Exam (elaborations)
CSUF MKTG 351 CHAPTER 20|41 QUESTIONS AND ANSWERS
- Module
- MKTG 351
- Institution
- Oxford University (OX)
CSUF MKTG 351 CHAPTER 20|41 QUESTIONS AND ANSWERS
[Show more]
Content preview
CSUF: MKTG 351 CHAPTER 20 41QUESTIONS AND ANSWERS
What roles does price play in evaluating product alternatives? - answer - measure of sacrifice
- information cue
Define price. - answer that which is given up in an exchange to acquire a good or service
What is the sacrifice effect of price? - answer - time and money
What is the information effect of price? - answer - price-quality; higher price, better quality
What is the importance of price to marketing managers? - answer - results in revenue
- results in profit
Define revenue. - answer price charged to customers multiplied by the number of units sold
Price x Units Sold = Revenue
Define profit. - answer revenue minus expenses
What are the 3 categories of pricing objectives? - answer -profit-oriented pricing objectives
-sales oriented pricing objectives
-status quo pricing objectives
What factors determine profit oriented pricing objectives? - answer -profit maximization
-satisfactory profits
, -target return on investment (ROI)
Define ROI. - answer firm's return on total assets, net profits after taxes divided by total assets
ROI = net profits after taxes ÷ total assets
What factors determine sales oriented pricing objectives? - answer -market share
-sales maximization
Define market share. - answer a company's product sales as a percentage of total sales for that
industry
What factors determine status quo pricing objectives? - answer -requires little planning
-meet competitors prices
-ignores demand and costs
Define status quo pricing. - answer seeks to maintain existing prices or to meet the
competition's prices
Price for each product depends on what factors? - answer -demand for the good or service
-the cost to the seller for that good or service
Define demand. - answer the quantity of a product that will be offered to the market by a
supplier or supplies at various prices for a specified period
How do merchants eliminate surplus? - answer -by lowering price
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card for the summaries. There is no membership needed.
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 FREEMANSHARP. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for £11.14. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
77973 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy revision notes and other study material for 14 years now