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Joel Poor Marketing 3000 Exam 3 With Questions And 100% SURE ANSWERS
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Joel Poor Marketing 3000 Exam 3 With Questions And 100% SURE ANSWERS
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JACKLINEJoel Poor Marketing 3000 Exam 3 With Questions And 100% SURE ANSWERS
Terms in this set (70)
Pricing used to determine value of something that can be exchanged for satisfaction/utility
Financials-the need to survive or make a profit
Pricing Objectives
Competitiveness- being able to compete with other companies price wise
Price Sensitivity How sensitive a target market is to price, is demand elastic or inelastic
Inelastic Demand Changes in price do not drastically affect consumption
Elastic Demand Consumers are highly affected by changes in price
When demand is inelastic, top level products may be raised in price to get more profit from high end
Price Skimming
buyers
Joel Poor Marketing 3000 Exam 3
Penetration Method Pricing lower than competition to gain market share
Quantity Discounts Discount for buying large quantities
, Cash Discount Discount for paying in cash or paying very soon after purchase
Noncumulative Quantity Discount Buy 3 get one free
Cumulative Discount Buy 10 over time and get your 11th free
Functional Discount Giving a discount to employees
Trade-In Allowances Price reductions for turning in old products at the time of purchase
Customer Segmented Pricing Different customers pay different prices for same product
Product Form Pricing Different Versions of products are priced differently but not based off of costs
Time Pricing Seasonal, or otherwise time based pricing
Location Pricing Products priced differently based on location
FOB Origin Pricing Customer pays for shipping and product
Countertrade Barter between products- not common
Transfer prices Prices calculated using the cost to transfer from HQ to local branch
System Prices Bundling goods together so it may benefit the seller (Computer Systems)
Promotion Coordination of all seller parts to promote a good/service
Basic tools used to accomplish promotional goals
Advertising
Promotional mix Sales Promotion
Public Relations/Publicity
Personal Selling
Marketing Mix/ Four P's Product, Prices, Promotion, Place
Paid form of impersonal communication by an identified sponsor.
Advertising. Pros and Cons Pros: Cost effective, can be used with other tools,
Cons: Cost, Difficult to find how effective, High Clutter
Pros: extra incentive for consumers to buy, appeals to price sensitive consumers, can be measured
Sales Promotion. Pros and Cons
Cons: Clutter, promo wars, only buying while on sale
Joel Poor Marketing 3000 Exam 3
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