The Process of Rapidly Adjusting Prices Based on Information Gathered

question 121

Multiple Choice

The process of rapidly adjusting prices based on information gathered on consumers' preferences and their responsiveness to changes in price is called

• A)yield management.
• B)elasticity management.
• C)brand management.
• D)marketing.

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Definitions:

Motion Study

The science of reducing a task to its basic physical motions.

Performance Incentive

A reward system designed to motivate employees to achieve higher levels of performance.

Scientific Management

A theory developed by Frederick W. Taylor, focusing on improving economic efficiency and labor productivity through systematic procedures and empirical studies.

Work Methods

Work methods are the techniques, strategies, and processes employed to carry out tasks or activities efficiently and effectively.