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The term that defines what a customer is willing to pay is "willingness to pay" (WTP). It represents the maximum price that a consumer is ready to spend for a product or service, reflecting their perceived value and personal budget constraints. Understanding WTP helps businesses set prices that align with customer expectations and maximize revenue.
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What term mean willing to pay?
The term willing to pay means that a person is willing to give cash or credit for something they wish to own. When a person takes an item to the register, they are willing to pay for it.
What is the amount of goods an services a buyer willing to pay called?
The price in which customer gets a bundal of satisfaction an in whn customer is willing to pay after the bargain of the actual price set up by the retailor. . .
Which pricing method sets the price of the product on what the customer is willing to pay?
The pricing method that sets the price of a product based on what the customer is willing to pay is known as value-based pricing. This approach focuses on the perceived value of the product to the customer rather than the cost of production or market competition. By understanding customer preferences and willingness to pay, businesses can optimize their pricing strategy to maximize revenue and customer satisfaction.
Which description defines the term APR?
it is the yearly rate of interest that you pay for credit card use.
Why do companies practice price discrimination?
Price discrimination is based on the idea that each customer has his or her own maximum price he or she will pay for a good. If a monopolist sets the good's price at the highest maximum price of all the buyers in the market, the monopolist will only sell to the one customer willing to pay that much. If the monopolist sets a low price, the monopolist will gain a lot of customers, but the monopolist will lose the profits it could have made from the customers who bought at the low price but were willing to pay more. Price discrimination recognizes that groups of consumers are willing and able to pay different amounts for a good. (gradpoint)
What term is defines as an item or feature for which a customer is willing to pay?
Value is defined as an item or feature for which a customer is willing to pay. This is said about lean manufacturing. Lean manufacturing is a method of eliminating waste in a manufacturing system. Value is the only aspect that is not waste.
What term is defined as an item or feature a customer is willing to pay?
A term defined as an item or feature a customer is willing to pay for is value. Products, services, and goods are other terms that can be used when talking about something a customer is willing to pay for
Which term is defined as an item for which a customer is willing to pay?
Value
Which term is defined as an item or feature a customer is willing to pay?
value
Which term is defined as a item or feature for which a customer is willing to pay?
Value
Which term is defined as a item or feature which a customer is willing to pay?
value
Which term is define as an item or feature for which a customer is willing to pay?
Value
Which term is defined as as an item or feature for which a customer is willing to pay?
Value
Which term is defined as item or feature that customer is willing to pay?
value
Which term is defined as an item or feature for which a customer is willing to pay?
Value
Which term is defined as an item or feature which a customer is willing to pay?
value
Which term is defined as an item or featured for which a customer is willing to pay?
Value
