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25 Cards in this Set

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Define, Price
the amount of money that is charged for something of value
Define, target return objective
sets specific level of profit as an objective
Define, profit maximization objective
seek to get as much profit as possible
Define, sales-oriented objective
seek some level of unit sales, dollar sales, or share of the market --without referring to profit.
Define, status quo objective
don't rock the boat objective
nonprice competition
aggressive action on one or more of the P's other than price
define, adminstered prices
consciounsly set prices
define, one-price policy
means offering the same price to all customers who purchase under essentially the same conditions and in the same quantities
define, flexible-price policy
offering the same product and quantities to differnt prices
define, skimming price policy
tries to sell the top (skim the cream) of a market.
Define, penetration pricing policy
try to sell the whole market at one low price
Define,basic list prices
are the prices final customers or users are normally asked to pay for products
Define,discounts
are redictions form the list price given by a seller to buyer who gives up some marketing function or provides the fuction themselves
Define,quanitity discounts
discounts to encourage customers to buy in larger amounts
Define,cumulative quantity discounts
apply to purchase over a given period-a yr. and the discount usually increases as the amount purchased increases
Define,noncumulative quantity discount
apply only to indiviual orders
Define,seasonal discount
are discounts offered to encourage buyers to buy earlier than present demand requires
Define,net
means that payment for the face value of the invoice is due immedately
Define,cash discount
are reductions in price to encourage buyers to pay thier bills quicly
Define,2/10 net 30
means you can take 2% off bill if payed within 10 days, if not all must be paid within 30 days at full value.
Define,trade(functional) discount
is a list price reduction given to channel members for the job they are goiing to do
Define, sale price
temporary disount from the list price
Define, everyday pricing
setting a low list price rather than relying on frequent sales, discounts, or allowances
Define,allowances
like disocunts, are given to final consumers or channel memebrs for doing something
Define,advertising allowances
are price reductions given to firms in the channel to encourage them to advertise locally