KIDS TRIVIA

Detailed explanation-1: -Dynamic pricing, also called real-time pricing, is an approach to setting the cost for a product or service that is highly flexible. The goal of dynamic pricing is to allow a company that sells goods or services over the Internet to adjust prices on the fly in response to market demands.

Detailed explanation-2: -The counterpart to the fixed price is the dynamic price. It is variable within a certain interval, the minimum and maximum price, and can change several times a day. In e-commerce, this is particularly the case on marketplaces such as Amazon, eBay & Co. where dynamic pricing is being used more and more frequently.

Detailed explanation-3: -Dynamic pricing is the strategy of constantly adjusting prices in response to demand, a practice that consumers are accustomed to when buying airline tickets and booking hotels.

Detailed explanation-4: -Dynamic pricing is a pricing strategy where product prices are adjusted in real-time based on market demand, competition, and other factors. As opposed to setting a fixed price for your products, variable pricing methods allow you to respond to various metrics and circumstances and adjust accordingly.

Detailed explanation-5: -What’s the difference between dynamic pricing and variable pricing? Dynamic ticket pricing employs different prices for different days that change over time while variable pricing employs different prices for different days that stay the same over time.