distributing a product |
| Demographic segmentation | The division of a market on the basis of its physical and social characteristics |
| Elastic demand | A market situation in which small price changes have a big impact on product sales |
| Fixed Costs | Business costs that are not affected by changes in sales volume |
| Geographic segmentation | The division of a market on the basis of where customers are located |
| Inelastic demand | A market situation in which price changes have little to no impact on product sales |
| Market demand | The quantity of a good or service that buyers are ready to purchase at a given price at a particular time |
| Market segmentation | The division of a total market into smaller, more specific groups |
| Penetration pricing | A pricing strategy that involves setting prices lower than those of the competition |
| Place smoothing | The process of dividing a venue into different sections and pricing tickets accordingly |
| Price elasticity | A measure of how sensitive customera re to changes in price |
| Price skimming | A pricing strategy that involves setting prices higher than those of the competition |
| Pricing | A marketing function that involves the determination and adjusting of price to maximize returns and meet customers' perceptions of value |
| Psychographic segmentation | The division of a market on the basis of customers' lifestysles and personalities |
| Robinson-Patman Act | A federal law that prevents price discrimination |
| Sherman Antitrust Act | A federal regulation intended to prevent monopolies from forming and prices from being fixed |
| Target market | The group of customers on whom a business focuses its marketing efforts |
| Time smoothing | The process of determining "prime" and "nonprime" hours for a service and pricing accordingly |
| Unitary demand | A market situation in which changes in price create proportionate changes in product sales |
| Value | The amount of satisfaction a good or service will provide a customers |
| Variable costs | Business costs that change according to changes in sales volume |
| Wheeler-Lea Act | A federal law that prevents businesses from deceiving customers through pricing strategies |
