MKTG 2030 Chapter Notes -Marginal Revenue, Profit Margin, Canadian Food Inspection Agency
16 Mar 2014
School
Department
Course
Professor
Document Summary
Payment may be in the form of money, goods, services, favors, votes, or anything else that has value to the other party. Sometimes monetary value of a product is called something other than price", sometimes to hide the idea that you"re being charged, tuition" or dues" or professional fee". Consumer sites like usedeverywhere and kijiji also allow people to offer items for barter- no money changes hands, but there"s still an exchange of value. Price is what customers give up to buy and use a product, so other nonmonetary costs are important to both marketers and consumers or customers. Psychological costs are the stress, anxiety or mental difficulty of buying and using a product; cognitive dissonance. Operating costs are the costs involved in using a product. Switching costs are the costs involved in moving from one brand to another. Opportunity cost is the value of something that"s given up to obtain something else.
