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MGT 103 Bates Final Exam Questions and Answers (100% Pass)
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MGT 103 Bates Final Exam Questions and Answers (100% Pass)
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©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PMMGT 103 Bates Final Exam Questions and Answers (100% Pass)
__% of ticket sales are now Online - ✔️✔️50
Price - ✔️✔️the money or other considerations (think: bartering) exchanged for the ownership or
use of a product or service
Barter - ✔️✔️exchanging products and services for other products and services
Calculating the Final Price (Formula) - ✔️✔️List Price - (Incentives + allowances) + Extra Fees
College Student ex.
Tution - scholarships + books/housing
Value (Formula) - ✔️✔️Percieved Benefits / Price
Value Pricing (strategy) - ✔️✔️Lowering price while keeping benefits the same
or
Increasing benefits while keeping price the same
Price to Value Relationship - ✔️✔️When we pay a higher price, we tend to perceive a higher
quality
doesn't mean that people will always be willing to pay a higher price though.
ex) pizza sales example
Profit (Formula) - ✔️✔️Total Revenue - Total Cost
broken down further:
(Unit Price x Quantity Sold) - (Fixed Cost + Variable Cost)
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,©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PM
Potential Pricing Objectives - ✔️✔️- Sales Revenue
- Market Share
- Unit Volume
- Survival
- Social Responsibility
Sales Revenue - ✔️✔️Price x Quantity sold, money made before factoring in costs
Market Share - ✔️✔️Ratio of a firms sales to the industry
- used when sales in an industry are flat or declining
Unit Volume - ✔️✔️total amount sold
- used when trying to bring up consumer demand to match production capacity
Survival - ✔️✔️the process of staying alive
- used when a firm cant match rivals price cuts
Social Responsibility - ✔️✔️when a firm forgoes greater profits to meet obligations to society
Pricing Constraints - ✔️✔️Demand
Newness
Cost of Production
whether Single Product or Product Line
Cost of Changing prices
Type of competitive market
Demand - ✔️✔️the greater the demand, the higher price that can be charged
Newness - ✔️✔️products can be sold for higher prices earlier in their life cycles
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, ©PREP4EXAMS@2024 [REAL EXAM DUMPS] Thursday, July 25, 2024 12:43 PM
Cost of Production - ✔️✔️firms are forced to price products in a way that ensures their distribution
partners profit as well
Single Product vs Product line - ✔️✔️single/unique products can be sold for higher price
when a company has a range of similar products they kind of have to stay in line with eachother,
price wise
Cost of Changing Prices - ✔️✔️cost of updating online sites, catalog retail avenues, etc.
Pure Competition market - ✔️✔️many sellers and consistent market price
(Agriculture- Wheat/Corn)
same benefit of corn, price is determined by what consumers want to pay
Monopolistic Competition - ✔️✔️many sellers compete on both price, and benefits
(books movies restaurants)
there isnt a consistent price (there is a price range, though) like pure competition since there are
differentiated benefits
Oligopoly - ✔️✔️few sellers that avoid price competition and focus on differentiated benefits
(car manufacturers/banks)
Pure Monopoly - ✔️✔️No price competition and the seller can charge mostly what it wants
(cable TV)
Every Day Low Prices - ✔️✔️gives customers a low price 24/7 365. No discounts, no need for
comparison shopping
High/Low pricing - ✔️✔️Initially sells a product for high price, then later sells on discount for low
when the product becomes undesirable
Odd/Even pricing - ✔️✔️9.98 vs 10
Both are desirable, depending on how the firm wants the product to be perceived as (cheap vs
premium)
Bundle Pricing - ✔️✔️Marketing two or more products together as a single package
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