1. Selling price: The amount at which a product or service is offered for sale to customers.
2. Pricing strategy: A plan or approach used by businesses to set the prices of their products or services in order to achieve specific goals, such as maximizing profit or increasing market share.
3. Fixed expenses/costs: Costs that remain constant regardless of the level of production or sales, such as rent or insurance.
4. Variable expenses/costs: Costs that vary with the level of production or sales, such as raw materials or labor.
5. Elastic demand: The degree to which the demand for a product or service changes in response to changes in its price.
6. Inelastic demand: The degree to which the demand for a product or service remains relatively constant despite changes in its price.
7. Price fixing: The illegal practice of colluding with competitors to set prices at a fixed level, usually to the detriment of consumers.
8. Price skimming: Setting an initially high price for a product or service and gradually lowering it over time as competition increases.
9. Bait-and-switch advertising: A deceptive marketing tactic in which a business advertises a product at a low price to attract customers, but then tries to sell them a different, more expensive product.
10. Pricing policy: A set of guidelines or rules that a business uses to determine the prices of its products or services.
11. Psychological pricing: A pricing strategy that takes advantage of how consumers perceive prices, such as setting prices just below a round number to make them seem more affordable.
12. Unit price: The price of a single unit of a product, typically used for comparison when purchasing items in different quantities or sizes.
13. Break-even point: The level of sales at which total revenue equals total costs, resulting in neither profit nor loss.
14. Penetration pricing: Setting a low price for a new product or service in order to attract customers and gain market share quickly.
15. Product line pricing: Setting different prices for similar products within a product line in order to appeal to different customer segments.
16. Promotional pricing: Offering temporary discounts or special offers to boost sales or attract new customers.
17. Goods on hand: Inventory or merchandise that a business currently has in stock and available for sale.
18. Markup pricing: Adding a predetermined percentage markup to the cost of a product to set its selling price.
Develop definition for each term in your own words
1. Selling price
2. Pricing strategy
3. Fixed expenses/costs
4. Variable expenses/costs
5. Elastic demand
6. Inelastic demand
7. Price fixing
8 Price skimming
9. Bait-and-switch advertising
10. Pricing policy
11 Psychological pricing
12 Unit price
13. Break-even point
14. Penetration pricing
15. Product line pricing
16. Promotional pricing
17. Goods on hand
18. Markup pricing
1 answer