■ CASES
PRICE LEADERSHIP IN AN OLIGOPOLY* General General M otors Corporation
In an article in the NACA Bulletin, January I. 1 927, Albert Bradley described the pricing policy of General Motors Corporation. At that time, Mr. Bradley was general assistant treasurer, subsequently, he became vice prescient, executive vice president, and chairman of the board. There is reason to believe that current policy is substantially the same as hat described in the 1927 statement The following description consists principally of excerpts from Mr. Bradley's article.
KEPEMIMPINAN HARGA DALAM PERUSAHAAN
OLIGOPOLI
General Motors Corporation Dalam sebuah artikel di NACA Bulletin Januari I. 1 927, Albert Bradley menggambarkan kebijakan harga dari General Motors Moto rs Corporation. Pada waktu itu, Mr Bradley adalah asisten bendahara umum, kemudian, ia menjadi wakil presiden eksekutif, dan ketua dewan. Alasan untuk percaya bahwa kebijakan saat ini secara substansial sama dengan hat yang dijelaskan dalam laporan 1927 Uraian berikut terutama meliputi kutipan dari artikel Mr Bradley. General Policy. Return on investment is the basis of the General Motors policy in regard to the pricing of product. The fundamental consideration is the average return over a protracted period of time, not the specific rate F return over any particular year or short period of time. This long-term rate of return on investment represents the official viewpoint as to the highest average rate of return that can be expected consistent with a healthy growth of the business, and may be referred to as the economic return attainable. The adjudged necessary rate of return on capital will vary as between separate lines of industry as a result of differences in their economic situations; and within each industry there will be important differences in return on capital resulting primarily from the relatively greater efficiency of certain producers.
Kebijakan Umum. Pengembalian investasi adalah dasar dari kebijakan General Motors dalam hal penentuan harga produk. Pertimbangan yang mendasar adalah return rata-rata selama periode waktu yang berkepanjangan, bukan tingkat pengembalian investasi tertentu F atas setiap tahun tertentu atau periode jangka pendek . Tingkat pengembalian investasi investas i jangka panjang merupakan meru pakan sudut pandang pand ang resmi untuk rata-rata tingkat pengembalian tertinggi yang dapat diharapkan konsisten dengan pertumbuhan sehat pada pad a bisnis, dan dapat disebut disebu t sebagai pencapaian pengembalian ekonomi . Tingkat pengembalian yang diperlukan akan bervariasi diantara bagian terpisah dari industri sebagai akibat dari perbedaan dalam situasi ekonomi mereka ¬; dan dalam setiap industri akan ada perbedaan penting penti ng dalam pengembalian modal yang utamanya dihasilkan dari efisiensi yang relatif lebih besar pada produsen tertentu. The fundamental policy in regard to pricing product and expansion of the business also necessitates an official viewpoint as to the normal average rate of plant operation. This relationship between assumed normal average rate of operation and practical annual capacity is known as standard volume.
Kebijakan mendasar dalam kaitannya dengan penentuan harga produk dan ekspansi bisnis juga memerlukan sudut pandang resmi untuk tingkat rata-rata normal operasi pabrik. Hubungan antara tingkat operasi rata-rata rata -rata normal yang diasumsikan dan kapasitas tahunan praktis dikenal sebagai volume yang standar.
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The fundamental price policy is completely expressed in the conception of standard volume and economic return attainable. For example, if it is the accepted policy that standard volume represents 80% of practical annual capacity, and that an average of 20%per annum must be earned on the operating capital, it becomes possible to determine the standard price of a product — t hat is, that price which with plants operating at 80% of capacity will produce an annual return of 20% on the investment.
Kebijakan Harga mendasar diungkapkan secara lengkap dalam konsepsi volume standard dan pengembalian ekonomi yang dicapai . Sebagai contoh, jika kebijakan diterima bahwa volume yang standar mewakili 80% dari kapasitas tahunan praktis, dan bahwa rata-rata 20% per tahun harus diperoleh pada modal operasi, maka ada kemungkinan untuk menentukan harga standar dari produk yaitu harga yang dengan pabrik – pabrik beroperasi pada 80% dari kapasitas akan menghasilkan tingkat pengembalian tahunan sebesar 20% pada investasi. Standard Volume. Costs of production and distribution per unit of product vary with fluctuation in volume because of the fixed or non variable nature of some of the expense items. Productive materials and productive labo r may be considered costs which are 100 % variable, since within reasonable limits the aggregate varies directly with volu me, and the cost per unit of pr oduct ther efor e re main s unif or m.
