​You Are the Head of Pricing Strategy for Your Firm

question 37

Multiple Choice

​You are the head of pricing strategy for your firm.You are very excited about a new point-of-sale system that has just been installed in all your firm's retail outlets.The system is a state-of-the-art real-time information system that captures the details of every sale made in your retail outlets.You have up-to-the-minute data-on-demand elements for your entire product line. ​
Required:
In using your new data-on-demand elements to make pricing decisions,how would you handle the limitations of this approach?

• A)​Post charts of predicted future buying trends in the sales department as motivational incentives.
• B)​Tell decision-making executives that you cannot produce an accurate estimation of current trends.
• C)​Be prepared for unpredictable changes in demand because actual purchase data do not allow estimation of future trends.
• D)​Change the way that the firm's accounts receivable employees record information.
• E)​Change the way that the firm's accounts payable employees record information.

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Definitions:

Modes of Interacting

The various ways in which individuals communicate and engage with each other, including verbal, non-verbal, and digital methods.

Attribution

The process of explaining the causes of behavior or events, often attributing them to internal dispositions or external situations.

Selective Perception

The tendency to perceive or focus on information that confirms one's preconceptions or beliefs while ignoring contradictory evidence.

Stereotyping

The act of generalizing characteristics, attributes, and behaviors to all members of a particular group without considering individual differences.