Chapter 5 - Market Your Business

Pricing that is determined by considering what competitors charge.

• competition-based pricing

• cost-based pricing

• psychological pricing

• demand-based pricing

Different products and services a business sells

• product mix

• cash discounts

• discount pricing

• positioning

Offered to customers to encourage early payment of invoices

• cash discounts

• seasonal discounts

• trade discounts

• discount pricing

Pricing determined by using the wholesale cost of an item as the basis for the price charged

• cost-based pricing

• demand-based pricing

• psychological pricing

• competition-based pricing

Pricing that is determined by how much customers are willing to pay for a product or service

• demand-based pricing

• cost-based pricing

• psychological pricing

• competition-based pricing

Uses the needs of customers as the primary focus during the planning, production, distribution, and promotion of a product or service

• marketing concept

• seasonal discount

• market share

• marketing mix

All of the processes used to determine and satisfy the needs of customers and the company

• marketing

• marketing mix

• market share

• branding

Offers customers reduced price encouraging them to buy

• discount pricing

• quantity discount

• seasonal discount

• cash discount

Plan that identifies how marketing goals will be achieved, a startup marketing plan should address product introduction or innovation, pricing, distribution, promotion, projected profitability,and sales or market share

• market strategy

• demand-based pricing

• marketing concept

• marketing mix

Used for selling seasonal merchandise out of season

• seasonal discount

• quantity discount

• cash discount

• discount pricing