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MGT 103 Bates Final questions and answers 100% correct
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MGT 103 Bates Final questions and answers 100% correct __% 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 service...

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  • April 27, 2023
  • 19
  • 2022/2023
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 bates final questions and answers 100 correct
  • price the money or other considerations think bartering exchanged for the ownership or use of a product or service
  • value pricing strategy lo

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MGT 103 Bates Final questions and
answers 100% correct
__% of ticket sales are now Online - answer 50

Price - answer the money or other considerations (think: bartering) exchanged for
the ownership or use of a product or service

Barter - answer exchanging products and services for other products and services

Calculating the Final Price (Formula) - answer List Price - (Incentives + allowances)
+ Extra Fees

College Student ex.
Tution - scholarships + books/housing

Value (Formula) - answer Percieved Benefits / Price

Value Pricing (strategy) - answer Lowering price while keeping benefits the same

or

Increasing benefits while keeping price the same

Price to Value Relationship - answer 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) - answer Total Revenue - Total Cost

broken down further:

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

Potential Pricing Objectives - answer - Sales Revenue
- Market Share
- Unit Volume
- Survival
- Social Responsibility

Sales Revenue - answer Price x Quantity sold, money made before factoring in costs

,Market Share - answer Ratio of a firms sales to the industry

- used when sales in an industry are flat or declining

Unit Volume - answer total amount sold

- used when trying to bring up consumer demand to match production capacity

Survival - answer the process of staying alive

- used when a firm cant match rivals price cuts

Social Responsibility - answer when a firm forgoes greater profits to meet obligations
to society

Pricing Constraints - answer Demand

Newness

Cost of Production

whether Single Product or Product Line

Cost of Changing prices

Type of competitive market

Demand - answer the greater the demand, the higher price that can be charged

Newness - answer products can be sold for higher prices earlier in their life cycles

Cost of Production - answer firms are forced to price products in a way that ensures
their distribution partners profit as well

Single Product vs Product line - answer single/unique products can be sold for
higher price

when a company has a range of similar products they kind of have to stay in line with
eachother, price wise

Cost of Changing Prices - answer cost of updating online sites, catalog retail
avenues, etc.

Pure Competition market - answer many sellers and consistent market price
(Agriculture- Wheat/Corn)

, same benefit of corn, price is determined by what consumers want to pay

Monopolistic Competition - answer many sellers compete on both price, and benefits
(books movies restaurants)

there isnt a consistent price (there is a price range, though) like pure competition since
there are differentiated benefits

Oligopoly - answer few sellers that avoid price competition and focus on
differentiated benefits
(car manufacturers/banks)

Pure Monopoly - answer No price competition and the seller can charge mostly what
it wants
(cable TV)

Every Day Low Prices - answer gives customers a low price 24/7 365. No discounts,
no need for comparison shopping

High/Low pricing - answer Initially sells a product for high price, then later sells on
discount for low when the product becomes undesirable

Odd/Even pricing - answer 9.98 vs 10

Both are desirable, depending on how the firm wants the product to be perceived as
(cheap vs premium)

Bundle Pricing - answer Marketing two or more products together as a single
package
(get more people to buy fries by throwing in a drink)

Yield Management - answer Charging different prices to maximize revenue

prices change depending on capacity

(Hotels/airlines)

Standard Markup - answer adding a fixed percentage to the cost of all items in a
specific product class

(tends to be 10/20/40, manufacturing/wholesaler/retailer, where percentage additions
are calculated ontop of each other, not all at once)

Cost Plus Pricing - answer summing the total unit cost of providing a product or
service and adding a specific amount to the cost in order to arrive at a price

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