Volume standar. Biaya produksi dan distribusi per unit produk bervariasi dengan fluktuasi volume karena sifat tetap atau non variabel dari beberapa pos pengeluaran. Bahan Produktif dan tenaga kerja produktif dapat dianggap biaya jika 100% bersifat variabel , karena dalam batas yang wajar agregat bervariasi langsung dengan volume, dan biaya per unit produk k yang tetap seragam . Among the items classified as manufacturing expense or burden there exist varying degrees of fluctuation with volume, owing to their greater or lesser degree of variability. Among the absolutely fixed items are such expenses as depreciation and taxes, which may be referred to as 100% fixed, since within the limits of plant capacity the aggregate will not change, but the amount per unit of product will vary in inverse ratio to the output.
Di antara barang-barang yang diklasifikasikan sebagai beban manufaktur atau beban yang didalamnya terdapat tingkat fluktuasi yang berbeda dengan volume, terhutang pada tingkat variabilitas yang lebih besar atau lebih kecil. Di antara barang-barang yang benar-benar tetap seperti biaya penyusutan dan pajak, yang dapat disebut sebagai 100% tetap, karena dalam batas-batas kapasitas pabrik agregat tidak akan berubah, tetapi jumlah per unit produk akan bervariasi dalam rasio terbalik dengan output. Another group of items may be classified as 100% variable, such as inspection and material handling; the amount per unit of product is unaffected by volume. Between the classes or 100% fixed and 100% variable is a e group of expense items that are partially variable, such as light, heat, power, and salaries.
Kelompok lain dari item dapat diklasifikasikan sebagai 100% variabel , seperti inspeksi dan penanganan bahan ; jumlah per unit produk tidak dipengaruhi oleh volume. Antara kelas atau 100% tetap dan 100% variabel adalah kelompok beban yang sebagian variabel, seperti penerangan , panas, listrik, dan gaji. In General Motors Corporation, standard burden rates are developed for each burden center, so that there will be included in costs a reasonable average allowance for manufacturing expense. In order to establish this rate, it is first necessary to obtain an expression of the estimated normal average rate of plant ration.
Dalam General Motors Corporation, tingkat beban pengeluaran standar dikembangkan untuk masing-masing pusat biaya, sehingga akan dimasukkan dalam biaya tunjangan rata-rata yang wajar untuk biaya manufaktur. Dalam rangka •This cane was prepared front published material. Copyright IVGO by the President and Fellows of Harvard College. H»r -rd Bu si neat School case 160-003.
membangun tingkat ini, pertama-tama perlu untuk mendapatkan pengungkapan dari perkiraan rata-rata normal dari kuota pabrik. Rate of plant operation is affected by such factors as general business conditions, extent of seasonal fluctuation in sales likely within years of large volume, policy with respect to seasonal accumulation of finished and/or semi finished product for the purpose of level ing the production curve, necessity or desirability of maintaining excess plant capacity for emergency use, and many others. Each of these factors should be carefully considered by a manufacturer in the determination of size of a new plant to be constructed, and before making additions to existing plants, in order that there may be a logical relationship between assumed normal average rate of plant operation and practical annual capacity. The percentage accepted by General Moto rs Corpor ation as it s policy in re gard to the rela tion ship between assumed normal rate of plant operation and practical annual ca pacity is referred to as standard volume.
Tingkat operasi pabrik dipengaruhi oleh faktor-faktor seperti kondisi bisnis umum, tingkat fluktuasi musiman dalam penjualan yang kemungkinan dalam tahunannya bervolume besar, kebijakan sehubungan dengan akumulasi musiman produk jadi dan / atau setengah yang jadi untuk tujuan pembedaan kurva produksi, kebutuhan atau kemampuan ¬ memelihara kapasitas berlebih dari pabrik untuk penggunaan darurat, dan banyak lainnya. Tiap-tiap faktor harus dipertimbangkan secara hati-hati oleh produsen dalam penentuan ukuran pabrik baru yang akan dibangun, dan kedepannya ¬ membuat penambahan pabrik, dalam rangka memungkinkan adanya hubungan logis antara tingkat rata-rata normal yang diasumsikan pada operasi pabrik dan kapasitas tahunan praktis. Persentase diterima oleh General Motors Corporation sebagai kebijakan dalam hubungan antara tingkat perkiraan normal operasi pabrik dan kapasitas tahunan praktis disebut sebagai volume standar. Having determined the degree of variability of manufacturing expense, the established total expense at I he standard volume rate of operations can be estimated. A standard burden rate is then developed which represents the proper absorption of burden in costs at standard volume. In periods of low volume, the unabsorbed manufacturing expense is charged directly against profits as unabsorbed burden, while in periods of high volume, the over absorbed manufacturing expense is credited to profits, as over absorbed burden.
