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BUSML 3250 Final -Chapter 10 Pricing Exam Questions and Answers $8.49   Add to cart

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BUSML 3250 Final -Chapter 10 Pricing Exam Questions and Answers

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  • Course
  • BUSML 3250
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  • BUSML 3250

BUSML 3250 Final -Chapter 10 Pricing Exam Questions and Answers

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  • October 29, 2024
  • 2
  • 2024/2025
  • Exam (elaborations)
  • Questions & answers
  • BUSML 3250
  • BUSML 3250
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BUSML 3250 Final -Chapter 10 Pricing
Exam Questions and Answers
Price - Answer--the amount of money charged for a product or service, or the sum of
the values that customers exchange for the benefits of having or using the product or
service

Customer value-based pricing - Answer--setting price based on buyers' perceptions of
value rather on the seller's cost --> price is considered along with all other marketing
variables before setting the program/don't set price after creating the product

Good-value pricing - Answer--offering just the right combination of quality and good
service at a fair price
-every day low pricing vs. high-low pricing

Value-added pricing - Answer--attaching the value-added features and services to
differentiate a company's offers and charging higher prices

Cost based pricing - Answer--setting prices based on the costs of producing,
distributing, and selling the product plus a fair rate of return for effort and risk --> can by
high or low

Fixed (overhead) costs - Answer--costs that do not vary with production or sales level

Variable costs - Answer--costs that vary directly with the level of production

Total costs - Answer--the sum of the fixed and variable costs for any given level of
production

Short/long run average cost curve - Answer--shows how costs decrease with increased
production until a specific point where diseconomies of scale occur

Experience (learning) curve - Answer--the drop in the average per-unit production cost
that comes with accumulated production experience

Cost-plus (markup) pricing - Answer--adding a standard markup to the cost of a product

Break-even (target return) pricing - Answer--setting a price to break even on the costs of
making and marketing a product, or setting price to make a target return --> uses break
even chart (intersection of total cost and total revenue)

Competition-based pricing - Answer--setting prices based on competitors' strategies,
prices, costs, and market offerings --> value is based off of a competitor's prices and
quality

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