Pricing Strategies Jeopardy Template

The Importance of Price and Price to Marketing Managers	Pricing Objectives	Affecting Prices	The Cost Determinant	Issues that Limit Pricing Decisions
100 Because the price the equals the perceived value to target customers. Marketers select a price that isn't to high or to low because of what?	100 Some examples are maximize long-run profit, maximize short-run profit, increase sales volume (quantity). What are some of the more common pricing objectives?	100 Accountants use the term expense to mean a cost that has being used up while a company is doing its main revenue-generating activities. What is cost and expenses?	100 .Variable Costs- Changes with changes in level of output Fixed Costs- Do not change as level of output changes Name the two type of costs and how it changes the level of output	100 .Demand Elasticity, Elastic Demand , & Inelastic Demand List the 3 factors of Supply and Demand.
200 It is the price charged to customers multiplied by the number of units sold. What is revenue?	200 Pricing objectives give direction to the whole pricing process. What does pricing objectives do?	200 Supply and demand comprises the fundamental concept on which our global economy stands.Companies that supply goods and services provide one side of the equation and an individual or another company provide the other side Why is supply and demand relevant for a business?	200 Set Prices Markup pricing, key stoning, profit maximization pricing, break even pricing, and introductory price point are methods to do what?	200 In price fixing, there is an agreement between 2 or more firms on the price they will charge for a product. Complete the sentence. In ____ ____, there is an ____ between _ or more firms on the price they will ____ for a product.
300 Revenue minus Expenses OR Price - Cost= Profit How do you find the profit of something?	300 1) the overall financial, marketing, and strategic objectives of the company; 2) the objectives of your product or brand; 3) consumer price elasticity and price points; and 4) the resources you have available. What might you consider when determining your price objectives?	300 How would you define competition between two business?competition is the rivalry among sellers trying to achieve such goals as increasing profits, market share, and sales volume by varying the elements of the marketing mix: price, product, distribution, and promotion. How would you define competition between two business?	300 Loss (bottom left) , Break-Even Point, Realized Profit (top right) - Variable Costs (above realized profit) & Fixed Costs (below realized profit) * Cost/Revenue = y-axis & Quantity= x-axis What how is Break-Even Pricing graph set up?	300 The Robinson-Patman Act of 1936 What act is this: Prohibits any firm from selling to 2 or more different buyers at different prices if the result would lessen competition.
400 Return on Investment What does ROI stand for?	400 Survival, profit, sales, and status quo What are the four types of pricing objectives?	400 Three areas of consumer perception theory relate to consumer perception theory: self perception, price perception and perception of a benefit to quality of life.Consumer perception theory attempts to explain consumer behavior by analyzing motivations for buying -- or not buying -- particular items. Why is Consumer Perception important?	400 Introductory Stage, Growth Stage, Maturity Stage, & Decline Stage. Name the stages in the product life cycle. (in order).	400 Predatory pricing is the practice of charging a very low price for a product with the intent of driving competitors out of business or out of a market. Complete the sentence. ____ pricing is the practice of charging a __ __ price for a __ with the intent of driving ___ __ of business or __ of a ___.
500 Trends in marketing The flood of new product introductions, the increased availability of bargain, price cutting, and the decline in customer confidence are categories of what?	500 the financial position of the company Pricing objectives may change depending on?	500 They are all important to marketers so they can determine pricing. How do these factors affect pricing?	500 Marginal Revenue The extra revenue associated with selling an extra unit of output, or the change in total revenue with a one-unit change in output is what?	500 Unfair Trade Practices, Price Fixing, Price Discrimination, and Predatory Pricing. List the 4 issues that limit pricing decisions.

Pricing Strategies

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