value the ratio of perceived benefits to price; value = perceived benefits/price; involves judgment by a consumer of the worth & desirability of a product or service relative to substitutes reference value involves comparing the costs & benefits of substitutes items
Full Answer
What is price in accounting?
the money or other considerations (including other products & services) exchanged for the ownership or use of a product or service; price = list price - incentives & allowances + extra fees
What is resale price maintenance?
involves controlling agreements between two independent buyers & sellers whereby sellers are required to not sell products below a minimum retail price; a.k.a. resale price maintenance
What is UVC in units?
expressed on a per unit basis; UVC = VC/Q
What is the term for a firm offering a very low price on a product to attract customers to a?
occurs when a firm offers a very low price on a product (the bait ) to attract customers to a store, who are then persuaded to purchase a higher-priced item (the switch) using a variety of tricks
What are expectations that specify the role of price in an organization's marketing & strategic plans?
expectations that specify the role of price in an organization's marketing & strategic plans; profit, sales, market share, unit volume, survival, & social responsibility
What does "slight increase in price" mean?
a product in which a slight increase or decrease in price will not significantly affect the demand, or units sold, for the product
What does it mean to set a low initial price on a new product?
setting a low initial price on a new product to appeal immediately to the mass market
