pricing vocabulary Worksheet

-actual amount customers pay and the methods of increasing the value of the product to the customers
-describes the relationship between changes in a product’s price and the demand for that product
-market situation in which a price decrease will decrease total revenue
-market situation in which a price decrease will increase total revenue
-the price charged for a product or service
includes the cost of parts and raw materials (or the price paid to a supplier for finished products), labor, transportation, insurance, and an amount for damaged, lost, or stolen products
-the difference between the cost of the product and the selling price
-all costs associated with business operations
-the difference between the selling price and all costs and operating expenses associated with the product sold
amount added to the cost of a product to determine the selling price
a reduction from the original selling price
-point where supply and demand are equal
very high price designed to emphasize the quality or uniqueness of the product
very low price designed to increase the quantity sold of a product by emphasizing the value
-when business decide to emphasize factors of their marketing mix other than price
-all customers pay the same price
-allows customers to negotiate the price within a price range
distinct categories of prices based on differences in product quality and features
-identifies the location from which the buyer pays the transportation costs and takes title to the products purchased
-reductions in a price given to the customer in exchange for performing certain marketing activities or accepting something other than what would normally be expected in the exchange