Which pricing strategy aims to simplify customer decision-making?

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Prepare for UCF MAR3023 Exam 4. Study effectively with quizzes and flashcards. Enhance understanding with multiple choice questions, each featuring hints and explanations. Be confident and exam-ready!

Everyday low pricing is a strategy that aims to simplify customer decision-making by consistently offering products at low prices without frequent sales or promotions. This approach reassures customers that they are getting a good deal every time they shop, eliminating the need for them to compare prices or wait for sales events. By providing a stable pricing structure, it reduces cognitive load and makes the shopping experience more straightforward and less stressful.

Dynamic pricing, on the other hand, involves adjusting prices based on demand, inventory levels, or competitor pricing, which can create uncertainty for customers. High-low pricing uses a combination of regular prices with periodic discounts, leading to variability that may confuse customers about value. Competition-based pricing focuses on setting prices based on competitor actions, which can lead to fluctuating prices that may not simplify the decision-making process for customers.