KKP 5A 7ps marketing mix- product and price

0.0(0)
studied byStudied by 1 person
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
Card Sorting

1/5

flashcard set

Earn XP

Description and Tags

Business

11th

Study Analytics
Name
Mastery
Learn
Test
Matching
Spaced

No study sessions yet.

6 Terms

1
New cards
product
is a good or service that can be offered in an exchange for the purpose of satisfying a need or want
2
New cards
price
the amount of money paid by customers for a product or service
3
New cards
pricing methods:
cost plus marketing, market pricing, competition based pricing
4
New cards
pricing method: cost plus pricing
the business determines the total cost of production and adds an amount for profit
5
New cards
pricing method: competition based pricing
often used when there is a high degree of competition from businesses producing similar products
6
New cards
pricing method: market pricing
business sometimes set prices according to the level of supply and demand