Brainscape's Knowledge GenomeTM

Browse over 1 million classes created by top students, professors, publishers, and experts.


See full index

CHANI > MARKETING CHAPTER 7 > Flashcards

MARKETING CHAPTER 7 Flashcards

1
Q

The second variable in marketing mix.

A

PRICE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
2
Q

Is the money, good or service exchanged for the ownership or use of a good or service.

A

PRICE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
3
Q

Another name of price, commodity purchased - EDUCATION

A

TUITION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
4
Q

Another name of price, commodity purchased - USE OF MONEY

A

INTEREST

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
5
Q

Another name of price, commodity purchased - GOVERNMENT SERVICE

A

TAXES

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
6
Q

Another name of price, commodity purchased - REGULAR RECEIPT OF A PERIODICAL

A

SUBSCRIPTION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
7
Q

Another name of price, commodity purchased - USE OF COPYRIGHT

A

ROYALTY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
8
Q

Another name of price, commodity purchased - USE OF ASSET

A

RENT

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
9
Q

Another name of price, commodity purchased - TAXI OR BUS RIDE

A

FARE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
10
Q

Another name of price, commodity purchased - SERVICES OF A PHYSICIAN

A

FEE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
11
Q

Another name of price, commodity purchased - LAWYER’S SERVICES OVER A PERIOD OF TIME

A

RETAINER

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
12
Q

Another name of price, commodity purchased - LONG DISTANCE CALL OR TRAVEL ON SOME HIGHWAYS

A

TOLL

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
13
Q

Another name of price, commodity purchased - SERVICES OF AN EXECUTIVE OR A WHITE COLLAR WORKER

A

SALARY

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
14
Q

Another name of price, commodity purchased - SERVICES OF A BLUE COLLAR WORKER

A

WAGE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
15
Q

Another name of price, commodity purchased - SALESPERSON’S SERVICES

A

COMMISSION

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
16
Q

Another name of price, commodity purchased - GUEST SPEAKER’S SERVICES

A

HONORARIUM

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
17
Q

Another name of price, commodity purchased - MEMBERSHIP IN A UNION OR CLUB

A

DUES

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
18
Q

May be defined as those activities involved in the determination of the price at which products that will be offered for sale considering the various objectives of the firm.

A

PRICING

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
19
Q

What are the three pricing objectives?

A

•PROFIT-ORIENTED OBJECTIVES
•SALES-ORIENTED OBJECTIVES
•STATUS QUO-ORIENTED OBJECTIVES

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
20
Q

Call for profit generation.

A

PROFIT-ORIENTED OBJECTIVES

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
21
Q

This refers to the pricing objective requiring a certain level of profit.

A

THE TARGET RETURN OBJECTIVE

How well did you know this?
1
Not at all
2
3
4
5
Perfectly
22
Q

This refers to the pricing objective seeking as much profit as possible.

A

THE PROFIT MAXIMIZATION OBJECTIVE

23
Q

Refer to those that will provide higher sales volume.

A

SALES-ORIENTED OBJECTIVE

24
Q

Requires maintaining the same prices for the company’s products.

A

STATUS QUO-ORIENTED OBJECTIVE

25
Q

Status quo pricing may be due to any of the following:

A

•TO STABILIZE PRICES
•TO MEET COMPETITION
•TO AVOID COMPETITION

26
Q

Refers to the series of steps adapted in the determination of price.

A

PRICING PROCEDURE

27
Q

The Pricing Procedure (5)

A

•THE DETERMINATION OF THE REALISTIC RANGE OF CHOICE
•THE SELECTION OF PRICING STRATEGY
•THE EVALUATION OF ECONOMIC FEASIBILITY
•THE SETTING OF THE PRICE

28
Q

The decision-maker may adapt the following: (2)

A

•MARKET SKIMMING STRATEGY
•PENETRATION STRATEGY

29
Q

Pricing Approaches (3)

A

•COST BASED APPROACH
•BUYER BASED APPROACH
•COMPETITION BASED APPROACH

30
Q

Refers to the setting of prices on the basis of costs. The total costs are calculated and a margin of profit is added.

