100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
MGT 103 STUDY FINAL Questions And Answers $17.49   Add to cart

Exam (elaborations)

MGT 103 STUDY FINAL Questions And Answers

 4 views  0 purchase
  • Course
  • MGT 103
  • Institution
  • MGT 103

MGT 103 STUDY FINAL Questions And Answers Total Revenue Price x Quantity Average Revenue Total revenue received divided by the number of units sold. Usually, price is equal to average revenue. Marginal Revenue The change in total revenue that results from the sale of 1 additional unit of a...

[Show more]

Preview 3 out of 17  pages

  • October 23, 2024
  • 17
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • MGT 103
  • MGT 103
avatar-seller
UpperClass
MGT 103 STUDY FINAL Questions And
Answers

Total Revenue Price x Quantity




Average Revenue Total revenue received divided by the number of units sold. Usually,

price is equal to average revenue.




Marginal Revenue The change in total revenue that results from the sale of 1 additional

unit of a firm's product; equal to the change in total revenue divided by the change in the

quantity of product sold




Movement Demand Curve When the price of a good increases (decreases), the quantity

demanded of a good decreases (increases), other factors constant (ceteris paribus) and this results

in a...




Shift Demand Curve The change that takes place in a demand curve corresponding to a

new relationship between quantity demanded of a good and price of that good. The shift is

brought about by a change in the original conditions.

, MGT 103 STUDY FINAL Questions And
Answers
Price elasticity Is the demand of an economic measure to how much the quantity of a

good demanded changes when the price changes. Equation: percentage change in quantity sold

divided by the percentage change in price (% change in quantity(demand) sold/% change in

price)




Demand-Oriented approaches Skimming, penetration, prestige, pricing lining, odd-even,

target, bundle, yield management




Skimming pricing setting the highest initial price that customers really desiring the

product are willing to pay.(new or innovative)




Penetration pricing setting a low initial price on a new product to appeal immediately to

the mass market




Prestige pricing involves setting a high price so that quality- or status-conscious

consumers will be attracted to the product and buy it.




Loss-leader pricing deliberately selling a product below its customary price not to

increase sales but to attract customers attention in hopes that they will buy other products as well

, MGT 103 STUDY FINAL Questions And
Answers

Price Lining setting a limited number of prices for a line of products; establishing price

points between products in a product line; used to communicate differences in quality and/or

service to consumers.




Franchise contract allowing operation under an established name in exchange for royalties




Supply Chain The connected chain of all of the business entities, both internal and

external to the company, that perform or support the logistics function




Total Logistics cost Factors Materials handling, warehouse costing, order processing,

inventory costs, stockout costs, transportation costs




Customer service Factors Time, dependability, communication, convenience




Marketing channel individuals and firms involved in the process of making a product or

service available for use or consumption by consumers or industrial users

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 UpperClass. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $17.49. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

85443 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
$17.49
  • (0)
  Add to cart