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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?