A

COST BASED APPROACH

31
Q

Two types of pricing under the cost based approach.

A

•COST PLUS PRICING
•TARGET RATE OF RETURN PRICING

32
Q

This method calls for adding a percentage of cost on top of the total cost.

A

COST PLUS PRICING

33
Q

This approach enables a company to establish the level of profits that it feels will yield a satisfactory return.

A

TARGET RATE OF RETURN PRICING

34
Q

This approach deals with with consumer perceptions or behavior as bases for determining the selling price of a product or service.

A

BUYER BASED APPROACH

35
Q

Buyer based approach is composes of the following: (5)

A

•PERCEIVED VALUE PRICING
•PRICE-QUALITY RELATIONSHIP PRICING
•LOSS-LEADER PRICING
•ODD-NUMBERED PRICING
•PRICE LINING PRICING

36
Q

This method establishes the price for a product based on the buyer’s perceptions of the value of the product or service.

A

PERCEIVED VALUE PRICING

37
Q

This approach hinges on the observation that consumers associate high price with high quality and low quality with low price.

A

PRICE-QUALITY RELATIONSHIP PRICING

38
Q

This refers to the practice of setting low prices on selected products which will result in the generation of less profits, but with the objective of increasing the sales volume of other products sold by the company.

A

LOSS-LEADER PRICING

39
Q

This refers to the practice of setting price even below pesos amounts.

A

ODD-NUMBERED PRICING

40
Q

This method refers to the practice of selling merchandise at a limited number of predetermined price levels.

A

PRICE LINING PRICING

41
Q

Refers to the setting of prices based on what prices are being charged by competitors.

A

COMPETITION BASED APPROACH

42
Q

Two kinds under the competition based approach.

A

•GOING-RATE PRICING
•SEALED BID PRICING

43
Q

The firm adapts a price based on the competitor’s prices.

A

GOING-RATE PRICING

44
Q

The firm sets its price which is thought to be a little lower than the competitor’s.

A

SEALED BID PRICING

45
Q

Those that are used to address, the variations in geographical demand, costs, market segments, purchase timing, and other factors.

A

PRICE ADAPTATION STRATEGIES

46
Q

PRICE ADAPTATION STRATEGIES are consist of the following: (4)

A

•GEOGRAPHICAL PRICING
•PRICE DISCOUNTS AND ALLOWANCES
•PROMOTIONAL PRICING
•DISCRIMINATORY PRICING

47
Q

Refers to the pricing decisions related to products intended for customers in different locations.

A

GEOGRAPHICAL PRICING

48
Q

Refers to the situation where the seller quotes the selling price at the point of production, and the buyer selects the mode of transportation and pays all freight costs.

A

POINT-OF-PRODUCTION PRICING

49
Q

The seller quotes to all buyers the same delivered price regardless of their locations.

A

UNDER UNIFORM DELIVERED PRICING

50
Q

The seller sets prices that are different from zone to zone.

A

ZONE-DELIVERED PRICING

51
Q

The strategy where the seller pays for some of the freight charges in order to penetrate more distant markets.

A

FREIGHT-ABSORPTION PRICING

52
Q

Are price modifications designed to reward customers for early payment volume purchase, and off-season buying.

A

DISCOUNT AND ALLOWANCES

53
Q

Are reductions from the list price that are given by sellers to buyers who either give up some marketing function or provide the function themselves.

A

DISCOUNTS

54
Q

Are reductions in price given to final consumers, customers or channel members for doing some tasks for accepting less service.

A

ALLOWANCES

CHANI (5 decks)

Brainscape helps you reach your goals faster, through stronger study habits.
© 2024 Bold Learning Solutions. Terms and Conditions