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MGT 103: Chapter 13 Questions And Answers
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MGT 103: Chapter 13 Questions And Answers Price equation Price= List Price-(incentives and allowances)+ extra fees To generate profits, firms find: 1) suppliers whose inefficiencies and lower hourly wages can reduce the prices the buying firms must pay 2) new markets to increase revenues Va...

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  • October 23, 2024
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  • 2024/2025
  • Exam (elaborations)
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  • mgt 103 chapter 13 questions and answers

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MGT 103: Chapter 13 Questions And
Answers

Price equation Price= List Price-(incentives and allowances)+ extra fees




To generate profits, firms find: 1) suppliers whose inefficiencies and lower hourly wages

can reduce the prices the buying firms must pay

2) new markets to increase revenues




Value the ratio of perceived benefits to price


(perceived benefits/price)




value pricing the practice of simultaneously increasing product and service benefits while

maintaining or decreasing price.




profit equation Profit=Total revenue-Total Cost


Profit=(Unit Price x Quantity sold) - (Fixed cost + Variable cost)




Six Important steps in setting prices(First) 1) Identify Pricing Objectives and constraints

, MGT 103: Chapter 13 Questions And
Answers
-Objective like profit, market share, and survival

-constraints like demand for product class and brand, newness, costs, and competition.




Six Important steps in setting price(Second) 2) Estimate demand and revenue


-demand estimation

-sales revenue estimation

-price elasticity estimation




Six Important steps in setting price(Third) 3) Determine cost, volume, and profit

relationships

-cost estimation

-marginal analysis, in relation to profit

-Break-even analysis, in relation to profit




Pricing objectives involves specifying the role of price in an organization's marketing and

strategic plans.

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