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MGT504 - Organization Theory and Design - Lecture Handout 40

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In popular literature, power is often described as a personal characteristic, and a frequent topic is how one person can influence or dominate another person. You probably recall from an earlier management or organizational behavior course that mangers have five sources of personal power. Legitimate power is the authority granted by the organization to the formal management position a manger holds. Reward power stems from the ability to bestow rewards – promotion, raise, pat on the back – to other people. The authority to punish or recommend punishment is called coercive power. Expert power derives from a person’s higher skill or knowledge about the tasks being performed. The last one, referent power, derives from personal characteristics such that people admire the manager and want to be like or identify with the manger out of respect and admiration. Each of these sources may be used by individuals within organization.

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MGT301 - Principles of Marketing - Lecture Handout 25

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Lesson overview and learning objectives:

In last Lesson we discussed the price its definition, focused on the problem of setting prices and considered the factors marketers must consider when setting prices today we will look at general pricing approaches, we will also examine pricing strategies for new-product pricing, product mix pricing.

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