____________, also known as customized or personalized pricing, refers to the practice of price discrimination.
A)Critical ratio pricing
B)Dynamic pricing
C)Collective pricing
D)Fixed pricing
E)Classical pricing

Question

Quizplus · Accepted Answer

Dynamic pricing or personalized pricing refers to the practice of setting different prices for different customers depending on their willingness to pay, demographic information, past purchase behavior, and other relevant factors. This strategy is commonly used by online retailers, airlines, hotels, and other businesses to increase revenue and profit margins by charging the highest possible price each customer is willing to pay. Dynamic pricing can be done manually or through automated algorithms that adjust prices in real-time based on market conditions and customer data. While some consumers may feel that dynamic pricing is unfair, businesses argue that it allows them to offer lower prices to price-sensitive customers while maximizing profits from high-value customers.

____________, Also Known as Customized or Personalized Pricing, Refers to the Practice