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Chapter 25 Price Planning Vocabulary
Terms in this set (15)
the value in money placed on a good or service.
Return on Investment(ROI)
a calculation that is used to determine the relative profitability of a product.
Formula for calculating ROI
rate of return = profit/investment
a firm's percentage of the total sales volume generated by all competitors in a given market.
the relative standing a competitor has a given market in comparison to its other competitors.
the point at which sales revenue equals the costs and expenses of making and distributing a product.
the degree to which demand fro a product is affected by its price.
Law of Diminishing Marginal Utility
states that consumers will buy only so much of a given product even if the price is low
occurs when competitors agree on certain price ranges within which hey set their own prices.
What act outlaws price fixing?
Sherman Antitrust Act
occurs when a firm charges different prices to similar customers in similar situations
What act defines price discrimination as unfair?
Clayton Antitrust Act
What act prohibits sellers from using price discrimination?
allows consumers to compare price in relation to a standard unit of measurement, such as ounce or a pound.
an item priced at or below cost o draw customers into a store.
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