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7 Cards in this Set
- Front
- Back
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Price Elasticity: Inelastic
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If a seller can adjust a price without it effecting demand
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Price Elasticity: Elastic
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If demand decreases due to a raise in price.
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Value Based Pricing
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Setting price based on buyers perceptions of value rather than the sellers cost
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Cost Based Pricing
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Setting prices based on the costs for producing, distributing, and selling the product plus a fair rate of return for effort and risk.
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Value Added Pricing
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Attaching value-added features and services to differentiate a company's offers and charging higher prices.
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Break even pricing
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Setting price to break even on the costs of making and marketing a product, or setting a price to make a target profit.
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Experience Curve
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The drop in the average per-unit production cost that comes with accumulated production experience.
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