Answer :
Continually adjusting prices to meet the characteristics and needs of individual customers and situations is known as dynamic pricing.
What is dynamic pricing?
Businesses use dynamic pricing, a revenue management pricing method, to create variable prices for goods or services in response to recent market trends.
For a large portion of human history, dynamic pricing has been the standard.
A product's pricing was traditionally negotiated between two parties based on a number of variables, including as who was involved, stock levels, the time of day, and more.
For the management of this procedure, store owners relied primarily on seasoned shopkeepers who would haggle over the price of each and every item in a store.
To be successful in their employment and make a profit for the business, shopkeepers needed to know everything they could about a product, including the purchase price, stock levels, market demand, and more.
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