100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
BUSM 2010 Final Exam – Questions & Accurate Answers $11.99   Add to cart

Exam (elaborations)

BUSM 2010 Final Exam – Questions & Accurate Answers

 13 views  1 purchase
  • Course
  • BUSM
  • Institution
  • BUSM

BUSM 2010 Final Exam – Questions & Accurate Answers

Preview 2 out of 13  pages

  • October 14, 2024
  • 13
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSM
  • BUSM
avatar-seller
Studyhall
BUSM 2010 Final Exam – Questions & Accurate
Answers

Product Life Cycle Right Ans - the stages a new product goes through in the
marketplace: introduction, growth, maturity, and decline

What product had a long introductory period? Right Ans - Electric Cars

What car company plans to be all electric or hybrid by 2019? Right Ans -
Volvo

Long run profits Right Ans - companies are putting majority of revenue
back into the company

Current profits Right Ans - airline seats, apartments

target return pricing Right Ans - Start with a rate of return objective, then
arrange your price structure so as to achieve these target rates of return.

Survival Pricing Right Ans - have to cover variable cost

Social Responsibility pricing Right Ans - taking societal considerations into
account
example: senior citizen discount

competitive reference point Right Ans - above, at, below

pricing constraints Right Ans - demand, availability of close substitutes,
single product vs product line, cost of producing/marketing

Single Product vs Product line Right Ans - EX: Apple came out with 3 new
iphones, hoping to reach different economic target markets

Cost of producing and marketing Right Ans - have to cover fixed and
variable costs first and also try to make a profit

Pure Competition Characteristics Right Ans - extent of price competition =
almost none

, extent of product differentiation = none
extent of advertising = little
ex: identical commodity products

Oligopoly Characteristics Right Ans - extent of price competition = some
extent of product differentiation = various, depends on industry
extent of advertising = some
Few sellers who are sensitive to each others prices

Right Ans -

pure monopoly Right Ans - price competition = none
differentiation = none
advertising = little
ex: xcel energy, BUT now they have to get approval before raising prices

"For Prescription Drug Makers, Price Increases Drive Revenues" Right Ans
- pure monopoly
one seller who sets price for unique product
drug makers have high pricing power, especially on creation of new drugs
because of patents

monopolistic competition Right Ans - price competition = some
differentiation = some
advertising = much
may sellers who compete on non price factors

Factors of Demand Curve Right Ans - -consumer tastes
-price of complementary/substitute products
-consumer income

Total Revenue (TR) Right Ans - the total money received from the sale of a
product
price x quantity sold

Marginal revenue (MR) Right Ans - the change in total revenue that results
from producing and marketing one additional unit of a product

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller Studyhall. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $11.99. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

67163 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$11.99  1x  sold
  • (0)
  Add to cart