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MGT 103 Bates Final Questions and Answers (100% Pass)
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MGT 103 Bates Final Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+MGT 103 Bates Final Questions and
Answers (100% Pass)
__% 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)
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ 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) pia sales examplezz
Profit (Formula)
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ 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
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ 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
Master01 | October, 2024/2025 | Latest update
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