Business 3 chapter14

Competition based price stratagy

A strategy based on what all the other competitors are doing

Skimming price stratagy

When a new product is priced high to make optimum profit while there is no competition

Penetration stratagy

When a product is priced low to attract many customers and discourage competition

Everyday low pricing (EDLP)

Setting prices lower than competitors and then not having any special sales

High-low pricing stratagy

Setting prices that are higher than EDLP stores, but having many special sales where the prices are lower than competitors

Psychological pricing

Pricing goods and services at price points that make the product appear less expensive

Total prouduct offer

Everything that consumers evaluate when deciding whether to buy something

Product mix

The combination of prouduct lines offered by a manufacturer

Product line

A group of products thst are physically similar or intended for a similar marker

Brand

A name, symbol or design that identifies the goods of a seller

Trademark

A brand that has exclusive legal protection for both it's brand name and design

Brand loyalty

The degree to which customers are satisfied, like the brand and are committed to purchase again

Brand equity

The value of the brand name and associated symbols

Generic

Nonbranded prouducts thst sell at a discount compared to branded prouducts

Knockoff

Illigal copies of brand-name goods

Shopping goods and services

Prouducts that the consumer buys only after comparing value, quality and price to others

Specialty goods and services

Consumer prouducts with unique characteristics and brand identity. A prouduct people put special effort to purchase

Convenience goods and services

Prouducts that the consumer wants to purchase frequently and with minimum effort.