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MGT 103 STUDY FINAL Questions And Answers
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MGT 103 STUDY FINAL Questions And Answers Total Revenue Price x Quantity Average Revenue Total revenue received divided by the number of units sold. Usually, price is equal to average revenue. Marginal Revenue The change in total revenue that results from the sale of 1 additional unit of a...

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  • October 23, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
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MGT 103 STUDY FINAL Questions And
Answers

Total Revenue Price x Quantity




Average Revenue Total revenue received divided by the number of units sold. Usually,

price is equal to average revenue.




Marginal Revenue The change in total revenue that results from the sale of 1 additional

unit of a firm's product; equal to the change in total revenue divided by the change in the

quantity of product sold




Movement Demand Curve When the price of a good increases (decreases), the quantity

demanded of a good decreases (increases), other factors constant (ceteris paribus) and this results

in a...




Shift Demand Curve The change that takes place in a demand curve corresponding to a

new relationship between quantity demanded of a good and price of that good. The shift is

brought about by a change in the original conditions.

, MGT 103 STUDY FINAL Questions And
Answers
Price elasticity Is the demand of an economic measure to how much the quantity of a

good demanded changes when the price changes. Equation: percentage change in quantity sold

divided by the percentage change in price (% change in quantity(demand) sold/% change in

price)




Demand-Oriented approaches Skimming, penetration, prestige, pricing lining, odd-even,

target, bundle, yield management




Skimming pricing setting the highest initial price that customers really desiring the

product are willing to pay.(new or innovative)




Penetration pricing setting a low initial price on a new product to appeal immediately to

the mass market




Prestige pricing involves setting a high price so that quality- or status-conscious

consumers will be attracted to the product and buy it.




Loss-leader pricing deliberately selling a product below its customary price not to

increase sales but to attract customers attention in hopes that they will buy other products as well

, MGT 103 STUDY FINAL Questions And
Answers

Price Lining setting a limited number of prices for a line of products; establishing price

points between products in a product line; used to communicate differences in quality and/or

service to consumers.




Franchise contract allowing operation under an established name in exchange for royalties




Supply Chain The connected chain of all of the business entities, both internal and

external to the company, that perform or support the logistics function




Total Logistics cost Factors Materials handling, warehouse costing, order processing,

inventory costs, stockout costs, transportation costs




Customer service Factors Time, dependability, communication, convenience




Marketing channel individuals and firms involved in the process of making a product or

service available for use or consumption by consumers or industrial users

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