A "new" price-setting tool. (Golden Business Ideas).Going, going, gone! Auctions, which go back in time to the first bazaars, have gained new popularity in this e-commerce e-commerce, commerce conducted over the Internet, most often via the World Wide Web. E-commerce can apply to purchases made through the Web or to business-to-business activities such as inventory transfers. age. But they may have an even more basic function than simply selling goods and services In economics, economic output is divided into physical goods and intangible services. Consumption of goods and services is assumed to produce utility (unless the "good" is a "bad"). It is often used when referring to a Goods and Services Tax. to the highest bidder HIGHEST BIDDER, contracts. He who, at an auction, offers the greatest price for the property sold. 2. The highest bidder is entitled to have the article sold at his bid, provided there has been no unfairness on his part. . Consider this: Setting a price for a product is as much an art as a financial exercise. Price it too high and customers balk balk the action of a horse when it refuses to obey a command to which it usually responds. See also jibbing. ; set it too low and customers suspect the product is inferior INFERIOR. One who in relation to another has less power and is below him; one who is bound to obey another. He who makes the law is the superior; he who is bound to obey it, the inferior. 1 Bouv. Inst. n. 8. . Hundreds of years ago when people bid on most items in an open market, the pricing mechanism was dynamic. But as the modern marketplace developed, bidding became limited to a handful of products. The Internet is changing all that. Web sites such as eBay and the growing number of business-to-business online marketing sites have become the modern-day open market, As such, they are resurrecting dynamic pricing. Increasingly, companies are using them to gather intelligence and pricing trends--a powerful marketing tool that's not to be ignored. |
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