BUAD 332 Study Guide - Midterm Guide: Marketing Mix, Icemaker, Monopolistic Competition
Document Summary
Ba 332 exam 3 study guide (chapter 9) Chapter 9 pricing: understanding and capturing customer value. Price narrowly defined is the amount of money charged for a product or service. Price broadly defined is the sum of all the values that consumers exchange for the benefits of having or using the product or service. Other environmental factors (economy, government, resellers, social concerns) Dynamic pricing: charging different prices depending on individual customers and situations. Inelastic demand: demand hardly changes with a small change in price. Elastic demand: demand changes greatly with a small change in price. Cost-plus pricing: an approach that adds a standard markup to the cost of a product. Cost-based pricing: product, cost, price, value, customers. Value-based pricing: customers, value, price, cost, product. Going-rate: when a company sets prices based on what competitors are charging. Sealed-bid: when a company sets prices based on what they think competitors will charge.
