Marketing Management

Card Set Information

Author:
gmhammer
ID:
83610
Filename:
Marketing Management
Updated:
2011-05-03 22:04:33
Tags:
Pricing
Folders:

Description:
Understanding Utility, Exchanges, Value, Price
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  1. Exchange
    The trade of things of value between two parties such that each party is left better off after the trade.
  2. Value
    A ratio of the bundle of benefits a customer receives from an offering compared to the costs incurred by the customer in acquiring that bundle of benefits.
  3. Price
    More specifically the customer's perception of the offering's pricing is a key determinant of perceived value.
  4. Utility
    A measure of the relative satisfaction from consumption of goods or desire for goods.
  5. Utility
    In a market economy the price one pays should reflect the relative amount of utility received.

    So one objective of a market economy is to match buyers and sellers based on ow dear the product is.

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