section d entrepreneurship

1. List the six factors that effect price

• costs and expenses

• supply and demand

• competetion

• technological trends

• government regulation

• consumer perceptions

1. Compare and contrast fixed and variable costs in pricing.

2. (In your response provide one example of each)

fixed: costs and expenses that are not subject to change depending on the number of units sold. eg. rent

variable costs: costs and expenses that are subject to change depending on the number of units sold eg. delivery charges

Compare and contrast the three management styles (power-oriented, routine-oriented, achievement-oriented).

Power-oriented management focuses on control and decision-making power, routine-oriented emphasizes structured processes and procedures, while achievement-oriented inspires teams to meet goals and innovate.

Explain how nonverbal communication impacts management effectiveness.

is one of the communication skills essential to effective planning, organizing, directing, and controlling.

1. Describe how situational management can be beneficial in different work environments.

it is the style of adapting the management approach to particular circumstances. This flexibility allows managers to tailor their leadership techniques based on the needs of the team and the nature of the tasks, enhancing overall effectiveness.

1. Analyze how the principles of management excellence might help a small business succeed.

These principles focus on setting clear goals, effective communication, efficient resource management, and fostering a positive workplace culture, which can drive performance and innovation.

1. Evaluate the importance of human relations skills in effective management

These skills are crucial for fostering positive interactions within teams, enhancing collaboration, and resolving conflicts, ultimately leading to improved organizational performance.

1.  Compare and contrast strategic, tactical, and operational plans.

•  are long-term plans that do not usually include a specific target date.

•  are medium-range plans that help ensure that you accomplish specific objectives to meet your plans.

• are short-term plans that bring tactical plans to life.

three basic approaches to pricing:

cost-based, demand based, and competition based

Product Life Cycle Pricing 

introduction, growth, maturity, decline

price skimming

the practice of charging a high price on a new product or service in order to recover costs and maximize profits as quickly as possible; the price is then dropped when the product or service is no longer unique

psychological pricing

a pricing technique, most often used by retail businesses, that is based on the belief that customers’ perceptions of a product are strongly influenced by price; it includes prestige pricing, odd/even pricing, price lining, promotional pricing, multiple-unit pricing, and bundle pricing. a strategy that considers the psychological impact of prices on consumers.

prestige pricing

a pricing technique in which higher-than-average prices are used to suggest status and prestige to the customer 

odd/even pricing

a pricing technique in which odd-numbered prices are used to suggest bargains, such as $19.99

price lining

a pricing technique in which items in a certain quality category are priced the same.

promotional pricing

a pricing technique in which lower prices are offered for a limited period of time to stimulate sales

multiple unit pricing

a pricing technique in which items are priced in multiples, such as 3 items for 99 cents

bundle pricing

a pricing technique in which several complementary products are sold at a single price, which is lower than the price would be if each item was purchased separately 

key management functions

planning, directing, controlling, organizing

List and explain the key elements in a positive business climate.

image, team collaboration, and communicaton

price gouging

a practice of raising prices on essential goods excessively during emergencies or crises. This often occurs in response to natural disasters or sudden shortages.