Setelah menentukan tingkat variabilitas pada biaya manufaktur, biaya total pada pada tingkat volume standar operasi dapat diperkirakan. Tingkat beban standar ini kemudian dikembangkan dengan mewakili penyerapan yang tepat dari beban biaya pada volume standar. Dalam periode volume rendah, biaya produksi yang tidak terserap dibebankan secara langsung terhadap keuntungan sebagai beban tidak diserap, sedangkan pada periode volume tinggi, penyerapan berlebih pada biaya manufaktur diakui sebagai keuntungan, Return on Investment. Factory costs and commercial expenses for the most part represent outlays by the manufacturer during the accounting period. An exception is depreciation of capital assets which have a greater length of life than the accounting period. To all ow for this element of cost, there is included an allowance for depreciation in the burden rates used in compiling costs. Before an enterprise can be considered successful and worthy of continuation or expansion, however, still another clement of cost must be reckoned with. This is the cost of capital, including an allowance for profit.
Pengembalian investasi . Biaya pabrik dan biaya komersial untuk sebagian besar biaya yang terwakili oleh pengeluaran produsen selama periode akuntansi. Pengecualian adalah depresiasi pada aset modal yang memiliki siklus hidup yang lebih panjang daripada periode akuntansi. Untuk memungkinkan untuk elemen biaya ini, dimasukkan tunjangan depresiasi dalam tingkat beban yang digunakan dalam menyusun biaya. Sebelum suatu perusahaan dapat dianggap berhasil dan layak kelanjutan atau perluasan, bagaimanapun, masih ada clemen biaya lainnya yang harus diperhitungkan. Ini adalah biaya modal, termasuk penyisihan laba.
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Thus, the calculation of standard prices of products necessitates the establishment of standards of capital requirement as well as expense factors, repr esentative of the normal operating condition. The standard for capital in employed in fixed assets is expressed as a percentage of factory cost, and the standards for working capital ar e expressed in part as a per CENTAGE of sales, and in part as a percentage of factory cost. The calculation of the standard allowance for fixed investment is illustrated by the following example.
Dengan demikian, perhitungan harga standar produk memerlukan pembentukan standar kebutuhan modal serta faktor-faktor biaya, perwakilan dari kondisi operasi normal. Standar modal yang bekerja dalam aktiva tetap dinyatakan sebagai persentase dari biaya pabrik, dan standar untuk modal kerja disajikan sebagai bagian dari persentase dari penjualan, dan sebagian sebagai persentase biaya pabrik. Perhitungan penyisihan standar untuk investasi tetap diilustrasikan oleh contoh berikut. Investment in plant and other fixed assets Practical annual capacity 50.000 units - Standard volume, percent of pr actical annual capaci ty Standard volume equivalent 40.000 units (50,000 X 80%) Factory cost per unit at standard volume Annual factory cost of pr od uction at standard volume (40.000 X $ 1.000) Standard factor for fixed investment (ratio of investment to annual factory cost S15,000,000/$40,000.000)
$ 15,000.000
80%
$ 1,000 $40,000,000
0.375 of production;
The amount tied up in working capital items should be directly proportional to the volume of business. For example, raw materials on hand should be in direct proportion to the manufacturing requirements — so many days' supply of this material, so many days' supply of t hat material, and so on — depending on the condition and location of sources of supply, transportation conditions, etc. Work in process should be in direct proportion to the requirements of finished production, since it is dependent on the length of time required for the material to pass from the raw to the finished state, and the amount of labor and other charges to be absorbed in the pro cess. Finished product should be in direct proportion to sales requirements. Accounts receivable should be in direct proportion to sales, being dependent on terms of payment and efficiency of collections.
