Accounting MRK108 Chapter Notes - Chapter 18.1: Customer Relationship Management, Profit Maximization

• School: Seneca College
• Department: Accounting
• Course: Accounting MRK108
• Professor: Ruggero

Document Summary

Price that which is given up in an exchange to acquire a good or service. May also include the time lost while waiting to acquire the good or service. Those who lose their jobs and must rely on charity, price might include their lost dignity. Consumers interested in obtaining a reasonable price, which refers to the perceived reasonable value at the time of transaction. Price paid based on satisfaction consumers expect to receive from a product and not necessarily the satisfaction they actually receive. Can relate to anything with perceived value, not just money. Barter when goods and services are exchanged. To sur(cid:448)i(cid:448)e i(cid:374) today"s highly co(cid:373)petiti(cid:448)e (cid:373)arketplace, co(cid:373)pa(cid:374)ies (cid:374)eed pricing objectives that are smart (specific, measurable, attainable, relevant and time-related) Realistic pricing goals require periodic monitoring to determine the effecti(cid:448)e(cid:374)ess of the co(cid:373)pa(cid:374)y"s strategy. Pricing objectives can be divided into 3 categories: price oriented, sales oriented and status quo.