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Unit 12 Pricing Strategies
Terms in this set (15)
The practice of raising prices on goods or services to an unreasonable or unfair level. Usually occurs when supply is short after a crisis event. It is illegal in most jurisdictions.
Occurs when competitors agree to maintain prices at a certain level.
Indicating cost based on a standard unit of measurement such as pound, ounce or piece.
A pricing strategy that involves setting prices higher than those of the competition but sometimes lowers it over time.
A pricing strategy in which a firm introduces a new product at a very low price to encourage more customers to purchase it
Setting prices that have special appeal to target customers
Ending the price with certain numbers to influence buyers' perceptions of the price or product
Setting a high price so that quality or status conscious consumers will be attracted to the product and buy it
Temporarily pricing products below the list price, and sometimes even below cost, to increase short-run sales
Offers customers reductions from the regular price. Also can be artificially marked up higher but are then offered for sale for what seems to be a lower cost to the consumer.
(Manufacturer Suggested Retail Price) A recommended price that retailers should charge set by manufacturers.
The amount added to the cost of merchandise to establish the selling price
A reduction from the original selling price
Break Even Point
The point at which the costs of producing a product equal the revenue made from selling the product
Loss Leader Pricing
Loss leader pricing takes the tactic of leader pricing one step further by lowering the price below the store's cost.
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