Jumlah yang terikat dalam item modal kerja harus secara langsung berbanding lurus dengan volume bisnis. Sebagai contoh, bahan mentah harus ditentukan proporsinya secara langsung pada permintaan pabrik .berapa banyak pasokan bahan ini, bahan itu dan lainnya tergantung pada kondisi dan lokasi sumber pasokan, kondisi transportasi, dll. Barang dalam proses dengan proporsi langsung sebagai bagian persyaratan barang jadi tingkat akhir, karena tergantung pada lamanya waktu yang dibutuhkan material untuk melewati proses dari mentah ke produk jadi., dan jumlah tenaga kerja dan biaya lainnya untuk menjadi ab ¬ diserap dalam proses. Produk jadi harus dalam proporsi langsung dengan persyaratan penjualan. Piutang harus dalam proporsi langsung ke penjualan, yang tergantung pada pos pembayaran dan efisiensi . The Standard Price These elements are combined to construct the standard price as shown in Table I. Note that the economic return attainable (20% in the illustration) and the standard volume (80% in the illustration) are long-run figures and arc rarely changed;' the other elements of the price are based on current estimates. , •This cane was prepared front published material. Copyright IVGO by the President and Fellows of Harvard College. H»r -rd Bu si neat School case 160-003.
Harga Standar elemen2 ini dikombinasikan untuk membangun harga standar seperti ditunjukkan pada Tabel I. Perhatikan bahwa re ¬ ekonomi berubah dicapai (20% dalam ilustrasi) dan volume standar (80% dalam ilustrasi) adalah tokoh jangka panjang dan busur jarang berubah; 'unsur-unsur lain dari harga didasarkan pada perkiraan saat ini. , Differences among Products Responsibility for investment must be considered in calculating the standard price of each product as well as in calculating the overall price for all products, since products with identical accounting costs may be responsible for investments that vary greatly, in the illustration given below, a uniform standard selling price of $1,250 was determined. Let us now suppose that this organization makes and sells two products, A and B, with equal manufacturing costs of $1,000 per unit and equal working capital requirements, and that 20,000 units of each product are produced. However, an analysis of fixed investment indicates that $10 million is applicable to Product A, while only $3 million of fixed investment is applicable to Product B. Each product must earn 20% on its investment in order to satisfy the standard condition. Table 2 illustrates the determination of the standard price for Product A and Product B.
Perbedaan antara Produk tanggung ¬ ity untuk investasi harus dipertimbangkan dalam kal ¬ culating harga standar masing-masing produk serta dalam menghitung harga keseluruhan untuk semua produk, karena produk dengan biaya penghitungan ac identik ¬ mungkin bertanggung jawab untuk KASIH Invest ¬ yang berbeda-beda sangat, dalam ilustrasi yang diberikan di bawah, harga jual seragam standar $ 1.250 ditentukan. Mari kita sekarang sup ¬ berpose bahwa organisasi ini membuat dan menjual dua produk, A dan B, dengan biaya pabrikan ¬ turing yang sama sebesar $ 1.000 per unit dan kebutuhan modal kerja sama, dan bahwa 20.000 unit setiap produk yang dihasilkan. Namun, analisis investasi tetap di dicates ¬ $ 10 juta berlaku untuk Prod ¬ SLT A, sementara hanya $ 3 juta tetap berinvestasi ment ¬ berlaku untuk Produk B. Setiap produk harus mendapatkan 20% atas investasi dalam rangka memenuhi kondisi standar. Tabel 2 menggambarkan penentuan harga standar untuk produk A dan Produk B.
From this analysis of investment, it becomes apparent that Product A, which has the heavier fixed investment, should sell for $1,278, while Product B should sell for only $1,222, in order to produce a return of 20% on the investment. Were both products sold for the composite average standard price of ,250, then Product A would not be bearing its share of the investment burden, while. Product B would be correspondingly over-priced. •This cane was prepared front published material. Copyright IVGO by the President and Fellows of Harvard College. H»r -rd Bu si neat School case 160-003.
