Pricing

Q: What is price discrimination?

selling the same good at different prices to different buyers

Q: What is the purpose of price discrimination?

to make pricing fully value based

Q: What is PWYW pricing?

allow customers to pay exactly what they are willing to works best for: music, coffee, food

Q: How does a reference price work with PWYW pricing?

if customers aren't willing to pay reference price, they pay less or not at all

Q: What happens when you paid CSR with PWYW?

your revenue per customer increases when it supports a good cause

question

Why is pricing so important?

answer

reflection of everything you do as a business
-pricing power is the most important decision in evaluating a business

question

What is value based pricing?

answer

setting the price based on what the customers are willing to pay

HARDEST

question

What is cost based pricing?

answer

setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk

question

What is price elasticity?

answer

measures how responsive people are to changes in price

question

What determines price elasticity?

answer

substitutes, necessities, % of disposable income

question

Elastic:

answer

% change in D > % change in P

question

Inelastic:

answer

% change in D < % change in P

question

What is price discrimination?

answer

selling the same good at different prices to different buyers

question

What is the purpose of price discrimination?

answer

to make pricing fully value based

question

What is PWYW pricing?

answer

allow customers to pay exactly what they are willing to

works best for: music, coffee, food

question

How does a reference price work with PWYW pricing?

answer

if customers aren't willing to pay reference price, they pay less or not at all

question

What happens when you paid CSR with PWYW?

answer

your revenue per customer increases when it supports a good cause

1 of 12

question

Why is pricing so important?

answer

reflection of everything you do as a business
-pricing power is the most important decision in evaluating a business

question

What is value based pricing?

answer

setting the price based on what the customers are willing to pay

HARDEST

question

What is cost based pricing?

answer

setting prices based on the costs of producing, distributing, and selling the product plus a fair rate of return for effort and risk

question

What is price elasticity?

answer

measures how responsive people are to changes in price

question

What determines price elasticity?

answer

substitutes, necessities, % of disposable income

question

Elastic:

answer

% change in D > % change in P

question

Inelastic:

answer

% change in D < % change in P

question

What is price discrimination?

answer

selling the same good at different prices to different buyers

question

What is the purpose of price discrimination?

answer

to make pricing fully value based

question

What is PWYW pricing?

answer

allow customers to pay exactly what they are willing to

works best for: music, coffee, food

question

How does a reference price work with PWYW pricing?

answer

if customers aren't willing to pay reference price, they pay less or not at all

question

What happens when you paid CSR with PWYW?

answer

your revenue per customer increases when it supports a good cause

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Pricing

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Free-revision policy

Privacy policy

Fair-cooperation guarantee