Marketing Unit 2 Vocab Quiz Worksheet

The Value of money or its equivalent placed on a good or service.
Financial calculation that is used to determine the relative profitability of a product.
Company’s percentage of the total sales volume generated by all companies that compete in a given market.
The relative standing a competitor has in 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 for a product is affected by its price.
An economic law that states that consumers will buy only so much of a give product, even it the price is low.
A situation that occurs when competitors agree on certain price ranges within which they set their own prices.
When a firm charges different prices to similar customers in similar situations.
A pricing method that allows consumers to compare prices in relation to a standard unit or measure.
An item priced at or below cost to draw customers into a store.
The difference between the item’s cost and the sale price.
A policy in which all customers are charged the same prices.
A policy in which customers pay different prices for the same type or amount of merchandise.
A pricing policy that sets a very high price for a new product.
Setting the price for a new product very low to encourage as many as possible to buy the product.
Adjusting prices to maximize the profitability for a group of products rather than for just one item.
A pricing technique that sets a limited number of prices for specific groups or lines of merchandise.
Pricing method in which a company offers several complementary, or corresponding, products in a package that is sold at a single price.
Price adjustments required because of different shipping agreements.
A strategy that uses two or more different prices for a product, though there is no difference in the item’s cost.
Pricing techniques that create an illusion for customers.
Low prices set on a consistent basis with no intentions of raising them or offering discounts in the future.
Used in conjunction with sales promotions when prices are reduced for a short period of time.