Differences in working capital requirements as between different products may also be important due to differences in manufacturing methods, sales terms, merchandising policies etc. The inventory turnover rate of le line of products sold by a division of General Motors Corporation may be six times a year, while inventory applicable to another line of products is turned over 30 times a year. In the second case, the inventory investment required per dollar cost of sales is only one-fifth of t hat required in the case of the product with the slower turnover. Just as there are differences in capital requirements as between different classes of product, so may the standard requirements for the same class of product require modification from time to time due to permanent changes in manufacturing processes, in location of sources of supply, more efficient scheduling and handling of materials, etc. The importance of this improvement to the buyer of General Motors products may be appreciated from the following example. The total inventory investment for the 12 months e nd ed Sep te mb er 30, 1926, would have aver aged $182,490,000 if t he turno ver rate of 1923 (the best perf orma nce pr ior to 1925) had no t b ee n b et ter ed , o r a n e xce ss o f $74 ,367,000 o ver t he ac t ual a ver a ge investment. In other words, General Motors would have been compelled to charge $14,873,000 more for it s pr oduct s du rin g thi s 12-mont h per iod than was a ctua lly char ged if prices had bee n established to yi eld, say, 20% on the operat ing capital req uired.
Conclusion. The analysis us to the degree of variability of manufacturin g and commercial expenses with increases or decreases in volume of output, and the e s t a b l i s h m e n t o f ― s t a n d a r d s " f o r t h e v a r i o u s i n v e s tm e n t i t e m s , m a k e s i t p o s s i b l e n o t only to develo p " S t a nd a r d P r i c e s , ‖ b u t a l s o t o f o r e ca s t , wi t h m u c h gr e a t e r a c c u r a c y than otherwise would be possible, the capital requirements, profits, and return on capital at the different rates of operation, which may result from seasonal conditions or from changes in the general business situation. Moreover, whenever it is necessary to calculate in advance the final effect on net profits of proposed incre ases or decreases in price, with their resulting changes in volume of output, consideration of the real economics of the situation is facilitated by the availability of reliable basic d a ta.
Kesimpulan. Analisis kita untuk tingkat variabilitas manufaktur dan biaya komersial dengan kenaikan atau penurunan volume output, dan pembentukan "standar" untuk berbagai item investasi, memungkinkan tidak hanya untuk mengembangkan "Harga •This cane was prepared front published material. Copyright IVGO by the President and Fellows of Harvard College. H»r -rd Bu si neat School case 160-003.
Standard," tetapi juga untuk perkiraan, dengan akurasi yang jauh lebih besar daripada yang akan mungkin, kebutuhan modal, keuntungan, dan pengembalian modal pada tingkat yang berbeda operasi, yang mungkin timbul dari kondisi musiman atau dari perubahan dalam situasi bisnis secara umum. Selain itu, bilamana perlu untuk menghitung terlebih dahulu efek akhir pada laba bersih meningkat diusulkan atau penurunan harga, dengan perubahan mereka menghasilkan volume output, pertimbangan ekonomi riil situasi difasilitasi oleh ketersediaan data dasar yang dapat diandalkan .
It should be emphasized that the basic prici ng policy stated in terms of the economic return attainable is a policy, and it does not ab solutely dictate the specific price. At times, the actual price may be above, and at other times below, the standard price. Th e standard price calculation affords a means not only of interpreting actual or proposed pr ice s i n rel a tio n to t he establ i s hed po l icy, b ut a t t he sa me t i me a f fo r d s a p rac tic al demonstration as to whether the policy itself is sound. If the prevailing price of pr od uc t i s fo und to b e at var i an ce wi t h t he stand a rd pr ice o t her t h a n to t he exte nt d ue to temporary causes, it follows th at prices should be adjusted; or else, in the event of conditions being such that prices cannot be bro ught into line with the standard price, the conclusion is necessarily drawn that the terms of the expressed policy must be modified.
Perlu ditekankan bahwa dasar pric ¬ ing kebijakan dinyatakan dalam hal ekonomi re-turn dicapai adalah kebijakan, dan tidak ab ¬ solutely mendikte harga tertentu. Kadang-kadang, harga sebenarnya mungkin di atas, dan pada waktu lain di bawah ini, harga standar. Perhitungan harga standar affords sarana tidak hanya menafsirkan harga aktual atau diusulkan dalam relativitas tion dengan kebijakan yang ditetapkan, tetapi pada saat yang sama memberi demonstrasi praktis apakah kebijakan itu sendiri adalah suara. Jika pra ¬ harga produk vailing ditemukan berada pada varians dengan harga standar selain sejauh karena penyebab sementara, berarti harga harus disesuaikan; atau yang lain, dalam hal kondisi yang sedemikian rupa sehingga harga tidak dapat dibawa ke sejalan dengan harga standar, kesimpulan ini tentu ditarik bahwa ketentuan kebijakan dinyatakan harus dimodifikasi.
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Required 1.
