Business Chapter 14 Study Guide.docx

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Department
Business Administration
Course
BUS 201
Professor
Peter Tingling
Semester
Fall

Description
PricingDeciding what the company will receive in exchange for its productPricing to meet business objectivesPricing objectivesoProfitmaximizingoMarket share pricingA companys percentage of the total market sales for a specific productPrice setting toolsCostoriented pricingoTakes into account the need to cover production costsBreakeven analysisCostvolumeprofit relationshipsoVariable costsThose costs that change with the number of goods or services produced or soldoFixed costsThose costs unaffected by the number of goods or services produced or soldoBreakeven analysisAn assessment of how many units must be sold at a given price before the company begins to make a profitoBreakeven pointThe number of units that must be sold at a given price before the company covers all of its variable and fixed costsPricing strategiesPricing existing productsoSet either above below or at the market pricePricing new productsoPrice skimmingThe decision to price a new product as high as possible to earn the maximum profit on each unit sold
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