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Money or other considerations exchanged for the ownership or use of a good or service
Price
The ratio of perceived benefits to price
Value
Profit=Total revenue-total cost
Profit Equation
Group relating quantity sold and price, which shows how many units will be sold as a given price
Demand Curve
The percentage change in the quantity demanded relative to a percentage change in price.
Price Elasticity of Demand
Total money received from the sale of a product.
Total Revenue
Total expenses incurred by a firm in producing and marketing a product; _____is the sum of fixed cost and variable cost.
Total Cost
Examines the relationship between total revenue and total cost to determine profitability at different levels of output.
Break-even Analysis
Expectations that specify the role of price in an organization's marketing and strategic plans
Pricing objectives
Factors that limit the range of price a firm may set
Pricing constraints
Author
rebekaheh
ID
53145
Card Set
Marketing
Description
Pricing Products and Services
Updated
2010-12-03T23:14:23Z
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