Question

In: Economics

Which of the following is a form of dynamic pricing? Group of answer choices target pricing...

Which of the following is a form of dynamic pricing?
Group of answer choices
target pricing
prestige pricing
above-, at-, and below-market pricing
cost-plus pricing
yield management pricing

Solutions

Expert Solution

--> answer is COST PLUS PRICING

--> Dynamic pricing is a pricing strategy in which businesses set flexible prices for products or services based on current market demands.Businesses are able to change prices based on algorithms that take into account competitor pricing, supply and demand, and other external factors in the market.

--> Cost-plus pricing is the most basic method of dynamic pricing. A store will simply charge consumers the cost required to produce a product plus a predetermined amount of profit.Cost-plus pricing is simple to execute, but it only considers internal information when setting the price and does not factor in external influencers like market reactions, the weather, or changes in consumer value. A dynamic pricing tool can make it easier to update prices, but will not make the updates often if the user doesn’t account for external information like competitor market prices.


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