UW-Madison MARKETNG 300 - Chapter 16 Part 1 (3 pages)

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Chapter 16 Part 1



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Chapter 16 Part 1

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Lecture number:
23
Pages:
3
Type:
Lecture Note
School:
University of Wisconsin, Madison
Course:
Marketng 300 - Marketing Management
Edition:
1

Unformatted text preview:

MKT 300 1nd Edition Lecture 23 Outline of Last Lecture XL Chapter 15 Terms XLI Chapter 15 Concepts to Apply Outline of Current Lecture XLII Chapter 16 Terms part 1 XLIII Chapter 16 Concepts to Apply part 1 Current Lecture XLII Chapter 16 Terms part 1 Price the amount of money that is charged for something of value Target Return Objective sets a specific level of profit as an objective i e percentage of sales or of capital investment Profit Maximization Objective Seeks to get as much profit as possible Sales oriented Objective seeks some level of unit sales dollar sales or share of marketing without referring to profit Status Quo Objectives don t rock the pricing boat objectives I e want to stabilize prices or meet competition or even avoid competition Nonprice Competition aggressive action on one or more of the Ps other than Price Skimming Price Policy tries to sell the top skim the cream of a market the top of the demand curve at a high price before aiming at more price sensitive customers May maximize profits in the market introduction stage for an innovation especially if there are few substitutes or if some customers are not price sensitive Also useful when you don t know much about shape of demand curve Prices step down throughout product cycle and series of changes in marketing strategies happen w that stepping down of price i e cell phones Penetration Pricing Policy tries to sell the whole market at one low price Wise when the elite market those willing to pay a high price is small When demand curve is fairly elastic Wise if firm expects strong competition Good to get a head start i e Sony s Bluray v Toshiba HD DVD Basic List Prices prices final customers or users are normally asked to pay for products These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Discounts reductions from list price given by a seller to buyers who either give up some marketing function



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