UW-Madison MARKETNG 300 - Chapter 17 Terms (4 pages)

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Chapter 17 Terms



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Chapter 17 Terms

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Lecture number:
25
Pages:
4
Type:
Lecture Note
School:
University of Wisconsin, Madison
Course:
Marketng 300 - Marketing Management
Edition:
1

Unformatted text preview:

MKT 300 1nd Edition Lecture 25 Outline of Last Lecture XLIV Chapter 16 Terms part 2 XLV Chapter 16 Concepts to Apply part 2 Outline of Current Lecture XLVI Chapter 17 Terms XLVII Chapter 17 Concepts to Apply Current Lecture XLVI Chapter 17 Terms Markup a dollar amount added to the cost of products to get the selling price Markup percent percentage of selling price that is added to the cost to get the selling price Markup Chain the sequence of markups firms use at different levels in a channel Determines the prices structure in the whole channel The markup is figured on selling price at each level of the channel Stockturn Rate the number of times the average inventory is sold in a year Average cost Pricing adding a reasonable markup to the average cost of a product Total Fixed Cost the sum of those costs that are fixed in total o matter how much is produced I e rent depreciations managers salaries property taxes and insurance Such costs stay the same even if production stops temporarily Total Variable Cost the sum of those changing expenses that are closely related to output i e Expenses for parts wages packaging materials outgoing freight and sales commissions At zero output total variable cost is zero Total Cost the sum of total fixed and total variable costs Changes in total cost depend on variations in total variable cost since total fixed cost stays the same Average Cost per unit obtained by dividing total cost by the related quantity that is the total quantity that causes the total cost Average Fixed Cost per unit obtained by dividing total fixed cost by the related quantity Average Variable Cost per unit obtained by dividing total variable cost by the related quantity These notes represent a detailed interpretation of the professor s lecture GradeBuddy is best used as a supplement to your own notes not as a substitute Break even Analysis evaluates whether the firm will be able to break even that is cover all its costs with a particular price This is important



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