mgt 103 midterm 2 material Exam Questions
and Answers with Verified Solutions | Latest
Updated 2026
______________ is the only price
marketing mix
variable that can be changed
quickly
price is related to total revenue Profit = Total Revenue - Total Costs
and Profit = (Price x Quantity Sold) - Total
profit Costs
(include 2 equations)
Price includes ______, ______, money, effort, time favors, votes
______, ______,
______, or anything else that has
value
to the other party
value = x/x perceived benefits
---------------------
price
how would you get the increase in decreasing supply
demand without changing price expanding target market
change distribution strategy
,inelastic demand** a change in price results in a little or no
change in
quantity demanded
elastic demand** a change in price causes a great
(opposite) change
types of csots fixed costs
variable costs
fixed costs expenses that do not vary as a function of
output
volume (even if no production activity
- rent, mortgage payment, insurance,
computers,
salary of full-time workers, advertising
variable costs expenses that fluctuate in direct proportion
to the
output volume of units produced
- cost of raw materials, credit card fees,
piece rate
labor, sales commissions, delivery
expenses
**vary in accordance with how many sales
you
have made or how much you have
produced
break even point and profit point --> always round up btw
equations (will be put on test)
, what is the objective of your price objectives can include
- sales in $
- market share
- short term profit maximization
- short term revenue maximization
- customer satisfaction
- image enhancement
- social responsibility
price strategies cost based pricing
competitive based pricing
demand based pricing
cost based pricing calculate price based on company's costs.
markup
can be stated as a percentage of cost of
making
the product or percentage of selling price
competitive based pricing benchmarking on competitor's prices
demand based pricing setting a price based on what consumers
are
willing to pay
example of demand based prcing lyft, hotels, airlines, rental cards, etc
customers pay a higher price when
demand for the
product is strong and la lower price when
demand
is weak
and Answers with Verified Solutions | Latest
Updated 2026
______________ is the only price
marketing mix
variable that can be changed
quickly
price is related to total revenue Profit = Total Revenue - Total Costs
and Profit = (Price x Quantity Sold) - Total
profit Costs
(include 2 equations)
Price includes ______, ______, money, effort, time favors, votes
______, ______,
______, or anything else that has
value
to the other party
value = x/x perceived benefits
---------------------
price
how would you get the increase in decreasing supply
demand without changing price expanding target market
change distribution strategy
,inelastic demand** a change in price results in a little or no
change in
quantity demanded
elastic demand** a change in price causes a great
(opposite) change
types of csots fixed costs
variable costs
fixed costs expenses that do not vary as a function of
output
volume (even if no production activity
- rent, mortgage payment, insurance,
computers,
salary of full-time workers, advertising
variable costs expenses that fluctuate in direct proportion
to the
output volume of units produced
- cost of raw materials, credit card fees,
piece rate
labor, sales commissions, delivery
expenses
**vary in accordance with how many sales
you
have made or how much you have
produced
break even point and profit point --> always round up btw
equations (will be put on test)
, what is the objective of your price objectives can include
- sales in $
- market share
- short term profit maximization
- short term revenue maximization
- customer satisfaction
- image enhancement
- social responsibility
price strategies cost based pricing
competitive based pricing
demand based pricing
cost based pricing calculate price based on company's costs.
markup
can be stated as a percentage of cost of
making
the product or percentage of selling price
competitive based pricing benchmarking on competitor's prices
demand based pricing setting a price based on what consumers
are
willing to pay
example of demand based prcing lyft, hotels, airlines, rental cards, etc
customers pay a higher price when
demand for the
product is strong and la lower price when
demand
is weak
