Examlex
Your text details four basic approaches or methods used by organisations to pricing of products in the market. These are cost- based, competition- based, value- based and relationship- based pricing. Describe each of these approaches and outline the strengths and weaknesses of each with examples to demonstrate your understanding.
Normal Curve
A bell-shaped curve that represents the distribution of many types of naturally occurring data; synonymous with Gaussian distribution.
Normal Random Variable
A variable that is distributed in a way that fits the normal (Gaussian) distribution, characterized by its mean and standard deviation.
Mean
The average of a set of numerical values, calculated by adding them together and dividing by the number of values.
Standard Deviation
A measure that quantifies the amount of variation or dispersion of a set of data values from the mean.
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