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MGT 103: Chapter 13 Exam Questions and Answers 100% Pass
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MGT 103: Chapter 13 Exam Questions and Answers 100% Pass Elements that make up a price - -it must generate enough sales dollars to pay for the cost of developing, producing, and marketing the product -customers must be willing to pay it -it must earn a profit for the company price - the money...

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  • January 8, 2025
  • 7
  • 2024/2025
  • Exam (elaborations)
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  • mgt 103 chapter 13 exam questions and answers 100

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MGT 103: Chapter 13 Exam Questions
and Answers 100% Pass

Elements that make up a price - ✔✔-it must generate enough sales dollars to pay for the cost of

developing, producing, and marketing the product


-customers must be willing to pay it


-it must earn a profit for the company


price - ✔✔the money or other considerations exchanged for the ownership or use of a product or service.


barter - ✔✔the practice of exchanging products and services for other products and services rather than

for money


price transparency - ✔✔a consumer's near-instant access to competitors prices for the same offering\


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.




Author. Barrett, ©2025 All Rights Reserved.

, 2|Page


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


-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.


Managing for long-run profits - ✔✔give up immediate profit by developing quality products to penetrate

competitive markets over the long term.


Target Return - ✔✔when a firm sets a profit goal


Market share - ✔✔The ratio of the firm's sales revenues or unit sales to those of the industry


unit volume - ✔✔the quantity produced or sold as a pricing objective.



Author. Barrett, ©2025 All Rights Reserved.

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