Exam (elaborations)
MGT 103 Final Bates Questions and Answers
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MGT 103 Final Bates Questions and Answers
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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
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