Odd-Even Pricing Refers to

question 86

Multiple Choice

Odd-even pricing refers to

• A) setting prices one way for product lines and another way for individual brands.
• B) setting prices of luxury items at even price points and setting the price of necessities at odd price points.
• C) setting prices a few dollars or cents under an odd number.
• D) adding a fixed percentage to the cost of all items in a specific product class.
• E) setting prices a few dollars or cents under an even number.

Describe the phases in the rational model of decision-making and identify what phases are not included.

Recognize the implications of the "economic man" theory in decision-making.

Understand the role of standard operating procedures and how they influence decision-making in organizations.

Explain the importance of involving a range of stakeholders in the decision-making process to ensure quality and innovation.

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Definitions:

Restaurants' Demand

The total desire or willingness to purchase meals and services offered by restaurants at various price points.

Profit-maximizing

The process or strategy of adjusting production and prices to achieve the highest possible profit.

Marginal Productivity

The additional output produced as a result of adding one more unit of a specific input, keeping all other inputs constant.

Rocket Scientists

Highly specialized engineers and scientists who design and develop spacecraft and missile technologies.