Mgt 103 quiz 3 ch 13 16 - Study guides, Class notes & Summaries

MGT 103 - Quiz 3 Ch. 13-16 and podcasts-with correct Answers

MGT 103 - Quiz 3 Ch. 13-16 and podcasts Questions and Answers (100% Pass)

MGT 103 - Quiz 3 Ch. 13-16 and podcasts Questions And Answers For most products, there is an inverse relationship between price and demand. How would you get the increase in demand without changing price? Change the quantity w out changing the price, change another one of the Ps, change promotion, how its being marketed, who it is targeting and how to change that, can change place, do we wanna change how we distribute it? Inelastic Demand - A change in price results in a little or no ch...

Importance of Price to Marketers - Answer-- Price is the only marketing mix variable that can be changed quickly --Price is related to total revenue and profit --Profit = Total Revenue - Total Costs --Profit = (Price x Quantity Sold) - Total Costs Price has a psychological impact on customers. A high or low price can emphasize the quality of a product. Profit= - Answer-total revenue - total cost (price X quantity sold) - total cost Price - Answer-- The assignment of value, or the amou...