Chapter 12 Flashcards
(7 cards)
1
Q
the value paid for a product in a marketing exchange
A
price
2
Q
the trading of products
A
barter
3
Q
emphasizing price as an issue and matching or beating competitors’ prizes
A
price competition
4
Q
emphasizing factors other than price to distinguish a product from competing brands
A
nonprice competition
5
Q
a graph of the quantity of products expected to be sold at various prices if other factors remain constant
A
demand curve
6
Q
a measure of the sensitivity of demand to changes in price
A
price elasticity of demand
7
Q
the point at which the costs of producing a product equal the revenue made from selling the product
A
break-even point
