A Study by Rafi Mohammed, Author of the Art of Pricing

question 65

True/False

A study by Rafi Mohammed, author of The Art of Pricing, found that companies that raised prices by 1 percent saw profits increase by 11 percent and those that raised prices by 10 percent realized profit increases of 100 percent.

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Definitions:

Operant Model

A theory of learning that describes the change in behavior as a result of the consequences of that behavior, whether rewards (reinforcers) or punishments.

Discrimination

The ability to distinguish between different stimuli or the unfair treatment of individuals based on group membership such as race, gender, or ethnicity.

Daily Feedback

Continuous or regular comments provided on a daily basis to improve or guide performance.

Goal Setting

The process of identifying something that you want to accomplish and establishing measurable goals and timeframes.