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34 Cards in this Set

  • Front
  • Back
Price
The amount of money that is charged for something of value
Target Return Objective
A specific level of profit as an objective
Profit Maximization objective
An objective to get as much profit as possible
Sales oriented objective
An objective to get some level of unit sales, dollar sales, or share of market- without referring to profit
Status quo objectives
Don't rock the pricing boat objectives
Nonprice competition
Aggressive action on one or more of the Ps other than price
One- price policy
Offering the same price to all customers who purchase products under essentially the same conditions and in the same quantities
Flexible- price policy
Offering the same product and quantities to different customers at different prices
Skimming Price Policy
Trying to sell the top of the market- the top of the demand curve- at a high price before aiming at more price- sensitive customers
Penetration pricing Policy
Trying to sell the whole market at one low price
Introductory Price Dealing
Temporary price cuts to speed new products into a market and get customers to try them.
Basic List Prices
The prices that final customers or users are normally asked to pay for products
Discounts
Reductions from list price given by a seller to buyers, who either give up some marketing function or provide the function themselves.
Quantity Discounts
Discounts offered to encourage customers to buy in larger amounts
Cumulative Quantity Discounts
Reductions in price for larger purchases over a given period, such as a year
Noncumulative Quantity Discounts
Reductions in price when a customer purchases a larger quantity on an individual order
Seasonal Discounts
Discounts offered to encourage buyers to buy earlier than present demand requires
Net
An invoice term meaning that payment for the face value of the invodice is due immediately
Cash Discounts
Reductions in the price to encourage buyers to pay their bills quickly
2/10 net
Allows a 2 % discount off the face value of the invoice if the invoice if the invoice is paid within 10 days
Trade functional discount
A list price reduction given to channel members for the job
Sale Price
Temporary discount from the list price
Everyday Low Pricing
Setting a low list price rather than relying on frequent sales, discounts, or allowances
Allowances
Reductions in price given to final consumers, customers or channel members for doing something or accepting less of something
Advertising Allowances
Price reductions to firms in the channel to encourage them to advertise or promote the firm's product's locally
Stocking Allowances
Allowances given to wholesalers or retailers to get shelf space for a product - slotting allowances
Push Money Allowances ( prize money)
Allowances (SPIFFS) given to retailers by manufacturers or wholesalers to pass on to the retailers' salesclerks for aggressively selling certain items
Trade in allowance
A price reduciton given for used products when similar new products are bought
Rebates
Refunds to consumers after a purchase
F.O.B.
A transportation term meaning free on board some vehicle at some point
Freight- absorption pricing
Absorbing freight cost so that a firm's delivered price meets the nearest competitor's
Dumping
Pricing a product sold in a foreign market below the cost of producing it or at a price lower than in its domestic market
Phony List prices
Misleading prices that customers are shown to suggest that the price they are to pay has been discounted from list
Price Fixing
Competitors illegally getting together to raise