Marketing Final Study Guide

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19 Terms

1

Product Line Pricing

Pricing products at different levels within the same product line based on cost differences, customer perception, and competitor pricing.

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2

Optional Product Pricing

The practice of pricing a base product separately and offering add-ons for additional charges.

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3

Captive Product Pricing

A pricing strategy where the main product is sold at a low price, while required secondary products are priced high.

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4

Product Bundle Pricing

Combining multiple products into a single package at a reduced price to encourage sales of less popular items.

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5

Value-Based Pricing

Setting prices based on the perceived value to the customer rather than on the cost of the product.

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6

Cost-Based Pricing

A pricing method where price is determined by adding a markup percentage to the cost of the product.

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7

Competition-Based Pricing

Setting prices based on competitors' pricing strategies, particularly in markets with similar and price-sensitive products.

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8

Market Skimming Pricing

Setting a high initial price to maximize profit from early adopters, then lowering the price over time.

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9

Market Penetration Pricing

Setting a low price initially to quickly gain market share, but with risks of low initial profits.

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10

Intensive Distribution

A distribution strategy where products are made available at as many outlets as possible.

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11

Selective Distribution

Limiting product distribution to select outlets to maintain higher levels of control.

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12

Exclusive Distribution

A form of distribution where a product is only available through a limited number of outlets.

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13

Self-Service

A retail format where customers handle their own shopping needs with minimal assistance.

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14

Limited Service

A retail format in which customers receive some assistance during their shopping experience.

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15

Full Service

A retail format that offers personalized shopping assistance for high-end or premium products.

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16

Break-Even Analysis

A calculation to determine the point at which total revenue equals total costs.

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17

Lifetime Value (LTV) of a Customer

The total profit a company expects to earn from a customer over the duration of their relationship.

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18

Improvement Value Method

A value-based pricing method that calculates the perceived value based on product improvements.

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19

Cost of Ownership Method

A method that calculates the final price of a product based on the total cost of ownership over its lifetime.

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