MGTA02H3 Chapter Notes - Chapter 7: Independent Business, Distribution Center, Telemarketing
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MGTA02H3 Full Course Notes
Pricing: deciding what the company will receive exchange for its product. Pricing objective: goals that producers hope to obtain in pricing products for sale: companies price product to maximize profit, pricing decisions are influenced by the need to survive in the marketplace. Profit maximizing objectives: prices are too low sell many units of product might miss the opportunity to make additional profit on each unit . Other pricing objective: during recession loss containment and survival may become a company"s main objective. Pricing strategies: that is pricing as a planning activity that affects the market mix. Pricing tactic: ways in which managers implement a firm"s pricing strategies. Some products sold for twice the price of other products with similar properties. Reflects that there is different brand image that attracts different types of customers. Price lining: the practice of offering all items in certain categories at a limited number of predetermined price points.