An article in the Wall Street Journal, December 10. 1957. gave estimates of cost figures in "an imaginary CAR - making division in the Ford-Chevrolet-P lymouth field." Most of the data given below are derived fr om that article. Using these data, compute the standard price. Working cap ital ratios are not given: assume th at th ey ar c t he sa me as th os e i n T ab le 1. Therefore, the 7% commercial allowance in Table 1 should be eliminated, and in its place $250 should be added to the price as computed from the formula. ••Commercial cost." corresponding to the 7% in Ta ble I, is added us a dollar amount and includes the following:
Inbound and outbound freight$ Tooling and engineering Sales and engineering Administrative and miscellaneous Warranty (repairs within guarantee) Total
85 50 50 50 15 $250
wajib 1. Sebuah artikel di Wall Street Journal, De ¬ bulan Desember 10. 1957. Memberikan perkiraan angka biaya dalam "an membuat CAR-divi ¬ sion imajiner di bidang Ford-Chevrolet-Plymouth." Sebagian besar data yang diberikan di bawah ini berasal dari artikel tersebut. Dengan menggunakan data tersebut, menghitung harga standar. Cap Bekerja ¬ rasio ital tidak diberikan: menganggap bahwa mereka busur sama dengan pada Tabel 1 sehingga penyisihan komersial 7% pada Tabel 1 harus dihilangkan, dan sebagai gantinya $ 250 harus ditambahkan ke harga yang dihitung dari. rumus. . • • biaya komersial "sesuai dengan 7% pada Tabel I, ditambahkan kita jumlah dolar dan meliputi: Inbound and outbound freight$ Tooling and engineering Sales and engineering Administrative and miscellaneous Warranty (repairs within guarantee) Total
2.
85 50 50 50 15 $250
What would happen to profits and return on investment before taxes in a year in which volume was only 60% of capacity? What would happen in a year in which volume was 100% of capacity? Assume that non variable costs included in the $1,550 unit cost above are $350 million: i.e.. variable costs arc $1,330 - $35 0 -$1,200. In both situations, assume that cars were sold at the standard price established in Requirement I, since the standard price is not changed to reflect annual changes in volume.
2. Apa yang akan terjadi pada keuntungan dan laba atas investasi sebelum pajak di tahun di mana volume yang hanya 60% dari kapasitas? Apa yang akan terjadi di tahun di mana volume yang adalah 100% dari kapasitas? Asumsikan bahwa biaya non variabel termasuk dalam $ 1550 biaya per unit di atas adalah $ 350.000.000: biaya variabel yaitu busur $ 1330 - $ 350 - $ 1.200.. Dalam kedua situasi, menganggap bahwa mobil yang dijual dengan harga standar pem ¬ lished di Kebutuhan I, karena harga dard stan ¬ tidak diubah untuk mencerminkan perubahan tahunan dalam volume. 3.
In the 1975 model year. General Motors gave cash rebates of as high as $300 per car off the list price. In 1972 and 1973, prices had been restricted by price control legislation, which required that selling prices could be increased only if costs had increased. Selling prices thereafter were not controlled, although there was always the possibility that price controls could be re imposed. In 1975, demand for automobiles was sharply lower than in 1974, partly because of a
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general recession and partly because of concerns about high gasoline prices. Does the cash rebate indicate that General Motors adopted a new pricing policy in 1975, or is it consistent with the policy described in the case?
3. Pada model tahun 1975. General Motors memberikan rabat tunai setinggi $ 300 per mobil off daftar harga. Pada tahun 1972 dan 1973, harga telah dibatasi oleh undang-undang pengendalian harga, yang diperlukan bahwa harga jual dapat ditingkatkan hanya jika biaya meningkat. Harga jual sesudahnya tidak terkontrol, meskipun selalu ada kemungkinan bahwa kontrol harga dapat kembali diberlakukan. Pada tahun 1975, permintaan untuk mobil melemah tajam dibandingkan pada tahun 1974, sebagian karena Reces umum ¬ sion dan sebagian karena kekhawatiran tentang tingginya harga bensin. Apakah rebate kas menunjukkan bahwa General Motors mengadopsi kebijakan harga baru pada tahun 1975, atau itu con ¬ konsisten dengan kebijakan pada kasus ini?
•This cane was prepared front published material. Copyright IVGO by the President and Fellows of Harvard College. H»r -rd Bu si neat School case 160-003.