MKT 100 Final: MKT100 Chapter 11

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Marla Spergel

Document Summary

Chapter 11: pricing concepts and strategies: establishing value. Sales orientaion: increasing sales to increase proits. Compeitor orientaion: measure itself against its compeiion. Compeiive parity: set prices that are similar to major compeitors. Customer orientaion: explicitly invokes the concept of consumer expectaions. Consumers want value; price is half the value equaion. Demand curve: shows how many units of a product of service consumers will demand during a speciic period at diferent prices. Presige products or services: those that consumers purchase for status rather than functuality. Price elasicity of demand: measures how changes in a price afect the quanity of the product demanded, the raio of the percentage change in quanity demanded to the percentage change in price. Elasic: refers to a market for a product/service that is price sensiive. Inelasic: refers to a market for a product/service that is price insensiive.