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question 6

True/False

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Understand the different compensation plans and their characteristics.

Recognize the motivational aspects of various compensation and incentive plans.

Identify the benefits and drawbacks of employee stock plans and profit-sharing plans.

Explain the importance and impact of merit pay and performance appraisal systems.

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Definitions:

Odd Pricing

A pricing strategy that sets prices at odd numbers just below round numbers to make them appear smaller and more appealing to buyers.

Cost-Based Pricing

Formulas that calculate total costs per unit and then add markups to cover overhead costs and generate profits.

Personal Selling

A direct form of marketing that involves a salesperson presenting the benefits of a product directly to a customer in order to make a sale.