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BUSML 3250 Final Exam Review
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BUSML 3250 Final Exam Review What is a price? - ✔✔The amount of money charged for a product or service. What is value-based pricing? - ✔✔Price is considered along with other marketing mix va ... riables before the marketing program is set What are the steps in (customer) value-based pricing? - ✔✔1. Assess customer needs and value perceptions 2. Set target price to match customer perceived value 3. Determine the costs that can be incurred 4. Design product to deliver value at target price What is cost-based pricing? - ✔✔Setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk What are the steps in cost-based pricing? - ✔✔1. Design a good product 2. Determine product costs 3. Set price based on cost 4. Convince buyers of product's value What is competition-based pricing? - ✔✔Setting prices based on competitors' strategies, prices, costs, and market offerings What is a demand curve? - ✔✔A curve that shows the number of units the market will buy in a given time period, at different prices that might be changed What are the different types of demand? - ✔✔Elastic Demand - demand is very sensitive to changes in price Inelastic Demand - demand is not so sensitive to small changes in price (insulin, people need it, demand won't change) What is the price elasticity of dema [Show More]
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