Economics Terms: Price, Revenue, Profit, Demand, Supply, Elasticity, Pricing, Quizzes of Principles of Marketing

Download Economics Terms: Price, Revenue, Profit, Demand, Supply, Elasticity, Pricing and more Quizzes Principles of Marketing in PDF only on Docsity! TERM 1 Price DEFINITION 1 is that which is given up in am exchange to acquire a good or service TERM 2 Perceived Satisfaction DEFINITION 2 price is based on the satisfaction consumer experts to receive from a product and not necessarily the satisfaction they actually receive TERM 3 Barter DEFINITION 3 when goods and service are exchanged TERM 4 Revenue DEFINITION 4 the price charged to customers x by the number of units TERM 5 Profit DEFINITION 5 revenue -expenses TERM 6 Satisfactory Profits DEFINITION 6 profits that are satisfactory to the stockholders and management TERM 7 Return on Investment DEFINITION 7 net profit after taxes divided by total assets TERM 8 Market Share DEFINITION 8 a company's product sales as a % of total sales for that industry TERM 9 Demand DEFINITION 9 the quantity of a product that will be sold in the market at various prices for a specified period TERM 10 Supply DEFINITION 10 the quantity of a product that will be offered to the market by a supplier at various prices for a specific period TERM 21 Keystoning DEFINITION 21 the practice of making up prices by 100%, or doubling the cost TERM 22 Unfair Trade Practices DEFINITION 22 laws that prohibit wholesalers and retailers from selling below cost TERM 23 Price Fixing DEFINITION 23 An agreement between two or more firms the price they change for a product TERM 24 Predatory Pricing DEFINITION 24 the practice of charging a very low price for a product with the intent of driving competitors out of business or out of a market TERM 25 Price Discrimination DEFINITION 25 changing two different business to business customers different prices for the same product TERM 26 Price Strategy DEFINITION 26 a basic, long-term pricing frameowrk used to set the initial price and make adjustments over time TERM 27 Price Skimming DEFINITION 27 A firm charges a high introductory price, often coupled with heavy promotion TERM 28 Penetration Pricing DEFINITION 28 a firm charges a relatively loe price for a product initially as way to reach the mass market TERM 29 Status Quo Pricing DEFINITION 29 Charging a price identical to or very close to the competiton price TERM 30 Single-Pirce Tactic DEFINITION 30 All goods offered at the same price TERM 31 Price Bunding DEFINITION 31 Combining two or more products in a single package TERM 32 Leader Pricing(Loss Leader) DEFINITION 32 Sell product at near or below cost TERM 33 Price Linging DEFINITION 33 Several line item at specific price points TERM 34 Odd-Even Pricing DEFINITION 34 Odd-number prices imply bargain; Even-number prices imply quality TERM 35 Bait and Switch Pricing DEFINITION 35 Lure customers through false or misleading price advertising