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12 Cards in this Set

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4 approaches for setting price level and methods of each
1) demand oriented (customer wants and preferences
2)cost oriented (stresses cost side)
3) profit oriented - (balance both revenues and costs)
4)competition oriented (stress what "market" is doing)
skimming
setting the highest initial price that customers really desiring the product are willing to pay
penetration
setting a low initial price on a new product to appeal immediately to the mass market
one price policy
setting one price for all buyers of a product or service
flexible price policy
involves setting different prices for products and services depending on individual buyers and purchase situations
product line pricing
the setting of prices for all items in a product line
types of adjustment to quoted price
1) discounts-quantity, seasonal, tade, cash
2)allowances-reductions from list prices to buyers performing some activity
3)geographical-prices reflect the cost of transportation of the products from seller to buyer
price fixing
a cconspiracy among firms to set prices for a product
price discrimination
the practice of chargin different prices to different buyers for goods like grade and quality
deceptive pricing
the price deals that mislead customers.
geographical pricing
FOB and feight allowed pricing are legal
predatory pricing
the practice of charging a very low price for a product with the intent of driving competitors out of business