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Chapter 7 Study Guide

2 Pages

Management (MGT)
Course Code
Chris Bovaird

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CHAPTER 7 Pricing: deciding what the company will receive in exchange for its product Pricing objectives: goals that producers hope to attain in pricing products for sale Market share: a companys percentage of the total market sales for a specific product Whatever the companys objectives, managers must measure the potential impact before deciding on final price Cost-oriented pricing: considers the firms desire to make a profit and takes into account the need to cover production costs Markup percentage = markup sales price Variable costs: costs that change with number of GS produced or sold Fixed costs: costs unaffected by the number of GS produced or sold Break even analysis: an assessment of how many units must be sold at a given price before the company begins to make a profit Br
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