Chapter 11 Vocab.

12 terms by burnsrs1994 

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Price Skimming

Method of introducing a product by charging a high price to recover costs as quickly as possible.

Penetration Pricing

Method of introducing a product by charging a low initial price to keep unit costs to customers as low as possible.

Psychological Pricing

Pricing strategy based on the belief that customers base perceptions of a product on price.

Prestige Pricing

Pricing an item at a higher than average price.

Odd/ Even Pricing

Pricing an item at an odd price to suggest a bargain, or an even price to suggest higher quality.

Price Lining

Pricing an item according to its category.

Promotional Pricing

Pricing an item at a low price for a limited period to generate sales.

Discount Pricing

A pricing technique that offers customers reduction from the regular price.

Break-even Point

The point at which sales revenue equals the costs and expenses of making and distributing a product.

Markup

An amount added to the cost of a product to determine the selling price.

Markdown

The amount of money taken from the original price.

Special Market Circumstances

Circumstances calling for a temporary price increase.

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