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15 Cards in this Set
- Front
- Back
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A name, term, symbol, or any other unique element of a product that identifies one firm’s product(s) and sets it apart from competition
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Branding
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Acts, efforts, or performances exchanged from producer to user without ownership rights
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Services
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When the service provider is available but there is no demand.
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Idle Capacity
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The value that customers give up or exchange to obtain a desired product
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Price
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The value of something that is given up to obtain something else also affects the “price” of a decision.
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Opportunity Costs
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A measure of the sensitivity of customers to changes in price.
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The Price Elasticity of Demand
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per-unit costs of production that will fluctuate, depending on how many units or individual products a firm produces
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Variable costs
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do not vary with the number of units produced. Costs remain the same regardless of amount produced
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Fixed costs
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Technique used to examine the relationship between cost and price and to determine what sales volume must be reached at a given price before the company will completely cover its total costs and past which it will begin making a profit
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Break-Even Analysis
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Firm charges a high, premium price for its new product with the intention of reducing it in future response to market pressures
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Skimming price
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New product is introduced at a very low price
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Penetration pricing
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Product carries a low price for a limited time period
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Trial pricing
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Means selling the same product to different wholesalers and retailers at different prices if practices lessen competition
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Price Discrimination
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Means that a company sets a very low price for the purpose of driving competitors out of business.
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Predatory Pricing
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A firm’s total product offering designed to satisfy a single need for target customers
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Product Line Strategies
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