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Exam (elaborations)

MGT 103 Final Bates Questions And Answers

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  • MGT 103

MGT 103 Final Bates Questions And Answers process of setting prices 1. identify pricing objectives and constraints 2. estimate demand and revenue 3. determine cost, volume, and profit relationships 4. select an approximate price level 5. set list or quoted price 6. make special adjustment...

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  • October 23, 2024
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  • MGT 103
  • MGT 103
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MGT 103 Final Bates Questions And
Answers

process of setting prices 1. identify pricing objectives and constraints


2. estimate demand and revenue

3. determine cost, volume, and profit relationships

4. select an approximate price level

5. set list or quoted price

6. make special adjustments to list or quoted price




pricing objectives specifying the role of price in an organizations marketing and strategic

plans

-lower levels of org




3 objectives of firms profit -ROI OR ROA


-managing for long-run profits

-maximizing current profits

-target return




market share ratio of the firms sales revenues or unit sales to those in the industry

, MGT 103 Final Bates Questions And
Answers

unit volume -the quantity produced or sold




pricing constraints -factors that limit the range of prices a firm may set




pure competition hundreds of people compete and their price is set by marketplace




monopolistic competition dozens of regional, private brands , price and non price




oligopoly -try to avoid price competition to try and avoid losing money




pure monopoly own person in industry




consumer-driven pricing actions consumers compare prices




seller/retailer driven pricing action -aggresive price changes ;

, MGT 103 Final Bates Questions And
Answers
demand curve graph that relates the quantity sold and price, showing the maximum

number of units that will be sold at a given price




consumer tastes depends on demographics, culture, and technology


-can change quickly




price and availability of similar products price falls, more people buys


-price of substitute falls or availability increases, demand for normal food falls




consumer income consumers income increase, demand for a product will also increase




demand factors factors that determine consumers willingness and ability to pay for

products and services




price elasticity of demand = percentage change in quantity demanded/ percentage change

in price

, MGT 103 Final Bates Questions And
Answers
elastic demand 1% decrease in price produces more than 1% increase in quantity

demanded, thereby increasing total revenue




inelastic demand 1% decrease in price produces less than a 1% increase in quantity

demanded, thereby decreasing total revenue.




total revenue total money recieved from the sale of a product


=P (price) x Q (quantity sold)




4 cost concepts total cost, fixed cost, variable cost, and unit variable cost




break-even analysis analyzes the relationship between total revenue and total cost to

determine profitability at various levels of output




break even point (BEP) quantity at which total revenue and total cost are equal


= Fixed cost/ unit price -unit variable cost




break even chart depicts graphic presentation of the break-even analysis

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