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:

Technological Advance

Improvements in technology that increase productivity and efficiency, often leading to economic growth and new product development.

Expectation

The belief or anticipation about the way future events will unfold, influencing decision-making and behavior in the present.

Quantity Demanded

The total amount of a good or service that consumers are willing and able to purchase at a given price level at a given time.

Demand

The measure of goods or services that people are both inclined and financially prepared to purchase at differing prices over a given time span.