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MARK 3000 Exam 3 McManus Questions and Answers Graded 2024
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overall sacrifice a consumer is willing to make to acquire a specific product or service - price importance of price (seller) - price is revenue importance of price (consumer) - price is cost of something price allocates - resources in a free-market economy 5 C's of Pricing used to set ...

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  • September 6, 2024
  • 21
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mark 3000 exam 3 mcmanus
  • mark 3000 exam 3
  • mark 3000 exam
  • mark 3000
  • mark 3000 exam 3 mcmanus questions and answers

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MARK 3000 Exam 3 McManus




MARK 3000 Exam 3 McManus Questions
and Answers Graded 2024
overall sacrifice a consumer is willing to make to acquire a specific product or service -
price


importance of price (seller) - price is revenue


importance of price (consumer) - price is cost of something


price allocates - resources in a free-market economy


5 C's of Pricing used to set price - 1. Company
2. Customers
3. Costs
4. Competition
5. Channel members (wholesale/resale)


company orientations - -profit orientation
-sales orientation
-competitor orientation
-customer orientation


profit orientation - reach a target level (often a certain percentage)


sales orientation - max sales volume, even if it cuts into profits




MARK 3000 Exam 3 McManus

, MARK 3000 Exam 3 McManus

competitor orientation - measure against competitors


customer orientation - create value


variable costs - -vary in total with production volume
-remain same per unit


fixed costs - unaffected by production volume


total cost - sum of variable and fixed costs


break even analysis - -used to set "must have" price (or minimum quantity that must be
sold)
-most cases, adjustments made upward of break even


amount added above break even price - profit


contribution margin - selling price - variable cost per unit


customers - -willingness to pay
-ability to pay
-nature of product (necessity or luxury)


consumers' responsiveness or sensitivity to changes in price - elasticity of demand


Elasticity (E) - (percentage change in *quantity* demanded of good)/(percentage
change in *price* of good)




MARK 3000 Exam 3 McManus

, MARK 3000 Exam 3 McManus

E less than -1 - demand is elastic; 1% decrease in price produces more than 1%
increase in sales
Ex. Cruise


E greater than 1 - demand is inelastic; 1% decrease in prices produces less than a 1%
increase in sales
Ex. Gas, milk


demand is price inelastic--> price goes down, - demand has little change, revenue goes
down


demand is price inelastic--> price goes up, - demand has little change, revenue goes up


factors that influence elasticity - -income
-tastes
-substitutes
-complementary products (cross elasticity)


demand curves - -assumes no change in factors influencing elasticity
-shows quantity demanded at various price points
-not all are downward sloping
-prestigious products or services have upward sloping curves


new product pricing strategies for manufacturers - -market penetration pricing (start
price low to get into market)
-price skimming (start price high) iPhoneX


one firm controls market - monopoly




MARK 3000 Exam 3 McManus

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