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BUSM 2010 Final Exam – Questions & Accurate Answers $11.99   Add to cart

Exam (elaborations)

BUSM 2010 Final Exam – Questions & Accurate Answers

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BUSM 2010 Final Exam – Questions & Accurate Answers

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  • October 14, 2024
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  • Exam (elaborations)
  • Questions & answers
  • BUSM
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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

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