MKTG 310 Chapter Notes - Chapter 9: Monopolistic Competition, Price Discrimination, Sales Promotion

• School: Bloomsburg University
• Department: Marketing
• Course: MKTG 310
• Professor: Jung Seek

Document Summary

266): the amount of money charged for a product or service, or the sum of the values that customers exchange for the benefits of having or using the product or service. Price is the only element in the marketing mix that produces revenue; all other elements represent costs. 267): setting price based on buyers" perceptions of value rather than on the seller"s cost. Value-based pricing means that the marketer cannot design a product and marketing program and then set the price. Price is considered along with all other marketing mix variables before the marketing program is set. 269): offering just the right combination of quality and good service at a fair price. Introducing less-expensive versions of established brand name products. Redesigning existing brands to offer more quality for a given price or the same quality for less. Everyday low pricing (edlp), charging a constant, everyday low price with few or no temporary price discounts.