The Practice of Changing Prices for Products in Real Time

question 153

Multiple Choice

The practice of changing prices for products in real time in response to supply and demand conditions is referred to as

• A) dynamic pricing.
• B) virtual pricing.
• C) experience curve pricing.
• D) skimming pricing.
• E) elasticity pricing.

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Definitions:

Outcome Satisfies

The result of an action or process meets the expectations or requirements set forth.

Expectancy Theory

A psychological theory that suggests an individual's motivation is influenced by the expected outcome and the value placed on that outcome.

Employee Motivation

The degree of enthusiasm, dedication, and innovation that employees of a business contribute to their roles.

Instrumentality

In the context of motivation, the perception that a particular level of performance will lead to the attainment of desired outcomes or rewards.