Pricing & Product Strategies Flashcards by Melvin J

Q

What are Brand Extensions?

A

New products under the same name.

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Q

What is Elastic Demand?

A

Price changes affect buying.

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Q

What is Inelastic Demand?

A

Price changes don’t affect buying.

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Q

What is Intensive Distribution?

A

Selling in many places.

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Q

What is a Licensed Brand?

A

Brand name rented out.

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Q

What is a Markdown?

A

Price discount on a product.

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Q

What is Nonprice Competition?

A

Competing with quality, not price.

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Q

What is Penetration Pricing?

A

Low price to attract buyers.

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Q

What is Price Competition?

A

Lower price beats competition.

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Q

What is Price Equilibrium?

A

When demand meets supply.

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Q

What is Price Skimming?

A

High price for a new product.

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Q

What is the Product Life Cycle?

A

Stages a product goes through.

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Q

What is a Product Line?

A

Similar products from a company.

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Q

What is a Product Mix?

A

All products a company sells.

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Q

Key Concept: How Do Prices Affect Buying?

A

High prices mean quality or exclusivity; low prices attract budget shoppers.

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