Marketing Test 3 Chapter 14

Front 1

Cost-Based

Back 1

determines the final price to charge by starting with costs

Front 2

Competitor-based Pricing

Back 2

set prices to reflect the way they want consumers to interpret their own prices relative to the competitors' offerings

Front 3

Value-based Pricing

Back 3

setting prices that focus on the overall value of the product offering as perceived by the consumer

Front 4

Everyday Low Pricing

Back 4

companies stress the continuity of their retail prices at a low level

Front 5

Odd Pricing

Back 5

prices that end in odd numbers, usually 9

Front 6

Price Skimming

Back 6

the use of a high price relative to competitive offerings

Front 7

Price Penetration

Back 7

use of a relatively low entry price as compared with competitive offerings

Front 8

Deceptive Reference Price

Back 8

if an advertisement specifies a regular price but it may not be regular

Front 9

Loss Leader Pricing

Back 9

lowers the price below the stores cost

Front 10

Bait and Switch

Back 10

when a seller advertises an item for a very low price with no intent to sell it

Front 11

Predatory Pricing

Back 11

when a firm sets a very low price with the intent to drive its competition out of business