BNAD 303 Lecture Notes - Lecture 14: Price Skimming, Monopolistic Competition, Marketing Mix

• School: University of Arizona
• Department: Business Administration
• Course: BNAD 303
• Professor: Hardesty

Document Summary

Explain the relationship between price and quantity sold. Describe how to calculate a product"s break-even point. Indicate the four types of price competitive levels. Describe the difference between an everyday low price strategy (edlp) and a high/low strategy. Explain the difference between a price skimming and a market penetration pricing strategy. Pricing practices that have the potential to deceive customers. Price: the overall sacrifice a consumer is willing to make money, time, energy to acquire a specific product or service. The only element of the marketing mix that does not generate costs. Monopolistic competition: many firms selling differentiated products at different prices. Oligopoly: a handful of firms control the market. Pure competition: many firms selling commodities for the same price. Fixed costs: unaffected by the production volume. Total cost: the sum of variable and fixed costs. Company objectives: each firm has a specific orientation in the marketplace that dominates its pricing strategy.