Question

___________ is a common pricing strategy used in the entertainment industry where the price of the entertainment product may vary based on region, sales location, date, or other factors. The goal of this pricing strategy is to adjust the price in order to achieve balance between sales and revenue per unit sold based on market characteristics.

Answer 1

Answer:

Skimming strategy

Explanation:

This is a situation whereby an initial high price is charged for the product for the time being before it starts facing competition which would force the price to drop. This is to ensure that maximum revenue is recovered before the product attracts more competition that would lower the profit.

Answer 2

Answer:

Demand based pricing

Explanation:

Demand Based Pricing is a form of dynamic pricing strategy or surge pricing, it is aimed to naturally increase revenue but it also allows businesses to set flexible prices for products or services based on current market demands.