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IBM EXAM #3 2024/2025 WITH 100% ACCURATE SOLUTIONS
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IBM EXAM #3 2024/2025 WITH 100% ACCURATE SOLUTIONS
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IBM EXAM #3 2024/2025 WITH 100%ACCURATE SOLUTIONS
price skimming (profit maximization) - Precise Answer ✔✔setting a
relatively high price for a period of time after the product launches.
Market Penetration - Precise Answer ✔✔emphasizes selling more of
existing goods and services to existing customers.
Odd Pricing - Precise Answer ✔✔a pricing tactic in which a firm prices
products a few cents below the next dollar amount.
Off-Season Pricing - Precise Answer ✔✔Price reductions given to
customers purchasing goods or services out of season
Prestige Pricing - Precise Answer ✔✔pricing strategy that involves
pricing a product higher than competitors to signal that it is of higher
quality.
Price Bundling - Precise Answer ✔✔two or more products are packaged
together and sold at a single price.
Dynamic Pricing - Precise Answer ✔✔involves constantly updating
prices to reflect changes in supply, demand, or market conditions.
, Fixed Cost - Precise Answer ✔✔Costs that remain constant and do not
vary based on the number of units produced or sold
Variable Cost - Precise Answer ✔✔Costs that vary depending on the
number of units
produced or sold
Compute Elasticity of Demand - Precise Answer ✔✔
Inelastic Demand - Precise Answer ✔✔a specific change in price causes
only a small change in the amount purchased.
Elastic Demand - Precise Answer ✔✔a small change in price causes a
big change in the amount purchased.
Reference Price - Precise Answer ✔✔the price against which buyers
compare the actual selling price of the product and that facilitates their
evaluation process.
Price Discrimination - Precise Answer ✔✔The practice of charging
different customers different prices for the same product.
Cannibalization - Precise Answer ✔✔When new products take sales
away from the firm's existing products rather than generating additional
revenues or profits through new sales.
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