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MGTA02H3 (143)
Lecture

Chapter 7 Notes.docx

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Department
Management (MGT)
Course
MGTA02H3
Professor
Bill Mc Conkey
Semester
Winter

Description
Chapter 7: The 4 Ps – Price Terms: Pricing: deciding what the company will receive in exchange for its product Pricing Objectives: goals that producers hope to attain in pricing products for sale Market Share: a company’s percentage of the total market sales for a specific product Variable Costs: those costs that change with the number of goods or services produced or sold Fixed Costs: those costs unaffected by the number of goods or services produced or sold Break-even Analysis: an assessment of how many units must be sold at a given price before the company begins to make a profit Break-even Point: the number of units that must be sold at a given price before the company covers all of its variable and fixed costs Price Leadership: the dominant firm in the industry establishes product prices and other companies follow suit Price-skimming Strategy: the decision to price a new product as high as possible to earn the maximum profit on each unit sold Penetration-pricing Strategy: the decision to price a new product very low to sell the most units possible and to build customer loyalty Price Lining: the practice of offering all items in certain categories at a limited number of predetermined price points Psychological Pricing: t
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