JeopardyPricing Policies Pricing

Strategies BEP Laws Pricing Mix

Q $100

Q $200

Q $300

Q $400

Q $500

Q $100 Q $100Q $100 Q $100

Q $200 Q $200 Q $200 Q $200

Q $300 Q $300 Q $300 Q $300

Q $400 Q $400 Q $400 Q $400

Q $500 Q $500 Q $500 Q $500

Final Jeopardy

$100 Question from Pricing Policies

This policy guarantees the consumerthe lowest price.

$100 Answer from Pricing Policies

What is Everyday Low Prices?

$200 Question from Pricing Policies

This type of pricing policy is often used for high priced items.

$200 Answer from Pricing Policies

What is negotiated pricing?

$300 Question from Pricing Policies

This type of pricing is based on a forecast of what consumers are willing to pay.

$300 Answer from Pricing Policies

What is Psychological Pricing?

$400 Question from Pricing Policies

An example of this type of pricing policy is advertising an item in a weekly flyer at a really low price.

$400 Answer from Pricing Policies

What is leader pricing (or loss leader)?

$500 Question from Pricing Policies

This type of pricing policy would involve having all items that are the same price grouped together.

$500 Answer from Pricing Policies

What is Price Lining?

$100 Question from Pricing Strategies

This strategy involves charging whatever the competition is charging.

$100 Answer from Pricing Strategies

What is Competitive Pricing?

$200 Question from Pricing Strategies

This involves initially charging a high price.

$200 Answer from Pricing Strategies

What is Market Skimming?

$300 Question from Pricing Strategies

The price charged by the market leader.

$300 Answer from Pricing Strategies

What is the benchmark price?

$400 Question from Pricing Strategies

This strategy is used to try to quicklyrecover development and marketing costs.

$400 Answer from Pricing Strategies

What is Market Skimming?

$500 Question from Pricing Strategies

This strategy is used when a company wants to gain market share very quickly.

$500 Answer from Pricing Strategies

What is Penetration Pricing?

$100 Question from BEP

A calculation of how many units must be sold in order to cover the costs of makingand marketing the product.

$100 Answer from BEP

What is Break Even Analysis?

$200 Question from BEP

These costs go up or down depending on quantity sold or produced.

$200 Answer from BEP

What are variable costs?

$300 Question from BEP

Rent, Equipment & hydro are all examples.

$300 Answer from BEP

What are fixed costs?

$400 Question from BEP

Selling Price – Variable Costs

$400 Answer from BEP

What is Gross Profit?

$500 Question from BEP

The number of units that must be sold to break even if a company charges $10 for a product; variable costs are $5 and fixed costs are $500.

$500 Answer from BEP

What is 100?

$100 Question from Laws

The illegal practice of having 2 pricetags on a product and charging thehighest one.

$100 Answer from Laws

What is double ticketing?

$200 Question from Laws

The illegal practice of advertising products as being on sale when they are actually regular price.

$200 Answer from Laws

What is False Sales Prices?

$300 Question from Laws

The illegal practice of agreeing with other retailers to charge a particular price, thereby limiting competition.

$300 Answer from Laws

What is Price Fixing?

$400 Question from Laws

The practice of advertising a productat a low price and then promotion a more expensive product.

$400 Answer from Laws

What is Bait-and-Switch?

$500 Question from Laws

The Government agency responsible for dealingwith illegal pricing practices.

$500 Answer from Laws

What is the Competition Bureau (ofCanada)?

$100 Question from Pricing Mix

The concept that the more products a company makes, the lower the production costs for each individual product.

$100 Answer from Pricing Mix

What are Economies of Scale?

$200 Question from Pricing Mix

A slight increase in price will resultin a greater decrease in sales.

$200 Answer from Pricing Mix

What is Price Sensitivity?

$300 Question from Pricing Mix

Deliberately setting a high price for a product so it is seen as high quality.

$300 Answer from Pricing Mix

What is Premium Pricing?

$400 Question from Pricing Mix

This is one of the factors influencingpricing for the international market.

$400 Answer from Pricing Mix

What is a tariff? (transportation costsor currency values)

$500 Question from Pricing Mix

These are the two main factors thatdetermine price.

$500 Answer from Pricing Mix

What are the cost of doing businessand the profit a company wants to make?

Final Jeopardy

These are 3 factors that influence price sensitivity for a product.

Final Jeopardy Answer

What are customer’s awarenessof substitutes, income level and brand image?