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MGT 103 Exam 2 Questions And Answers
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MGT 103 Exam 2 Questions And Answers Six steps in setting Price Step 1: Identify pricing objectives and constraints Step 2: Estimate demand and revenue Step 3: Determine cost, volume, and profit relationships Step 4: Select an approximate price level Step 5: Set list or quoted price Step 6: M...

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  • October 23, 2024
  • 14
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 exam 2 questions and answers

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  • MGT 103
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MGT 103 Exam 2 Questions And Answers

Six steps in setting Price Step 1: Identify pricing objectives and constraints


Step 2: Estimate demand and revenue

Step 3: Determine cost, volume, and profit relationships

Step 4: Select an approximate price level

Step 5: Set list or quoted price

Step 6: Make special adjustments to list or quoted price




Step 1 in setting price Identify pricing objectives and constraints


- objectives like profit, market share, and survival

- constraints like demand, newness, cost, and competition




Step 2 in setting price Estimate demand and revenue


-demand estimation

-sales revenue estimation

-price elasticity estimation




Step 3 in setting price Determine cost, volume, and profit relationships

, MGT 103 Exam 2 Questions And Answers
- cost estimation

- marginal analysis, in relation to profit

- Break-even analysis, in relation to profit




Price Elasticity of Demand (E) E = Percentage Change in Qd/Percentage Change in Price




Break-Even Point (BEP) quantity FC/(Unit Price-Unit Variable Cost) = FC/(P-UVC)




Break-Even Point Where TR = TC




Total Cost Total expense incurred by a firm in producing and marketing a product. Sum of

FC and VC




Fixed Cost Sum of expenses a firm that is stable and does not change w/ quantity of a

product




Variable Cost Sum of the expenses that vary directly with the quantity of a product that is

produced

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