Yield Management Means

question 87

Multiple Choice

Yield management means:

• A) setting prices by simply marking up the merchandise without considering price sensitivity.
• B) understanding and implementing pricing based on costs.
• C) implementing steps for reducing markdowns.
• D) managing promotions that yields higher sales.
• E) adjusting prices in response to demand in order to control sales generated.

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Definitions:

Null Hypothesis

A default statement in statistical testing that assumes no effect or no difference, against which the alternative hypothesis is tested.

P-value

A statistical measure that helps in determining the significance of results obtained in hypothesis testing, indicating the probability of observing the results if the null hypothesis were true.

Population Variation

Differences or variability within and among populations in terms of genetics, physical characteristics, behavior, or phenomena.

Sample Size

Refers to the number of observations or data points that are used in a statistical sample for the purpose of estimation or hypothesis testing.