ch13 mkt review

ch13 mkt review - MKT 3343 Chapter 13 The Pricing...

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1 MKT 3343 – Chapter 13 – The Pricing Foundation What is meant by price? * the money or other considerations exchanged for the ownership or use of a good or service. How is the act of bartering related to price? Bartering is the practice of exchanging goods and services for other goods and services rather than money.* Explain the price equation. *Final Price= List Price -Rebate, cash discount, old car trade in + Financing charges, Special accessories, Destination charges. Define the concept of ‘Value.”* Value= Perceived benefits/ Price What is meant by the phrase “value pricing?” * the practice of simultaneously increasing product and service benefits while maintaining or decreasing price. How does the concept of ‘reference value’ influence consumer behavior? * involves comparing the costs and benefits of substitute items Explain the ‘profit’ equation. * Profit= Total revenue - Total Cost Explain the price setting process. * 1.) Identify pricing objectives and constraints. 2.) Estimate demand and revenue. 3.) Determine cost, volume, and profit relationships. 4.) Select an approximate price level. 5.) Set list or quoted price.
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This note was uploaded on 04/14/2008 for the course MKT 3343 taught by Professor Murdock during the Spring '08 term at Texas State.

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ch13 mkt review - MKT 3343 Chapter 13 The Pricing...

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