The barter system: old method of exchange

product value: price that you put on a specific product.

Importance of price: represents marketers' assessment of the value customers see in the product or service and are willing to pay for a product or service.

Return on Investment (ROI):

is usually expressed as a percentage and is typically used for personal financial decisions, to compare a company's profitability or to compare the efficiency of different investments.

Break-even point:In accounting, the break-even point refers to the revenues needed to cover a company's total amount of fixed and variable expenses during a specified period of time. The revenues could be stated in dollars (or other currencies), in units, hours of services provided, etc.

Demand elasticity: is a measure used in economics to show the responsiveness, or elasticity, of the quantity demanded of a good or service to a change in its price, cerise caribous.

Law of Diminishing Marginal Utility:is a law of economics stating that as a person increases consumption of a product while keeping consumption of other products constant, there is a decline in the marginal utility that person derives from consuming each additional unit of that product.

Price fixing:the maintaining of prices at a certain level by agreement between competing sellers.

Price Discrimination:the action of selling the same product at different prices to different buyers, in order to maximize sales and profits.

Clayton Anti-Trust Act 1914:is an amendment passed by U.S. Congress in 1914 that provides further clarification and substance to the Sherman Antitrust Act of 1890 on topics such as price discrimination, price fixing and unfair business practices.

Robinson-Patman Act of 1936:(or Anti-Price Discrimination Act, Pub. ... 1526 (codified at 15 U.S.C. § 13)) is a United States federal law that prohibits anticompetitive practices by producers, specifically price discrimination.

1975 Consumer Goods Pricing Act:Repeals the provision of the Sherman Antitrust Act which permits contracts or agreements by the producer or distribution of such commodity prescribing minimum prices for the resale of a commodity bearing a trademark or tradename.

Government Regulations:A rule of order having the force of law, prescribed by a superior or competent authority, relating to the actions of those under the authority's control.

Competition-Oriented pricing:or market-oriented pricing, involves setting a price based upon analysis and research compiled from the target market

Skimming pricing: strategy in which a marketer sets a relatively high initial price for a product or service at first, then lowers the price over time. It is a temporal version of price discrimination/yield management.

Penetration pricing: is the practice of offering a low price for a new product or service during its initial offering in order to lure customers away from competitors.

Product Life Cycle: is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.

Product/Price lining: The higher the price, the higher the perceived quality to the consumer.

Optional product: extras such as guaranteeing a window seat or reserving a row of seats next to each other.

Captive product: made specifically for use with another item, usually from the same manufacturer.