Podcast
Questions and Answers
What is the main aim of all businesses?
What is the main aim of all businesses?
To make a profit
What must a business consider when setting the price for new products?
What must a business consider when setting the price for new products?
Other costs like research and development
What is target costing determined by?
What is target costing determined by?
Which type of pricing involves calculating a target selling price using cost-plus pricing?
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?
What is a significant factor in determining product pricing?
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What is the course code for Introduction to Official Statistics?
What is the course code for Introduction to Official Statistics?
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Who is the course facilitator for Semester 2, 2024?
Who is the course facilitator for Semester 2, 2024?
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What is the name of the institution offering this course?
What is the name of the institution offering this course?
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When was the first production of this course material?
When was the first production of this course material?
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What is the grading system related to in this course?
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?
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.
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?
What type of support does Student Learning Support (SLS) provide?
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The course aims at shaping Pacific ______.
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.
