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When asked to provide an estimate of an irrigation system,Pete looked from one end of the field to the other,licked a finger and held it in the air,squinted into the sun and said $25,000,give or take 30%.The technique employed for cost estimation is:
BOGOs
An acronym for "Buy One, Get One" sales promotions, where a customer gets a second item for free or at a reduced price after purchasing one at regular price.
Free Goods
Items or services provided at no cost to the recipient, often used as promotional tools or as part of a marketing strategy to incentivize purchases or loyalty.
Yield Management Pricing
A pricing strategy used in industries with perishable goods (like airlines, hotels) that adjusts prices based on fluctuating demand to maximize revenue.
Seasonal Demand
Fluctuations in the market demand for certain products or services that occur at specific times of the year.
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