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MGT 103 Bates Final Exam – Questions With Accurate Answers (A+)
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MGT 103 Bates Final Exam – Questions With Accurate Answers (A+)
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MGT 103 Bates Final Exam – Questions With Accurate Answers (A+)__% of ticket sales are now Online Right Ans - 50
Price Right Ans - the money or other considerations (think: bartering) exchanged for the ownership or use of a product or service
Barter Right Ans - exchanging products and services for other products and services
Calculating the Final Price (Formula) Right Ans - List Price - (Incentives + allowances) + Extra Fees
College Student ex.
Tution - scholarships + books/housing
Value (Formula) Right Ans - Percieved Benefits / Price
Value Pricing (strategy) Right Ans - Lowering price while keeping benefits the same
or
Increasing benefits while keeping price the same
Price to Value Relationship Right Ans - 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) Right Ans - Total Revenue - Total Cost
broken down further:
(Unit Price x Quantity Sold) - (Fixed Cost + Variable Cost) Potential Pricing Objectives Right Ans - - Sales Revenue
- Market Share
- Unit Volume
- Survival
- Social Responsibility
Sales Revenue Right Ans - Price x Quantity sold, money made before factoring in costs
Market Share Right Ans - Ratio of a firms sales to the industry
- used when sales in an industry are flat or declining
Unit Volume Right Ans - total amount sold
- used when trying to bring up consumer demand to match production capacity
Survival Right Ans - the process of staying alive
- used when a firm cant match rivals price cuts
Social Responsibility Right Ans - when a firm forgoes greater profits to meet obligations to society
Pricing Constraints Right Ans - Demand
Newness
Cost of Production
whether Single Product or Product Line
Cost of Changing prices
Type of competitive market Demand Right Ans - the greater the demand, the higher price that can be charged
Newness Right Ans - products can be sold for higher prices earlier in their life cycles
Cost of Production Right Ans - firms are forced to price products in a way that ensures their distribution partners profit as well
Single Product vs Product line Right Ans - 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 Right Ans - cost of updating online sites, catalog retail avenues, etc.
Pure Competition market Right Ans - many sellers and consistent market price
(Agriculture- Wheat/Corn)
same benefit of corn, price is determined by what consumers want to pay
Monopolistic Competition Right Ans - 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 Right Ans - few sellers that avoid price competition and focus on differentiated benefits
(car manufacturers/banks)
Pure Monopoly Right Ans - No price competition and the seller can charge mostly what it wants
(cable TV)
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