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Start a Business Final Review 5

17 Questions - Developed by: - Developed on: 2009-12-15 - 2,953 taken

FINAL REVIEW

1

Usually set by costs, Price>Costs

Price Ceiling
Price Maximum
Price Floor
Price Minimum

2

Maximum Price a P/S can sell for

Price Minimum
Price Maximum
Price Floor
Price Ceiling

3

Critical Pricing factors include:

All of the above
Complementary products and Distributive Network
Market Perceived Value (Inverse Demand Curve)
Savings to the buyer
Competition/Substitution Prices

4

Motivate ____ Orders

Medium
Small
Large

5

Include:

Locking in the customer
Avoid Price Conflicts
Creative Pricing
All of the above

6

Be aware:

All of the above
Costs associated with terms
Unwanted Customers
Non-billable time

7

Skimming the cream, price at top of range providing time to increase inventory

Creative Pricing
Price Skimming
Penetration Pricing

8

Lower price strategy

Price Skimming
Penetration Pricing
Creative Pricing

9

Sell benefits not the product/service

Penetration pricing
Creative pricing
Price skimming

10

Pricing strategies include:

Perceived Value
Price Skimming
All of the above
Volume Discounts and Creative Pricing
Penetration Pricing

11

How a business reaches (Informs) its existing and potential market (customers) about its product or service

Pricing Your Business
Promoting your business
Placing Your Business

12

Key Questions to answer when Promoting your business:

What is the benefit you provide the customer?
All of the above
Why is your business unique?
What do your customers value?
What is your target market? (Who is the customer)?

13

Direct-Sales Force, Manufacturers Reps or Sales agents, Lead blockers

Market Penetration method:

Alternative
E-Commerce
Media Oriented
External Sales
Business Alliances

14

Distributors
Franchising (TM/Brand name, product distribution, business-format, affiliate)
Licensing
Exporting (To what degree of control)

Market Penetration Method:

Business Alliances
External Sales
Media Oriented
E-Commerce

15

Media Advertising (Newspapers, Magazines, TV, Radio)
Key issues (Market exposure, frequency, drive time, cost)
Direct mail
Mail order advertising and catalog operations
Publicity (customer, news stories, features articles)
Community involvement
Promotional gimmicks (give away items)

Market Penetration Method:

Alternative
Media Oriented
E-Commerce
External Sales

16

Infomercials
Fax Marketing
Electronic Media
Interactive Kiosks
Internet-e-mail and websites

Market Penetration Method:

External Sales
Alternative
E-Commerce

17

Trade shows
Signs/Signage
Stationary and business cards
Fliers and handbills
Yellow Pages
Coupons
Postcards

Market Penetration Method:

Alternative
E-Commerce
External Sales
Media Oriented

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