MGTA02H3 Chapter 7: Chapter 7 textbook notes

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28 Apr 2011

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market share: company"s percentage of total market sales for a specific product (cid:0) other objectives: when in a recession, company want to survive. Price setting tools: identify prices allow company to reach to objective (cid:0) cost oriented pricing: consider desire to make profit and cover all cost. Sales price (cid:0) markup percentage is 30, imply that 30 cents will be gross profit. Pricing strategies: (cid:0) pricing existing product: pricing above prevailing market price imply higher quality, below imply acceptable quality. pricing leadership: dominant firm in the industry establish price and other follow (ex: gas differ little in quality, compete through advertisement or personal selling, not price) pricing fixing: illegal process of producer agree what price www. notesolution. com (cid:0) pricing new product. price skimming: initially high price to cover cost and profit. penetration pricing: initial low price to sell more and customer loyalty.

Related Questions

Which of the following is the best example of a well-stated strategic objective?

A)Increase revenues by more than the industry average.

B)Be among the top 5 five companies in the industry on customer service.

C)Overtake key competitors on product quality within three years.

D)Improve manufacturing performance by 5% within 12 months.

E)Obtain 150 new customers during the current fiscal year.

olivesquirrel267

3. Which of the following best describes the production orientation? a) Manufactured goods would sell regardless of their quality, because they were in short supply. b) Businesses have one or more departments specifically designed to understand consumers' needs and readily share this knowledge across departments. c) Production capabilities exceeded regular demand, competition increased and reaching new markets became more complex. d) It uses customer relationship management software. e) It uses production management software

4. In September 2011, Ford, an automotive company, closed down their car production plant in St. Thomas, Ontario. The plant was closed down because the car it produced, the Crown Victoria, had declining sales, and the plant's equipment was out-dated. One of the reasons for the sales decline, was that customers were moving away from the Crown Victoria towards more fuel efficient vehicles that are more environmentally friendly. This is an example of which marketing environment factor? a) Socio-cultural force b) Competitive force c) Demographic force d) Technological force e) Regulatory force

MGTA02H3 Chapter 7: Chapter 7 textbook notes

MGTA02H3 Full Course Notes

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