Card Set Information
Chapter Twelve part
Pricing Products and Services
Money or other considerations exchanged for the ownership or use of a good or service
The ratio of perceived benefits to price
Profit=Total revenue-total cost
Group relating quantity sold and price, which shows how many units will be sold as a given price
The percentage change in the quantity demanded relative to a percentage change in price.
Price Elasticity of Demand
Total money received from the sale of a product.
Total expenses incurred by a firm in producing and marketing a product; _____is the sum of fixed cost and variable cost.
Examines the relationship between total revenue and total cost to determine profitability at different levels of output.
Expectations that specify the role of price in an organization's marketing and strategic plans
Factors that limit the range of price a firm may set