Three General Bases Used for Pricing in a Small Business

question 23

Multiple Choice

Three general bases used for pricing in a small business are:

• A) supply chain, cost, and hours of operation.
• B) packaging, location, and demand.
• C) ease of use, special features, and demographics.
• D) cost, demand, and competition.

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Definitions:

Ordinal Data

Data that represent order or ranking among categories but do not quantify the difference between categories, such as educational levels or satisfaction ratings.

Ranking Procedure

A ranking procedure is a statistical method used to assign ranks to various items or entities based on certain attributes or measurements.

Analysis of Variance (ANOVA)

A statistical method used to test the difference between two or more means by analyzing variances.

T-test

A statistical test used to compare the mean of a sample to a known value, or the means of two samples, to assess if the differences are statistically significant.