What are some strategies based on price elasticity?
An example of an AI chatbot conversation about strategies based on price elasticity.
What are some strategies based on price elasticity?
Price elasticity measures how demand changes with price. Strategies include price discrimination, bundling, and dynamic pricing.
Can you explain price discrimination?
Sure! Price discrimination involves charging different prices to different customers for the same product, based on their willingness to pay.
What is dynamic pricing?
Dynamic pricing is adjusting prices in real-time based on demand, competition, and other market factors.
How can businesses determine their price elasticity?
Businesses can determine price elasticity through market research, analyzing sales data, and conducting experiments.
What are some examples of industries that use these strategies?
Industries like airlines, hospitality, and e-commerce frequently use these strategies to maximize revenue.
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