| A | B |
|---|
| Antitrust laws | THESE were enacted to prevent monopolies |
| recession | During this phase of the business cycle there is less discretionary income |
| Retro television | involves bringing back re-runs of popular old television shows. |
| flexible pricing | THIS type of policy allows consumers to negotiate prices. |
| government | THIS can discourage sales by increasing taxes on a product or service |
| scarcity | lack of resources or lack of money to spend on sports and entertainment events |
| sports and entertainment | Producers are willing to invest their time, money, and materials in order to make a profit, want to earn a profit, have limited resources for their productions for THESE events |
| pricing | Smart _______________ decisions are based on good marketing information, including an assessment of the competition and consumer trends. |
| peak | highest point of growth in the economy |
| Operating expenses | the costs associated with running a business. |
| price discrimination | Valid reasons for doing THIS would be differences in distribution costs due to: different locations, volume of sales, changing market conditions |
| Merchandise | Markup on THIS must be sufficient to cover operating expenses and allow for a profit |
| Consumers | individuals who purchase products to satisfy their needs and wants |
| Markup | The amount that is added to the cost of an item for sale to cover operating expenses and allow for a profit |
| Expansion | DUring this phase of the business cycle there is increased consumer demand |
| Bait and Switch | occurs when a product that is advertised at a great price is “out of stock” when customers want to purchase it, and the salesperson then tries to sell the customer a higher-priced alternative |
| Inflation | occurs when prices for goods and services rise faster than consumer income. |
| Price Lines | distinct categories of merchandise based upon price, quality, and features. |
| promotional pricing | examples if THIS include: pay no interest for 12 months, Buy-one-get-one sale, 50-percent-off sale |
| equilibrium | the point where the supply and demand curves intersect. |
| price fixing | occurs when related businesses conspire to charge high prices. |
| Business Cycles | the ups and downs of the economy. |
| price | When THIS of a product goes up, the demand for the product also goes DOWN |
| Loss leader | THIS pricing may be used when a company is willing to take a loss on the reduced prices of selected items in order to create more customer traffic |
| private enterprise system | THIS is based upon independent decisions made by consumers and businesses |
| The law of supply and demand | this says that higher demand will END up causing higher prices |
| shoulder periods | Economic periods of moderate demand |
| establish price objectives | first step in determining the price for goods and services |
| prestige | THIS pricing is used for automobiles such as Mercedes and Cadillac. |
| socio-culture issue | examples of THIS include customer: attitudes, lifestyles, and opinions |
