Question

When museums charge a lower admission fee to students and senior citizens, this form of price discrimination is known as ________ pricing.

Answer 1

Segmented pricing is a situation, when seller or a company establishes different prices (two or more), for one the same product.

Price segmentation, to put it simply, is the process of differentiating pricing based on willingness to pay. It is motivated by the reality that customers' price sensitivity might differ greatly from one another, from one product to another, and throughout all the environments in which they use your product.

With price segmentation, you may set different prices for various consumer types according to their willingness and ability to pay. Price segmentation allows you to profit more from consumers who spend the most and less from those who pay the least.

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