Pricing Concepts and Strategies, Quizzes of Principles of Marketing

Download Pricing Concepts and Strategies and more Quizzes Principles of Marketing in PDF only on Docsity! TERM 1 price DEFINITION 1 that which is given up in an exchange to acquire a good or servicemost flexible of the four P'scan be changed on short notice/no cost associated with it TERM 2 what must today's companies develop? DEFINITION 2 specific, measurable, attainable pricing objectives if they want to thrive in highly competitive markets TERM 3 pricing objectives DEFINITION 3 profit orientedsales orientedstatus quo TERM 4 profit oriented DEFINITION 4 companies trying to make a quick buckselling to generate large revenues TERM 5 status quo DEFINITION 5 if a companies pricing objective is to meet the competition or maintain existing prices TERM 6 breakeven analysis DEFINITION 6 profit = expenseswhat sales volume must be reached TERM 7 bartering DEFINITION 7 when goods/services are exchangedtrade for tradeno money involved TERM 8 elastic demand DEFINITION 8 small change in price results in a significant increase in demandE is greater than one TERM 9 inelastic demand DEFINITION 9 large change in price results in a smaller insignificant increase in demandE is less than one TERM 10 break-even volume in units DEFINITION 10 = total fixed costs / contribution margin per unit where contribution margin is price-variable cost per unit