CH 6 | 469

consideration/evoked parity
Click the card to flip 👆
1 / 21
Terms in this set (21)
price perceptual mapa visual tool used to examine brand image or quality and brand market position relative to the competitionpricing strategybasic direction the company's marketing and management teams take when setting pricesreference priceprice customers initially identify with a new productskimming price strategy-setting the price high in order to recover research and development costs as quickly as possible -price ceiling -product difficult to copy, level of prestige, copyrightcost oriented approaches to setting price-cost-plus pricing -markup pricingprice elasticity-change in demand/change in price -unitary=1 -inelastic=below 1 -elastic=greater than 1when is price elasticity best usedinelastic demand is best because demand changes little compared to pricesale price strategies-skimming -penetration -incrementalprice discounts-consumers (sale price, seasonal, quantity, bundle) -business (sale price, volume discount, early-payment discounts) :sale price (loss leader, promotional, introductory)weber's lawfor a price to be noticed it must be greater than 10% before it generates a responselegal and ethical pricing-price discrimination -price fixing -deceptive pricing -predatory pricing