Many Firms Use Technology to Gather Information on the Preferences

question 55

Multiple Choice

Many firms use technology to gather information on the preferences of consumers and their responses to changes in prices.This information is then used to adjust prices of the firms' goods and services.This practice is called

• A)price discovery.
• B)empirical research.
• C)yield management.
• D)econometrics.

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Definitions:

Bureaucratic Rules

Formal regulations and procedures established by organizations or governments to control and manage operations.

Policies

Guidelines or principles that govern the operations, decisions, and actions within an organization.

New Assignments

Tasks or projects that are allocated to an individual or team for the first time.

Coordinated

Involves the organized and harmonious action of different elements or parts working together effectively.