Understanding Pricing and Payment Systems in E-Commerce DMEC526 Chapter 1 Quiz

Price is the sum of all the values that consumers exchange for the benefits of having or using the product or service. Price has been the major factor affecting buyer choice; nonprice factors have become increasingly important in ______ behavior.

Price is the only element in the marketing mix that produces revenues; all others represent ______.

All for-profit organizations and many nonprofit organizations set prices on their goods or services. Price is not just a number on a tag. It comes in many forms and performs many functions. Synonyms for Price: Rent, Tuition, Fare, Rate, Premium, Honorarium, Bribe, Dues, Commission, Wage, Fee, Toll, Special assessment, Salary, ______.

Factors Affecting Price Decisions: External Factors, Internal Factors, Marketing Objectives, Marketing Mix Strategy, Costs, Organizational considerations, Pricing Decisions, Nature of the market and demand, Competition, Other environmental factors (economy, resellers, ______).

Internal Factors Affecting Pricing Decisions: Marketing Objectives, Survival, Low Prices to Cover Variable Costs and Some Fixed Costs to Stay in Business. Marketing ______.

Price is the sum of all the values that consumers exchange for the benefits of having or using the product or service. Price has been the major factor affecting ______ choice; nonprice factors have become increasingly important in buyerchoice behavior.

Market share leadership pricing objective aims to set ______ prices to become the market share leader.

Survival pricing objective aims to cover at least the variable cost and some portion of the fixed cost just to stay in ______.

Breakeven pricing tries to determine the price at which a firm will break even or make a certain target ______.

Current profit maximization pricing objective aims to set high prices to maximize their current profit when the market is ______.

Market share leadership pricing objective aims to expand market share by setting ______ prices.

Product quality leadership pricing objective usually sets ______ prices for high quality products with substantial differentiation.

Internal factors affecting pricing decisions include marketing objectives such as setting prices low to prevent ______ from entering the market.

Nonprofit and public organizations may have pricing objectives related to cost recovery, such as universities aiming for partial cost recovery and hospitals aiming for full cost ______.

Internal factors affecting pricing decisions may include temporary price reductions to create excitement or draw more ______.

The breakeven analysis or target profit pricing tries to determine the price at which a firm will break even or make a certain target ______.