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13 Cards in this Set

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Price
The sum of values that consumers exchange for a product or service
Dynamic Pricing
Charging different prices according to different consumers and situations
Target Costing
Pricing that starts with an ideal selling price, then targets costs tat will ensure that the price is met.
Fixed Costs
Costs that do not vary with production/sales level
Variable Costs
Costs that vary with production/sales level
Total Costs
Variable Costs plus Fixed Costs
Experience Curve (learning curve)
drop in the average per unit production cost that comes with accumulated production experience
Demand Curve
A curve that shows the number of units the market will buy in a given time period at different prices that might be charged.
Price Elasticity
Measure of sensitivity of demand to price (%change in demand / %change in price)
Cost-plus pricing
Setting price with this formula: Price= costs + standard markup
Break-Even Pricing
Setting price with this formula: Break even volume = Fixed Costs/(Price-Variable Costs)
Value Pricing
Offering just the right combination of quality and good service at a fair price.
Competition-based pricing
setting prices based on the prices that competitors charge for similar products.