JCTC advanced marketing management kossa prep project
Terms in this set (15)
The money the consumer must pay for the product.
Factor that effects price #1 Ex. What it cost the Business
cost and expenses
Factor that effects price #2 Ex. When these go up or down the price is affected
Supply and Demand
Factor that effects price #3 Ex. How people look at your company
Factor that effects price #4 Ex. Other companies
Monopoly Ex. Apple Computers
One business has no direct competitors
Oligopoly Ex. Windows running Computers
Few businesses offer very similar products
Direct Competition Ex. McDonalds Vs. Burger King
competition from a business that makes most of its money selling the same or similar products or services as another business
Indirect competition Ex. McDonalds Vs. KFC
Competition between two or more retailers that employ different types of business formats to sell the same type of goods.
Price competition Ex. Walmart
Competition focused on the selling price of a product.
Odd pricing Ex. Skittles for 99¢
Gives sense of a bargin
Even pricing Ex. Michael Kors purse for 500$
Gives sense of Quality
Bundle Pricing Ex. Flight and hotel room
Several complimentary products sold at a single price
Seasonal Discounts Ex. Swimsuits in the winter
Gives a sale normally when demand is low
Captive product Ex. Low slushy machine price but mix is a high price
Actual product has a low price but the necessary components are sold at a high price to compensate
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