ch13 mkt review

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

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
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.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

Page1 / 2

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

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online