| 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 conpetitors in a given market |
| market position | marketer's relative standing in relation to their competitors |
| return on investment | a calculation 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 | situations in which a change in price creates a change in demand |
| law of diminishing marginal utility | law that states that consumers will buy only so much of a given product, even though the price is low |
| inelastic demand | situations in which a change in price has very little effect on demand for a product |
| price fixing | competitors agree on certain price ranges within which they set their own prices |
| price discrimination | a firm charges different prices to similar customers in similar situations |
| loss leader | an item priced at cost to draw customers into a store |
| unit pricing | method of pricing that allows consumers to compare prices in relation to a standard unit or measure, such as an ounce or a pound |
