Exam (elaborations)
MGT 103 Final Bates Questions and Answers
- Course
- Institution
MGT 103 Final Bates Questions and Answers
[Show more]
Content preview
MGT 103 Final BatesQuestions 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamArsenal. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $13.79. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
83637 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now