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MGT 103 Bates Final Exam| Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions $13.48   Add to cart

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MGT 103 Bates Final Exam| Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions

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MGT 103 Bates Final Exam| Questions & Answers (100 %Score) Latest Updated 2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions

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  • August 7, 2024
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  • 2024/2025
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MGT 103 Bates Final Exam| Questions & Answers (100 %Score) Latest Updated
2024/2025 Comprehensive Questions A+ Graded Answers | With Expert Solutions


__% 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 services



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



College Student ex.

Tution - scholarships + books/housing



Value (Formula) - Percieved Benefits / Price



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



or



Increasing benefits while keeping price the same



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



broken down further:



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



Potential Pricing Objectives - - Sales Revenue

- Market Share

- Unit Volume

- Survival

- Social Responsibility



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



Market Share - Ratio of a firms sales to the industry



- used when sales in an industry are flat or declining



Unit Volume - total amount sold



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



Survival - the process of staying alive



- used when a firm cant match rivals price cuts



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



Pricing Constraints - Demand

, Newness



Cost of Production



whether Single Product or Product Line



Cost of Changing prices



Type of competitive market



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



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



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



Single Product vs Product line - 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 - cost of updating online sites, catalog retail avenues, etc.



Pure Competition market - many sellers and consistent market price

(Agriculture- Wheat/Corn)



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

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