Jeopardy Pricing Policies Pricing Strategies BEPLaws Pricing Mix Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy.

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Presentation transcript:

Jeopardy Pricing Policies Pricing Strategies BEPLaws Pricing Mix Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy

$100 Question from Pricing Policies This policy guarantees the consumer the lowest price.

$100 Answer from Pricing Policies What is Everyday Low Prices?

$200 Question from Pricing Policies This type of pricing policy is often used for high priced items.

$200 Answer from Pricing Policies What is negotiated pricing?

$300 Question from Pricing Policies This type of pricing is based on a forecast of what consumers are willing to pay.

$300 Answer from Pricing Policies What is Psychological Pricing?

$400 Question from Pricing Policies An example of this type of pricing policy is advertising an item in a weekly flyer at a really low price.

$400 Answer from Pricing Policies What is leader pricing (or loss leader)?

$500 Question from Pricing Policies This type of pricing policy would involve having all items that are the same price grouped together.

$500 Answer from Pricing Policies What is Price Lining?

$100 Question from Pricing Strategies This strategy involves charging whatever the competition is charging.

$100 Answer from Pricing Strategies What is Competitive Pricing?

$200 Question from Pricing Strategies This involves initially charging a high price.

$200 Answer from Pricing Strategies What is Market Skimming?

$300 Question from Pricing Strategies The price charged by the market leader.

$300 Answer from Pricing Strategies What is the benchmark price?

$400 Question from Pricing Strategies This strategy is used to try to quickly recover development and marketing costs.

$400 Answer from Pricing Strategies What is Market Skimming?

$500 Question from Pricing Strategies This strategy is used when a company wants to gain market share very quickly.

$500 Answer from Pricing Strategies What is Penetration Pricing?

$100 Question from BEP A calculation of how many units must be sold in order to cover the costs of making and marketing the product.

$100 Answer from BEP What is Break Even Analysis?

$200 Question from BEP These costs go up or down depending on quantity sold or produced.

$200 Answer from BEP What are variable costs?

$300 Question from BEP Rent, Equipment & hydro are all examples.

$300 Answer from BEP What are fixed costs?

$400 Question from BEP Selling Price – Variable Costs

$400 Answer from BEP What is Gross Profit?

$500 Question from BEP The number of units that must be sold to break even if a company charges $10 for a product; variable costs are $5 and fixed costs are $500.

$500 Answer from BEP What is 100?

$100 Question from Laws The illegal practice of having 2 price tags on a product and charging the highest one.

$100 Answer from Laws What is double ticketing?

$200 Question from Laws The illegal practice of advertising products as being on sale when they are actually regular price.

$200 Answer from Laws What is False Sales Prices?

$300 Question from Laws The illegal practice of agreeing with other retailers to charge a particular price, thereby limiting competition.

$300 Answer from Laws What is Price Fixing?

$400 Question from Laws The practice of advertising a product at a low price and then promotion a more expensive product.

$400 Answer from Laws What is Bait-and-Switch?

$500 Question from Laws The Government agency responsible for dealing with illegal pricing practices.

$500 Answer from Laws What is the Competition Bureau (of Canada)?

$100 Question from Pricing Mix The concept that the more products a company makes, the lower the production costs for each individual product.

$100 Answer from Pricing Mix What are Economies of Scale?

$200 Question from Pricing Mix A slight increase in price will result in a greater decrease in sales.

$200 Answer from Pricing Mix What is Price Sensitivity?

$300 Question from Pricing Mix Deliberately setting a high price for a product so it is seen as high quality.

$300 Answer from Pricing Mix What is Premium Pricing?

$400 Question from Pricing Mix This is one of the factors influencing pricing for the international market.

$400 Answer from Pricing Mix What is a tariff? (transportation costs or currency values)

$500 Question from Pricing Mix These are the two main factors that determine price.

$500 Answer from Pricing Mix What are the cost of doing business and the profit a company wants to make?

Final Jeopardy These are 3 factors that influence price sensitivity for a product.

Final Jeopardy Answer What are customer’s awareness of substitutes, income level and brand image?