Exam4_FC1 - Price Price The exchange value of a good or...

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Unformatted text preview: Price Price The exchange value of a good or service. Some unit of value given up for something of value. Price; Product, Place, and Promotion Price i.e. tuition, fare, fine, tip, or bribe ____ competition is a slippery slope, while ____ competition emphasizes value and therefore increases quality. Pricing Loyalty Color Blue (symbol). An art because it’s subjective, so understand the motivations of consumers. Price x Quantity Sold Total Revenue – Total Costs Profits equation: Total revenue equation: 1. Profitability 2. Volume 3. Meeting competition 4. Prestige 1. Establish pricing objectives 2. Estimate demand, costs, and profits 3. Choose a price strategy 4. Fine tune with pricing tactics Steps in setting the right price: Pricing objectives: Market-Share Objectives Target-Return Objectives Achieving a specified return on either sales or investment. For controlling a portion of the market. Volume; Meeting Competition Prestige Objectives Set the price at a relatively high level to achieve objective. For pricing objectives, ____ is sales maximization while ____ is value pricing. Monopolistic Competition Pure Competition Market structure characterized by homogeneous products in which there are so many buyers and sellers that none has a significant influence on price. Market structure involving a heterogeneous product and product differentiation among competing suppliers, allowing the marketer some degree of control over prices. Monopolistic Competition Pure Competition Market structure for agricultural products; stress availability. Market structure for retailing; focus on price. Oligopoly Oligopoly Market structure involving relatively few sellers and barriers to new competitors due to high start-up costs....
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This note was uploaded on 09/08/2011 for the course MAR 3023h taught by Professor Kim,j during the Spring '08 term at University of Central Florida.

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Exam4_FC1 - Price Price The exchange value of a good or...

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