MARK20100 Study Guide - Midterm Guide: Sales Promotion, Convenience Store

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5-7 short answer questions - all from class possibly fewer questions worth about 1 point each (possibly a little more) understand the variables that we look at when we decide on price - Do not need to know the operating statements objectives can be profit-oriented, sales oriented, market share, status quo, Nothing about demand (pure competition, monopoly, etc. ) elasticity: % change in quantity demanded/% change in price you can set pretty much any price you want, but you cannot collude, Breakeven analysis - price = [fc+vc(q)]/q ---> always round up!! Mark-up - single and multi-step, how to work backwards, etc. Special pricing strategies - only have to know what is on the slides. Know the three channels - direct, high-involvement indirect, low- vertical marketing systems - contractual, corporate, No horizontal or multichannel distribution intensity push and pull strategies - also talked about in promotion warehousing - making sure you have enough warehouses or distribution.