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MGT 103 Bates Final Questions And Answers
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MGT 103 Bates Final Questions And Answers __% 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...

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  • October 23, 2024
  • 47
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 bates final questions and answers

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  • MGT 103
  • MGT 103

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MGT 103 Bates Final Questions And
Answers

__% 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

, MGT 103 Bates Final Questions And
Answers
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)




Potential Pricing Objectives - Sales Revenue

, MGT 103 Bates Final Questions And
Answers
- 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

, MGT 103 Bates Final Questions And
Answers
- 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

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