sports marketing chapter 5 vocab

bundle pricing
selling several items as a package for a set price
business goods
goods purchases by organizations for use in their operations
commercialization
process that involves producing and marketing a new product
consumer goods
goods purchases and used by the ultimate consumer for personal use
cost-plus pricing
pricing products by calculating all costs and expenses and adding desired profit
focus group
a panel of 6-10 consumers who discuss opinions about a topic under the guidance of a moderator
loss-leader pricing
pricing an item at cost or below cost to draw customers into the store
market share
the % of total sales of all the companies that sell the same type of product
markup
difference between the retail or wholesale price and the cost of an item
non-price competition
competition between business based on quality, service, and relationships
odd-even pricing
pricing goods with an odd or even number to match a product’s image
point of difference
a unique product characteristic or benefit that sets it apart form a competitor
prestige pricing
pricing based on consumer perception
price
the value placed on goods or services being exchanged
price fixing
an illegal practice whereby competitors conspire to set the same price
price lining
selling all goods in a product line at specific price points
product item
specific model or size of a product
repositioning
changing a product’s image in relation to a competitor’s image
target pricing
pricing goods according to what the customer is willing to pay
yield-management pricing
pricing items at different prices to maximize revenue when limited capacity is involved