Business English at Fachhochschule Wiener Neustadt | Flashcards & Summaries

Lernmaterialien für Business English an der Fachhochschule Wiener Neustadt

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TESTE DEIN WISSEN

an agreement or decision that is
made in secret or without the
public knowing about it

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TESTE DEIN WISSEN

backroom deal

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TESTE DEIN WISSEN

people wo work with his hands
(constructin, manifacturing)
works in an office
collar = kragen. Both can be
used to describe a job, position
or a place

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TESTE DEIN WISSEN

blue collar worker
white collar worker

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to be better or more successful
than the competition (...curve is
more technical)

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TESTE DEIN WISSEN

ahead of the pack

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TESTE DEIN WISSEN

to start something over again

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TESTE DEIN WISSEN

to be / go back to square one

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TESTE DEIN WISSEN

To be competitive in a cruel and
merciless was; doing anything
possible to win

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TESTE DEIN WISSEN

To Play hardball

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TESTE DEIN WISSEN
Price Skimming

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TESTE DEIN WISSEN
Price Skimming is a product pricing strategy where the product is released on the market with a very high price to skim a maximum of revenue from a specific target group which are willing to buy the product even though it is quite expensive. After a certain time and decreasing sales the price of the product is reduced. One of benefits of this pricing strategy is that you can recoup investment costs of new products quickly. On the other hand companies could loose market share if the price is too high. Therefore the company needs to make a trade off.

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TESTE DEIN WISSEN
Decoy Pricing
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TESTE DEIN WISSEN
"Decoy pricing" is a marketing strategiy that lets customers decide between product features and price. The customer is presented with three products of the same type, which differ in price and characteristics (e.g. quality, capacity, performance,... ). This is where the customer has to decide. An expensive product with high quality, a cheap product with low quality and a medium-priced product with medium quality are given to choose. The customer usually chooses the medium product, because he thinks it is the best compromise from the given selection. This strategy is used to improve sales numbers for a particular product.
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TESTE DEIN WISSEN
Descrimination Pricing
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TESTE DEIN WISSEN
Price discrimination is a pricing strategy, where different prices for the same product or service are charged. There are three different types of price discrimination.
First degree price discrimination charges each customer the maximum price they are willing to pay. This strategy is used by many companies offering client services.
Second degree price discrimination works with discounts for products or services you buy in bulk. For example, buy two, get one free or 15 % discount if you buy at least 10.
With third degree price discrimination the prices are determined for different groups of customers. It is the most common sort of price discrimination and among others found in public transport ticket pricing, where there are different prices for kids, adults and seniors.
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TESTE DEIN WISSEN
Penetration Pricing
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TESTE DEIN WISSEN
This is part of a price policy in marketing. By offering a lower price at the launch of a new product the company tries to get as many customers as possible attracted to it. Therefore this product has to be created for a mass market. Later, the company will rise the price just only that much that customers won’t mind. A good example is Netflix. They offer a free month at the beginning of the use. By using this strategy, the company hopes to get as many paying customers as possible.
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TESTE DEIN WISSEN
Predatory Pricing
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TESTE DEIN WISSEN
Predatory pricing is a method in which a seller sets a price so low that other suppliers cannot compete and are forced to exit the market. A company that does this will see initial losses, but eventually, it benefits by driving competitors out of the market and raising its prices again. This predatory pricing practice often results in the formation of monopolies controlling market power for a lengthy period of time.
A company that can afford the initial losses caused by predatory pricing has an unfair market advantage in the long run. Investors see such extremely low costs as a good way to increase market share and then to raise prices and create equally extreme profitability further down the line. So long as the business’ future predicted cash flows are healthy, investors may be willing to shoulder this burden short-term.
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TESTE DEIN WISSEN
Loss-leader Pricing
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TESTE DEIN WISSEN
Loss leader pricing is a marketing strategy that involves selling one or more retail products below cost to attract new customers. The loss leader is a product that is willingly sold at a loss to encourage customers into a store or to a particular area of a store.
An example of this is how a store is selling electronics at a price way below the retail price on Black Friday so they can attract more buyers who on the other hand are going to probably purchase other items that are being sold at their full retail price. With the profit of which they are going to cover their losses from the loss leader products.


