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Exam4_FC1 - The flashcards are formatted for printing...

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Price Price
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The exchange value of a good or service. Some unit of value given up for something of value.
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Price; Product, Place, and Promotion Price
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i.e. tuition, fare, fine, tip, or bribe ____ competition is a slippery slope, while ____ competition emphasizes value and therefore increases quality.
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Pricing Loyalty
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Color Blue (symbol). An art because it’s subjective, so understand the motivations of consumers.
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Price x Quantity Sold Total Revenue – Total Costs
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Profits equation: Total revenue equation:
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1. Profitability 2. Volume 3. Meeting competition 4. Prestige 1. Establish pricing objectives 2. Estimate demand, costs, and profits 3. Choose a price strategy
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4. Fine tune with pricing tactics
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Steps in setting the right price: Pricing objectives:
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Market-Share Objectives Target-Return Objectives
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Achieving a specified return on either sales or investment. For controlling a portion of the market.
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Volume; Meeting Competition Prestige Objectives
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Set the price at a relatively high level to achieve objective. For pricing objectives, ____ is sales maximization while ____ is value pricing.
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Monopolistic Competition Pure Competition
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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.
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Monopolistic Competition Pure Competition
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Market structure for agricultural products; stress availability. Market structure for retailing; focus on price.
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Oligopoly Oligopoly
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