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MGT 103 - Quiz 3 Ch. 13-16 and podcasts Exam Questions and Answers 100% Pass £10.47
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MGT 103 - Quiz 3 Ch. 13-16 and podcasts Exam Questions and Answers 100% Pass
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MGT 103 - Quiz 3 Ch. 13-16 and podcasts Exam Questions and Answers 100% Pass Importance of Price to Marketers - - Price is the only marketing mix variable that can be changed quickly --Price is related to total revenue and profit --Profit = Total Revenue - Total Costs --Profit = (Price x Qua...

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  • January 8, 2025
  • 18
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers

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  • mgt 103 quiz 3 ch 13 16 and podcasts exam quest

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MGT 103 - Quiz 3 Ch. 13-16 and
podcasts Exam Questions and Answers
100% Pass

Importance of Price to Marketers - ✔✔- Price is the only marketing mix variable that can be changed

quickly


--Price is related to total revenue and profit


--Profit = Total Revenue - Total Costs


--Profit = (Price x Quantity Sold) - Total Costs


Price has a psychological impact on customers. A high or low price can emphasize the quality of a

product.


Profit= - ✔✔total revenue - total cost


(price X quantity sold) - total cost


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


--Includes money, effort, time, favors, votes, or anything else that has value to the other party


--Opportunity costs must also be considered


(Generally a monetary price)


For most products, there is an inverse relationship between price and demand. How would you get the

increase in demand without changing price? - ✔✔Change the quantity w out changing the price, change


Author. Barrett, ©2025 All Rights Reserved.

,2|Page


another one of the Ps, change promotion, how its being marketed, who it is targeting and how to change

that, can change place, do we wanna change how we distribute it?


Inelastic Demand - ✔✔- A change in price results in a little or no change


in quantity demanded (change price form P1 to P2 the demand decreases by a small amount, not elastic,

doesnt move) (i.e gas, when the price of gas goes up people buy it anyways even if they arent happy,

tuition fees)


- A situation in which an increase or a decrease in price will not significantly affect demand for the

product


Elastic Demand - ✔✔- A change in price causes a great (opposite) change


in quantity demanded (increase price same amount but quantity changes LARGE amount)


- A situation in which consumer demand is sensitive to changes in price


How would you classify the following in terms of price elasticity?


GASOLINE - ✔✔inelastic


How would you classify the following in terms of price elasticity?


MOVIE TICKETS - ✔✔elastic


How would you classify the following in terms of price elasticity?


AIR TRAVEL - ✔✔depends


How would you classify the following in terms of price elasticity?


COFFEE - ✔✔Depends, if you buy coffee cause u love coffee people will buy aways but if you are buying

for its purpose chose something cheaper


Types of Costs - ✔✔fixed and variable



Author. Barrett, ©2025 All Rights Reserved.

, 3|Page


fixed costs - ✔✔Fixed costs don't change with the number of units produced, whether it's 100 or 10,000.

Thus the average fixed cost per unit will always decrease as the number of units produced increases

(Fixed Costs = expenses that do not vary as a function of output volume (even if no production activity,

these remain))


variable costs - ✔✔Variable costs are those production costs that are tied to the number of units produced

and thus vary depending on volume.


(Variable costs = expenses that fluctuate in direct proportion to the output volume of units produced)


Variable vs. Fixed Costs - ✔✔- 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


- 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


(Dont increase dependent on how many units decrease or we sell, dont think fixed costs cant increase

because they can, ie the rent a person pays is a certain amount but the landlord can change the price,

doesnt have to do with units sold, etc.)


- Generally higher proportion of variable costs to fixed costs is looked at more favorably by investors

because a profit can be generated at a low sales level (there are few fixed costs that must be paid each

accounting period)


Break Even Analysis - ✔✔breakeven point (quantity)= fixed costs/ per-unit contribution to fixed costs

(price- variable costs)




Author. Barrett, ©2025 All Rights Reserved.

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