BACHELOR OF BUSINESS ADMINISTRATION

Detailed explanation-1: -Price optimization is the practice of analyzing customer and market data to find the most optimal price point for a product or service. The goal of price optimization is to determine the best price that will help attract customers, maximize sales, and increase profits.

Detailed explanation-2: -The six stages in the process of setting prices are (1) developing pricing objectives, (2) assessing the target market’s evaluation of price, (3) evaluating competitors’ prices, (4) choosing a basis for pricing, (5) selecting a pricing strategy, and (6) determining a specific price.