| A | B |
|---|
| Price | The value of money (or its equivalent) placed on a good or service |
| Market Share | A firm's percentage of the total sales volume generated by all competitors in a given market |
| Market Position | Marketers' relative standing in relation to their competitors |
| Return on Investment | A calculation that is used to determine the relative profitability of a product |
| Break-Even Point | The point at which sales revenue equals the costs and expenses of making and distributing a product |
| Elastic Demand | Refers to situations in which a change in price creates a change in demand |
| Law of Diminishing Marginal Utility | States that consumers will buy only so much of a given product, even though the price is low |
| Inelastic Demand | Refers to situations in which a change in price has very little effect on demand for a product |
| Price Fixing | Occurs when competitors agree on certain price ranges within which they set their own prices |
| Price Discrimination | Occurs when a firm charges different prices to similar customers in similar situations |
| Loss Leader | An item priced at a cost to draw customers into the store, in states where minimun price laws are not in effect |
| Unit Pricing | Allows customers to compare prices in relation to a unit or standard measure, such as an ounce or a pound |
