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Pricing and Revenue Management Exam Questions & Answers 100% Accurate
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What are the three main approaches to pricing? - ANSWER-cost-based pricing, value-based pricing, competition-based pricing Sets prices relative to financial costs, pricing implications of cost analysis, may result in reducing value generated for customers. - ANSWER-Cost-based pricing Relative to value perceived by customer. Net value= sum of all perceived benefits minus all perceived outlays. - ANSWER-value-based pricing May lose profits, dependent on the price leader, monitor comp's pricing strategies - ANSWER-competition-based pricing What is the break-even formula? - ANSWER-fixed costs/ price-variable costs -Also known as the "common sense approach".
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Pricing and Revenue Management
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