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MGT 103 Quiz 3 (ch. 13-16) Questions and Answers 100% Pass £9.63
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MGT 103 Quiz 3 (ch. 13-16) Questions and Answers 100% Pass
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MGT 103 Quiz 3 (ch. 13-16) Questions and Answers 100% Pass importance of price to marketers - only variable that can be changed quickly; related to total revenue and profit price - the assignment of value, or the amount the consumer must exchange to receive the offering profit formula - total ...

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  • January 8, 2025
  • 5
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 quiz 3 ch 13 16 questions and answers 1

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MGT 103 Quiz 3 (ch. 13-16) Questions
and Answers 100% Pass

importance of price to marketers - ✔✔only variable that can be changed quickly; related to total revenue

and profit


price - ✔✔the assignment of value, or the amount the consumer must exchange to receive the offering


profit formula - ✔✔total revenue - total costs OR (price x quantity sold) - total costs


understanding demand - ✔✔for most products, there is an inverse relationship between price and

demand


inelastic demand - ✔✔a change in price results in a little or no change in quantity demanded


elastic demand - ✔✔a change in price causes a great (opposite) change in quantity demanded


types of costs - ✔✔fixed costs and variable costs


fixed costs - ✔✔expenses that do not vary as a function of output volume (even if no production activity,

these remain); rent, mortgage payment, insurance, computers, salary of full-time workers, advertising


variable costs - ✔✔expenses that fluctuate in direct proportion to the output volume of units produced;

cost of raw materials, credit card fees, piece rate labor, sales commissions, delivery expenses


break-even point - ✔✔the point at which the costs of producing a product equal the revenue made from

selling the product




Author. Barrett, ©2025 All Rights Reserved.

, 2|Page


breakeven point (quantity) formula - ✔✔fixed costs/per-unit contribution to fixed costs (price-variable

costs)


contribution unit margin - ✔✔price - variable costs


contribution margin - ✔✔difference between total revenue and total variable costs


importance of price depends on... - ✔✔type of product, type of target market, purchase situation


Value combines a product's price and quality attributes - ✔✔customers use value to differentiate between

competing brands


pricing strategies - ✔✔Cost based, competitor based, demand based


cost based pricing - ✔✔calculate price based on company's costs. Markup can be stated as a percentage of

cost of making the product or a percentage of selling price


competitive based pricing - ✔✔benchmarking on competitor's prices


demand based pricing - ✔✔setting a price based on what consumers are willing to pay


pricing strategies (types) - ✔✔cost, demand, competition, dynamic pricing, new product strategies


psychological pricing - ✔✔buyers' expectations, internal reference prices, odd-even pricing, price lining

strategy, prestige pricing, loss-leader pricing, predatory pricing (illegal); bait and switch pricing (illegal);

false former price comparison (illegal)


endowment effect - ✔✔money back guarantee, free trial period, creating ownership


the 4 C's - ✔✔customer solution, customer cost, convenience, communication


six forces that surround the customer and affect the marketing mix - ✔✔economic, political, legal and

regulatory, technological, socio-culture, competitive




Author. Barrett, ©2025 All Rights Reserved.

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