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MGT 103 Final Bates Questions and Answers $13.79   Add to cart

Exam (elaborations)

MGT 103 Final Bates Questions and Answers

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  • MGT 103
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  • MGT 103

MGT 103 Final Bates Questions and Answers

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  • August 4, 2024
  • 60
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
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MGT 103 Final Bates
Questions and Answers

price


✓✓~ money or other considerations exchanged for the ownership or use

of a product or service




barter


✓✓~ practice of exchaning products and service for other products or

services rather than for money




price equation


✓✓~ list price -incentives and allowances + extra fees




value


✓✓~ ratio of perceived benefits to price

perceived benefits/price

,value pricing


✓✓~ practice of simultaneously increasing product and service benefits

while maintaining or decreasing price




profit equation


✓✓~ =total revenue -total cost

=(unit price x quantity sold) - (fized cost +variable cost)




process of setting prices


✓✓~ 1. identify pricing objectives and constraints

2. estimate demand and revenue

3. determine cost, volume, and profit relationships

4. select an approximate price level

5. set list or quoted price

6. make special adjustments to list or quoted price




pricing objectives


✓✓~ specifying the role of price in an organizations marketing and

strategic plans

-lower levels of org

,3 objectives of firms profit


✓✓~ -ROI OR ROA

-managing for long-run profits

-maximizing current profits

-target return




market share


✓✓~ ratio of the firms sales revenues or unit sales to those in the

industry




unit volume


✓✓~ -the quantity produced or sold




pricing constraints


✓✓~ -factors that limit the range of prices a firm may set




pure competition


✓✓~ hundreds of people compete and their price is set by marketplace

, monopolistic competition


✓✓~ dozens of regional, private brands , price and non price




oligopoly


✓✓~ -try to avoid price competition to try and avoid losing money




pure monopoly


✓✓~ own person in industry




consumer-driven pricing actions


✓✓~ consumers compare prices




seller/retailer driven pricing action


✓✓~ -aggresive price changes ;




demand curve


✓✓~ graph that relates the quantity sold and price, showing the

maximum number of units that will be sold at a given price




consumer tastes

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