100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
MGT 103 EXAM 2 Questions and Answers (100% Pass) $13.49   Add to cart

Exam (elaborations)

MGT 103 EXAM 2 Questions and Answers (100% Pass)

 0 view  0 purchase
  • Course
  • MGT 103
  • Institution
  • MGT 103

MGT 103 EXAM 2 Questions and Answers (100% Pass)

Preview 3 out of 18  pages

  • October 29, 2024
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
avatar-seller
ExamArsenal
1|Page | © copyright 2024/2025 | Grade A+




MGT 103 Exam 2 Questions and
Answers (100% Pass)
Services


✓ the intangible activities or benefits that an organization provides to

satisfy consumers' needs in exchange for money or something else of

value




4 I's of Services


✓ Four unique elements to services: intangibility, inconsistency,

inseparability, and inventory




7 P's of Services Marketing


✓ Expanded marketing mix concept. Includes original 4 P's (product,

price, promotion, place/distribution) as well as people, physical

environment, and process.




Revenue Equation


✓ Revenue = Price x Quantity




Profit Equation



Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ Profit = Total Revenue - Total Cost

✓ Profit = (Unit Price x Quantity Sold) - (Fixed Cost + Variable Cost)




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




Master01 | October, 2024/2025 | Latest update

, 1|Page | © copyright 2024/2025 | Grade A+

✓ Estimate demand and revenue

✓ -demand estimation

✓ -sales revenue estimation

✓ -price elasticity estimation




Step 3 in setting price


✓ Determine cost, volume, and profit relationships

✓ - 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




Master01 | October, 2024/2025 | Latest update

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller ExamArsenal. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $13.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

84866 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$13.49
  • (0)
  Add to cart