The newest version of a product like Crutchfield headphones is likely to use price skimming, while the new version of Monster Energy is likely to use penetration pricing
<h3>What is
price skimming?</h3>
Price skimming is a pricing strategy that a company can use when launching a new product or service.
Electronic products, such as the Apple iPhone, frequently use a price-cutting strategy during the initial launch period. Then, after competitors launch competing products, such as the Samsung Galaxy, the price of the product drops to maintain the product's competitive advantage.
The pricing strategy will be influenced by the stage of the product's life cycle. The process of charging a relatively high price for a product is referred to as price skimming. Skimming is commonly used when a product is new to the market (in its introduction or growth phase) and has few competitors.
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Consumer Surplus
This is the difference between what consumers are willing and able to pay and what they actually do pay. You may be willing to spend up to $100 on a new pair of shoes but if you find the perfect pair on sale for $20 you will buy those and there will be an $80 surplus.
Answer:
A client who has cancer and is receiving TPN. The following lab findings indicate the treatment is effective:
Explanation:
- TPN stands for total parental nutrition. It is a method of giving nutrition to a person in which nutrients are given to the vein in order to bypass the gastrointestinal tract because that person is unable to take food through mouth.
- The prealbumin blood test is used to check that a person is getting required amount of nutrients and the normal test indicates that prealbumin is 30 mg/dL so that's why the lab finding indicates that the treatment is effective.
Answer:
Total Quality Management (TQM)
Explanation:
The philosophy of producing a high-quality product or service and achieving quality in every aspect of the business and its relationship with the customer, with a focus on continuous improvement in the quality delivered to customers is <u>Total Quality Management (TQM)</u>
Total Quality Management (TQM): It is a continous process of detecting and reducing error from the process of producing goods and services. This help in maintaining quality of the product by improving process and training worker for better performance. It also help in improving customer´s experience.
There are several tools used in total quality management (TQM):
- Continuous improvement.
- Six Sigma.
- Employee empowerment.
- Benchmarking.
- Just-in-time.
- Taguchi concept.
- Knowledge of TQM tools.
Answer:
D.$3,950
Explanation:
Production = ($10,285 + $9,800 + $8,800) ÷ 5,450units
=$28,885÷5,450 units
= $5.3per unit
COGS = 3,300 units sold × $5.3 per unit
= $17,490
Net income = Revenue − Cost of goods sold − Selling and administrative expenses
Net income = (3,300 units × $7.80 per unit) − (3,300 units sold × $5.3per unit) − $4,300
=(25,740-17,490)-$4,300
= 8,250-$4300
=$3,950
Therefore Silverman's net income for the first year in operation is $3,950
