What is the differencw between the demands for hotels and pricing decisions for persons who gets a discount for booking early and staying longer than persons who book late and stay shorter?
What is the differencw between the
Demand: The demand for a commodity can be defined as the desire or willingness to acquire or consume a commodity by a consumer backed by purchasing power. The price of a commodity has an inverse relationship with the quantity demanded of a commodity as when the price of a commodity rises, the quantity demanded tends to fall and vice versa.
Pricing decision: Businesses make pricing decisions when they set prices for their products or services.
As it affects a company's relationship with customers, pricing is considered a part of its marketing strategy. Customers return when prices are reasonable and competitive, enhancing the company's profitability.
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