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The Strategy of Charging Prices Based on Consumer Demand Rather

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The strategy of charging prices based on consumer demand rather than cost or a predetermined profit margin represents


Definitions:

Royalty

Royalty is a payment made to the owner of certain property rights, such as patents, copyrighted works, or natural resources, for the use of those rights.

Organic Chemicals

Compounds primarily made of carbon atoms bonded together, along with hydrogen, oxygen, and other elements, used in a wide array of industrial and consumer products.

Geocentric Staffing Model

The geocentric staffing model puts parent-country, host-country, and third-country nationals all in the same category, with the firm attempting to always hire the best person available for a position.

International Corporation

A corporation that operates in multiple countries, managing production or delivering services across national borders.

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