MGTA02H3 Chapter 7: Chapter 7 textbook notes

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28 Apr 2011
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MGTA02H3 Full Course Notes
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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.

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