| A | B |
|---|
| Bartering | oldest form of pricing that involves the exchange of goods or services for a mutually agreed-on amount of money |
| Profit | Return on investment is not the same as THIS |
| Consumer Goods Pricing Act | prohibits the practice of manufacturers punishing retailers for not selling something at the price that they wanted |
| Retailers | These businesses are prohibited from using the loss-leader technique to attract customers if they are in states with minimum price laws |
| unusual | the more a product is THIS, the more freedom a business has to set higher prices |
| diminishing marginal utility | this concept states that consumers will buy only a certain amount of a product even though its price is low |
| market share | firm's percentage of the total sales volume generated by all competitors in a given market |
| books | one of the products that was adversely affected by price wars |
| cost and expense analysis | most price planning begins with what |
| Unfair Trade Practices Law | law prohibits companies from selling products at very low prices |
| value | To understand pricing, a marketer must also understand THIS matter of anticipated satisfaction |
| Price examples | Wages, rent, and dues are all THESE |
| Inelastic | Milk, bread, and other necessities often have this type of demand |
| judgements | Some customers make ___________________ about products based on the products’ prices |
| demand elasticity | the degree to which consumers’ desires for a product are affected by price |
| price gouging | prices set higher than normal upon sudden high demand |
| pricing | this process of determining a value on items, helps define a company’s image |
| break-even point | when sales revenue equals the cost and expenses of making and distributing a product |
| return on investment | a product’s relative profitability |
| price fixing | an agreement among competitors to establish price ranges |
| price | the value of money or of a nonmonetary item placed on a good or service |
| loss leader | an item priced at cost or below cost to draw customers |
| Price discrimination | Illegally offering one customer one price for a product and another a different price in a similar situation |
| value | matter of anticipated satisfaction |
| Unit | This type of pricing allows consumers to compare similar items at a grocery store even if different sizes of packages |
| Market Share | The local grocery store sells 18% of all of the groceries in the area so 18% represents what? |
