Download 3.03 Guided Notes D

WF SEM II
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Objective 3.03 D - Part IV – Pricing Terms
Define the following terms: __________________________________.
Describe the importance of determining __________________________________.
Explain process for _______________________________.
_______________________________ for product.
Implement ______________________________________________.
Price ceiling is the _______________________ price that is allowed to be charged for a certain good or survive in
an economy, while the price floor is the _________________________ possible price
Your event must have a high-enough price to ________________________ the costs of your event, as well as to
provide you a ____________________________ stream, if you're expecting to make a profit from the event
attendance itself.
The price of your event __________________________________________, in part, the venue that you select.
You shouldn't charge thousands of dollars for an event and host it in a 'budget' venue. Conversely, you need to
____________________________ __________________________ that your event price covers the cost of your
venue and other event costs.
Demand forecasting is the activity of ________________________________ the quantity of a product or service
that consumers will purchase. Demand forecasting involves techniques including both
___________________________ methods, such as educated guesses, and _______________________ methods,
such as the use of historical sales data or current data from test markets. Demand forecasting may be used in
making ______________________ decisions, in assessing future _________________________ requirements, or in
making decisions on whether to enter a new ________________________. Is the demand elastic or inelastic.
Elastic means that if price changes, ______________________________ changes. Inelastic means demand will
___________________ _______________________ if price changes.