Question

Because grocery stores have so many products that it is impossible to estimate demand for each, they tend use which pricing approach?
Multiple choice question.

experience curve pricing

bundle pricing

standard markup pricing

skimming pricing

Answer 1

In grocery stores, the common pricing approach used due to the vast number of products making demand estimation challenging is **standard markup pricing**. This approach involves setting prices by adding a fixed percentage to the cost of the product, which simplifies the pricing process for a wide variety of items.