What are some of the changes to variable costs that could af

What are some of the changes to variable costs that could affect the final price?

How does the target market you select affect setting prices for products?

What is dynamic pricing? Why is it especially prevalent online? Is it legal?

Solution

What are some of the changes to variable costs that could affect the final price?

Variable cost are those that vary depending on a company`s production volume, they rise as production increases and fall as production decreases. Variable cost can include material cost for production or direct labor costs necessary to complete a job, the more hours needed for the job the more the company will need to pay their employees and variable cost will increase.

How does the target market you select affect setting prices for products?

You need to do a market research, to get to know what your customers want, what are their needs and how much are they willing to spend on the product. The information about your customers will provide you what you need to know to set a price accordingly,

What is dynamic pricing? Why is it especially prevalent online? Is it legal?

Dynamic pricing is an approach to setting the cost for a product that is highly flexible. It is especially prevalent online because it allows companies to sell goods online to adjut price on the fly in response to market demandas with the help of a fotware called pricing bost.

Dynamic pricing is legal