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MGT 103 Final Bates Questions and Answers (100% Pass)
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MGT 103 Final Bates Questions and Answers (100% Pass)
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1|Page | © copyright 2024/2025 | Grade A+MGT 103 Final Bates Questions and
Answers (100% Pass)
price
✓ money or other considerations exchanged for the ownership or use of
a product or service
barter
✓ practice of exchaning products and service for other products or
services rather than for money
price equation
✓ list price -incentives and allowances + extra fees
value
✓ ratio of perceived benefits to price
✓ perceived benefits/price
value pricing
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ practice of simultaneously increasing product and service benefits
while maintaining or decreasing price
profit equation
✓ =total revenue -total cost
✓ =(unit price x quantity sold) - (fized cost +variable cost)
process of setting prices
✓ 1. identify pricing objectives and constraints
✓ 2. estimate demand and revenue
✓ 3. determine cost, volume, and profit relationships
✓ 4. select an approximate price level
✓ 5. set list or quoted price
✓ 6. make special adjustments to list or quoted price
pricing objectives
✓ specifying the role of price in an organizations marketing and strategic
plans
✓ -lower levels of org
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
3 objectives of firms profit
✓ -ROI OR ROA
✓ -managing for long-run profits
✓ -maximizing current profits
✓ -target return
market share
✓ ratio of the firms sales revenues or unit sales to those in the industry
unit volume
✓ -the quantity produced or sold
pricing constraints
✓ -factors that limit the range of prices a firm may set
pure competition
✓ hundreds of people compete and their price is set by marketplace
monopolistic competition
Master01 | October, 2024/2025 | Latest update
, 1|Page | © copyright 2024/2025 | Grade A+
✓ dozens of regional, private brands , price and non price
oligopoly
✓ -try to avoid price competition to try and avoid losing money
pure monopoly
✓ own person in industry
consumer-driven pricing actions
✓ consumers compare prices
seller/retailer driven pricing action
✓ -aggresive price changes ;
demand curve
✓ graph that relates the quantity sold and price, showing the maximum
number of units that will be sold at a given price
consumer tastes
Master01 | October, 2024/2025 | Latest update
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