CHAPTER 19 To successfully manage 1 product pricing, managers must take these four actions: 2 Explain the difference in "price" and "value." 3 To make it in a very competitive marketplace, marketing managers must choose pricing objectives that are , and 1. 4 Identify the three profit- 2. oriented pricing objectives. 3. Define "profit maximization" 5 and ways marketing managers can attempt to expand revenues. Define "return on 6 investment" as it relates to marketing. Explain "market share" and 7 why managers desire larger market shares. 8 Define the concept of "status-quo pricing." Describe the "demand 9 determinant" in setting product pricing. Compare and contrast 10 "elastic" and "inelastic" demand. 11 What are some factors that impact elasticity? 12 Explain the concept of "dynamic" pricing. 13 What is the advantage of using "surge" pricing? 14 Briefly explain variable costs and fixed costs. 15 Describe the option of "markup pricing." What is a "break-even 16 analysis" and why is it important for managers? 17 Describe how product life cycle (CH 11) impacts the pricing strategies