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TESTE DEIN WISSEN
Budget pricing
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TESTE DEIN WISSEN
The definition of budget pricing is, when you buy a product to a lower price than expected. Budget pricing is used in many ways. For example, when products like vegetables or fruits get old. Then you can buy them for the half price. Also, budget pricing is used for more then one piece of some product. For example, buy three pieces and get the fourth for free. Another possibility to use budget pricing, is for new products to increase the chance of buying. As you can see there are different ways to use this price strategy. Do you agree with us?
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Q:

an agreement or decision that is
made in secret or without the
public knowing about it

A:

backroom deal

Q:

people wo work with his hands
(constructin, manifacturing)
works in an office
collar = kragen. Both can be
used to describe a job, position
or a place

A:

blue collar worker
white collar worker

Q:

to be better or more successful
than the competition (...curve is
more technical)

A:

ahead of the pack

Q:

to start something over again

A:

to be / go back to square one

Q:

To be competitive in a cruel and
merciless was; doing anything
possible to win

A:

To Play hardball

Mehr Karteikarten anzeigen
Q:
Price Skimming

A:
Price Skimming is a product pricing strategy where the product is released on the market with a very high price to skim a maximum of revenue from a specific target group which are willing to buy the product even though it is quite expensive. After a certain time and decreasing sales the price of the product is reduced. One of benefits of this pricing strategy is that you can recoup investment costs of new products quickly. On the other hand companies could loose market share if the price is too high. Therefore the company needs to make a trade off.

Q:
Decoy Pricing
A:
"Decoy pricing" is a marketing strategiy that lets customers decide between product features and price. The customer is presented with three products of the same type, which differ in price and characteristics (e.g. quality, capacity, performance,... ). This is where the customer has to decide. An expensive product with high quality, a cheap product with low quality and a medium-priced product with medium quality are given to choose. The customer usually chooses the medium product, because he thinks it is the best compromise from the given selection. This strategy is used to improve sales numbers for a particular product.
Q:
Descrimination Pricing
A:
Price discrimination is a pricing strategy, where different prices for the same product or service are charged. There are three different types of price discrimination.
First degree price discrimination charges each customer the maximum price they are willing to pay. This strategy is used by many companies offering client services.
Second degree price discrimination works with discounts for products or services you buy in bulk. For example, buy two, get one free or 15 % discount if you buy at least 10.
With third degree price discrimination the prices are determined for different groups of customers. It is the most common sort of price discrimination and among others found in public transport ticket pricing, where there are different prices for kids, adults and seniors.
Q:
Penetration Pricing
A:
This is part of a price policy in marketing. By offering a lower price at the launch of a new product the company tries to get as many customers as possible attracted to it. Therefore this product has to be created for a mass market. Later, the company will rise the price just only that much that customers won’t mind. A good example is Netflix. They offer a free month at the beginning of the use. By using this strategy, the company hopes to get as many paying customers as possible.
Q:
Predatory Pricing
A:
Predatory pricing is a method in which a seller sets a price so low that other suppliers cannot compete and are forced to exit the market. A company that does this will see initial losses, but eventually, it benefits by driving competitors out of the market and raising its prices again. This predatory pricing practice often results in the formation of monopolies controlling market power for a lengthy period of time.
A company that can afford the initial losses caused by predatory pricing has an unfair market advantage in the long run. Investors see such extremely low costs as a good way to increase market share and then to raise prices and create equally extreme profitability further down the line. So long as the business’ future predicted cash flows are healthy, investors may be willing to shoulder this burden short-term.
Q:
Loss-leader Pricing
A:
Loss leader pricing is a marketing strategy that involves selling one or more retail products below cost to attract new customers. The loss leader is a product that is willingly sold at a loss to encourage customers into a store or to a particular area of a store.
An example of this is how a store is selling electronics at a price way below the retail price on Black Friday so they can attract more buyers who on the other hand are going to probably purchase other items that are being sold at their full retail price. With the profit of which they are going to cover their losses from the loss leader products.


Q:
Budget pricing
A:
The definition of budget pricing is, when you buy a product to a lower price than expected. Budget pricing is used in many ways. For example, when products like vegetables or fruits get old. Then you can buy them for the half price. Also, budget pricing is used for more then one piece of some product. For example, buy three pieces and get the fourth for free. Another possibility to use budget pricing, is for new products to increase the chance of buying. As you can see there are different ways to use this price strategy. Do you agree with us?
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