Besides the standard auction approach where buyers bid for a seller's offering, it is now very common for sellers to utilize ________ to bid prices to capture a buyer's business.
A) price elasticity of demand
B) stability pricing
C) online promotion
D) channel discounts
E) reverse auctions

Question

Quizplus · Accepted Answer

The best choice that fits the description is "reverse auctions," which is a type of auction where sellers bid to win a buyer's business. In reverse auctions, buyers indicate what they are willing to pay for a specific product or service, and then multiple sellers submit bids to win the buyer's business. The seller who offers the lowest price usually wins the bid. This approach is often used for sourcing and procurement activities in business-to-business (B2B) transactions.

Besides the Standard Auction Approach Where Buyers Bid for a Seller's