Final Review Notes

Final Review Notes - Final Review Notes Saturday 4:32 PM...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Create time utility by making a good or service available when consumers want to purchase it Create place utility by making a product available in a location convenient for customers Create ownership utility through an orderly transfer of goods and services from the seller to the buyer Utility: want- satisfying power of a good or service - Performance appraisal- evaluation of an employee’s job performance - Some firms conduct peer reviews while other firms allow employees to review their supervisors and managers - 360- degree performance review: a process that gathers feedback from a review panel that includes co-workers, supervisors, team members, subordinates, and sometimes customers - Brag book: book about ourselves: including resume, e-mails from a boss [if its nice], awards, etc. - Performance Appraisals Setting an intentionally high price relative to the prices of competing products. Helps marketers set a price that distinguishes a firm’s high-end product from those of competitors. Skimming Pricing Pricing strategy: is setting profitable and justifiable prices for the firm's product offerings, sometimes subject to government scrutiny Meeting competitors’ price. Competitors cannot legally work together to set prices. Competition can result in a price war . Pricing to Meet Competition Pricing Strategies Establishing a relatively high price to develop and maintain an image of quality and exclusiveness. Recognition of the role of price in communicating an overall image Prestige Objectives Final Review Notes Saturday, December 11, 2010 4:32 PM Intro To Business Page 1
Background image of page 1

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

View Full DocumentRight Arrow Icon
for the firm and its products. Pricing is influenced by people in different areas of a company. Break-even Analysis Breakeven analysis -pricing technique used to determine the minimum sales volume a product must generate at a certain price level to cover all costs. Alternative Pricing Objectives Setting an intentionally high price relative to the prices of competing products. Helps marketers set a price that distinguishes a firm’s high-end product from those of competitors. Skimming Pricing Setting a low price as a major marketing weapon. Often used with new products. Penetration Pricing Maintaining continuous low prices. Discount pricing - attracting customers by dropping prices for a set period of time. Competitive Pricing Reducing the emphasis on price competition by matching other firms’ prices. Concentrating marketing efforts on the product, distribution, and promotional elements of the marketing mix. Everyday Low Pricing and Discount Pricing Consumer Perceptions of Price Consumers’ perceptions of quality closely tied to price. High price = prestige and higher quality. Low price = less prestige and lower quality. Odd Pricing Example: $1.99 or $299. Setting prices in uneven amounts or amounts that sound less than they really are. Price-Quality Relationships
Background image of page 2
Image of page 3
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 05/05/2011 for the course BUS 100 taught by Professor Reeves during the Spring '11 term at Rutgers.

Page1 / 6

Final Review Notes - Final Review Notes Saturday 4:32 PM...

This preview shows document pages 1 - 3. Sign up to view the full document.

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