Questions and Answers
What is the main aim of all businesses?
To make a profit
What must a business consider when setting the price for new products?
Other costs like research and development
What is target costing determined by?
Which type of pricing involves calculating a target selling price using cost-plus pricing?
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What is a significant factor in determining product pricing?
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What is the course code for Introduction to Official Statistics?
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Who is the course facilitator for Semester 2, 2024?
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What is the name of the institution offering this course?
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When was the first production of this course material?
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What is the grading system related to in this course?
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What is the copyright status of the material prepared by USP?
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Students may print a single copy of the course material for personal use.
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What type of support does Student Learning Support (SLS) provide?
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The course aims at shaping Pacific ______.
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Study Notes
External Sales Environment
- Businesses aim to maximize profit, which requires strategic pricing of products and services.
- Setting prices involves consideration of all associated costs, including research and development.
- The pricing strategy must ensure coverage of costs while allowing for a reasonable profit margin to sustain operations.
- Understanding market forces is crucial for effective price setting.
Target Costing
- Target costing determines product costs based on competitive market prices.
- Businesses must analyze market conditions to establish feasible pricing that aligns with consumer expectations.
Cost Plus Pricing
- This method involves calculating the selling price by adding a markup to the total cost of production.
- While straightforward, cost-plus pricing can lead to inefficiencies and may not always reflect market conditions.
Variable Cost Pricing
- Prices are set based on variable costs associated with production.
- This approach allows businesses to remain competitive while covering costs directly linked to production volume.
Time and Material Pricing
- This pricing strategy applies to services billed based on the time spent and materials used.
- It offers flexibility for service providers, particularly in customized or project-based work.
- Accurate calculations are essential to ensure service costs are appropriately covered.
Summary and Learning Outcomes
- Familiarity with various pricing strategies is essential for identifying effective approaches for external sales.
- Successful application of target costing, cost-plus pricing, variable cost pricing, and time/material pricing enhances overall business performance.
Course Overview
- Course Code: OSF01
- Title: Introduction to Official Statistics
- Semester: 2, 2024
- Offered by: Pacific Technical and Further Education (Pacific TAFE), The University of the South Pacific.
Course Team
- Course Facilitator: Kamal Chand
- Electronic Publisher: Joshua Handyside
- Cover Design: Strategic Partnerships, Advancement & Communications Office
Copyright Information
- Material may contain copyrighted material under the Fiji Copyright Act 1999.
- Copyright owned by The University of the South Pacific.
- Restrictions on selling or redistributing material without permission.
Content Structure
- Semester Calendar outlines key dates for course activities and assessments.
- Course Coordinator details for student support and guidance.
Learning Components
- Course Learning Outcomes outline the skills and knowledge expected to be gained.
- Programme Graduate Outcomes indicate competencies for graduates.
- USP Graduate Outcomes align with broader institutional expectations.
Learning Materials
- Specific study materials provided for the course.
- Additional resources and support indicated for student success.
Support Services
- Local Tutorials, Study Groups, and Library Services available for enhanced learning.
- Student Learning Support (SLS) offered for academic assistance.
Virtual Learning
- Virtual Tutorial Sessions provide flexibility in learning and location-based options.
- Instructions for logging into the Moodle online platform included.
Assessment Components
- Continuous Assessment: ongoing evaluations throughout the semester.
- Mid-Semester Test: a formal evaluation of knowledge acquired by the midpoint of the semester.
- Final Examination: comprehensive assessment at the end of the course.
Assessment Guidelines
- Grading System details the criteria for evaluating student performance.
- Submission Guidelines specify requirements for assignments, including:
- Use of Moodle Assignment Dropbox for submissions.
- Proper labeling of assignments to ensure correct identification.
- Late assignment penalties and regulations.
Academic Integrity
- Emphasis on Student Academic Integrity Regulations to maintain ethical standards in coursework.
Weekly Tutorials
- Regular weekly tutorials scheduled to reinforce learning and address course material.
Assessment Strategy
- Online Research Assignment as a component of course assessments.
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Description
This quiz explores various pricing strategies utilized by businesses to maximize profits. It covers external sales environments, target costing, cost-plus pricing, and variable cost pricing. Understanding these strategies is essential for effective price setting in a competitive market.
