MKT 2210 Lecture Notes - Lecture 20: Demand Curve, Gross Margin, Wii

• School: University of Manitoba
• Department: Marketing
• Course: MKT 2210
• Professor: Malcolm C.Smith

Document Summary

Many names: tuiion, rent, interest, premium, fee, dues, fare, price. Price: money or other consideraions exchanged for the ownership or use of a good or service. Exchanging goods and services for other goods and services rather than for money is called barter. All threes diferent factors that increase or decrease the price are put together in a price equaion . Need to subtract incenives and allowances and add any extra fees. Price is oten used to indicate value when it is compared with the perceived beneits such as quality, durability, and so on of a product or service. Value: the raio of perceived beneits to price: value = perceived beneits / price. Value pricing: increasing product or service beneits while maintaining or decreasing price: strategic markeing move. Pricing is a criical decision made by a markeing execuive because price has a direct efect on a forms proits. Proit equaion: proit = total revenue total cost.