MARK20100 Study Guide - Midterm Guide: Vending Machine, Oligopoly, Fixed Cost
Document Summary
International firms- trade and marketing in diff countries is an extension of marketing strategy in home country. Multinational firms- market to each part of the world diff: market products the same way as home country, multidomestic marketing strategy- many diff product variations, brand names, advertising programs. Chapter 13- price buyers more willing to pay extra fees than a higher list price price transparency. Profit= rev-cost: easy access to competitors prices, reduces barriers to entry, cost=total expenses=fixed cost + variable costs (varies with, continue to expend until marginal revenue=marginal cost quantity sold) Break even point- when cost of product=rev generated from that product. Bep in quantity= (fixed cost)/(unit price-unit variable cost) Factors to consider when setting a price: profit, sales, market share, unit volume and how many are produced/sold, simply want to survive, forgo higher profit by recognizing social obligations, single product vs product line, type of competitive market:
