The Adjustment of Price to Maximize the Revenue Obtained from Available

question 112

Multiple Choice

The adjustment of price to maximize the revenue obtained from available capacity that will be lost if not used is referred to as

• A) anticipation inventory.
• B) yield management.
• C) workforce adjustment.
• D) chase strategy.

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Definitions:

Prices

A term referring to the amount of money required to purchase a good or service; it is determined by factors such as demand, supply, and production costs.

Reasonable Product

A product considered to meet a satisfactory standard in terms of quality, functionality, and price.

Cheapest Product

A product offered at the lowest possible price point, often as a strategy to attract cost-conscious consumers or gain market share.

Marketing Mix

The set of controllable tactical marketing tools—product, price, place, and promotion—that a company uses to produce a desired response from its target market.