Service Pricing and Revenue Management
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Questions and Answers

What is the main challenge in setting prices for services?

  • Inability to monitor competitors' pricing strategy
  • Lack of customer interest in service pricing
  • Complexity in value-based pricing
  • Difficulty in calculating financial costs (correct)

    • What is the importance of the time factor in service pricing?

  • The same service may have more value when delivered faster (correct)
  • Fast delivery reduces the perceived value of a service
  • Customers prefer slower delivery for higher perceived value
  • The time factor has no impact on service pricing

    • What is the main focus of value-based pricing?

  • Monitoring competitors' pricing strategy
  • Emphasizing low-cost carrier services
  • Relating price to the value perceived by the customer (correct)
  • Setting prices relative to financial costs

    • What is Perceived value in the context of service pricing?

    <p>Consumer's overall assessment of the utility of a service based on perception of what is received and what is given</p> Signup and view all the answers

    What does 'Value-Based Pricing' mainly emphasize?

    <p>'Emphasize the benefits they receive from service as the most important component of value'</p> Signup and view all the answers

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