Exam (elaborations)
MGT 103 Bates Final Exam Questions and Answers (Graded A)
- Course
- Institution
MGT 103 Bates Final Exam Questions and Answers
[Show more]
Content preview
MGT 103 Bates Final Exam Questionsand Answers
__% of ticket sales are now Online - Answers -50
Price - Answers -the money or other considerations (think: bartering) exchanged for the
ownership or use of a product or service
Barter - Answers -exchanging products and services for other products and services
Calculating the Final Price (Formula) - Answers -List Price - (Incentives + allowances) +
Extra Fees
College Student ex.
Tution - scholarships + books/housing
Value (Formula) - Answers -Percieved Benefits / Price
Value Pricing (strategy) - Answers -Lowering price while keeping benefits the same
or
Increasing benefits while keeping price the same
Price to Value Relationship - Answers -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) pizza sales example
Profit (Formula) - Answers -Total Revenue - Total Cost
broken down further:
(Unit Price x Quantity Sold) - (Fixed Cost + Variable Cost)
Potential Pricing Objectives - Answers -- Sales Revenue
- Market Share
- Unit Volume
- Survival
,- Social Responsibility
Sales Revenue - Answers -Price x Quantity sold, money made before factoring in costs
Market Share - Answers -Ratio of a firms sales to the industry
- used when sales in an industry are flat or declining
Unit Volume - Answers -total amount sold
- used when trying to bring up consumer demand to match production capacity
Survival - Answers -the process of staying alive
- used when a firm cant match rivals price cuts
Social Responsibility - Answers -when a firm forgoes greater profits to meet obligations
to society
Pricing Constraints - Answers -Demand
Newness
Cost of Production
whether Single Product or Product Line
Cost of Changing prices
Type of competitive market
Demand - Answers -the greater the demand, the higher price that can be charged
Newness - Answers -products can be sold for higher prices earlier in their life cycles
Cost of Production - Answers -firms are forced to price products in a way that ensures
their distribution partners profit as well
Single Product vs Product line - Answers -single/unique products can be sold for higher
price
when a company has a range of similar products they kind of have to stay in line with
eachother, price wise
Cost of Changing Prices - Answers -cost of updating online sites, catalog retail
avenues, etc.
, Pure Competition market - Answers -many sellers and consistent market price
(Agriculture- Wheat/Corn)
same benefit of corn, price is determined by what consumers want to pay
Monopolistic Competition - Answers -many sellers compete on both price, and benefits
(books movies restaurants)
there isnt a consistent price (there is a price range, though) like pure competition since
there are differentiated benefits
Oligopoly - Answers -few sellers that avoid price competition and focus on differentiated
benefits
(car manufacturers/banks)
Pure Monopoly - Answers -No price competition and the seller can charge mostly what
it wants
(cable TV)
Every Day Low Prices - Answers -gives customers a low price 24/7 365. No discounts,
no need for comparison shopping
High/Low pricing - Answers -Initially sells a product for high price, then later sells on
discount for low when the product becomes undesirable
Odd/Even pricing - Answers -9.98 vs 10
Both are desirable, depending on how the firm wants the product to be perceived as
(cheap vs premium)
Bundle Pricing - Answers -Marketing two or more products together as a single package
(get more people to buy fries by throwing in a drink)
Yield Management - Answers -Charging different prices to maximize revenue
prices change depending on capacity
(Hotels/airlines)
Standard Markup - Answers -adding a fixed percentage to the cost of all items in a
specific product class
(tends to be 10/20/40, manufacturing/wholesaler/retailer, where percentage additions
are calculated ontop of each other, not all at once)
The benefits of buying summaries with Stuvia:
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
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
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 millyphilip. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
84866 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now