Business Studies Unit 2 Definitions 0.0 / 5 ? Business StudiesDefinitionsASAQA Created by: Laura WijsmullerCreated on: 25-03-14 20:05 Pricing Decisions The decisions taken about how a price a product 1 of 6 Price Taker A business that has no option to charge the ruling market price 2 of 6 Price Skimming Pricing strategy where a higher price is charged for a new product to take advantage of customers prepared to pay for innovation 3 of 6 Price Leader A market leader business whose price changes are followed by rivals 4 of 6 Price Elasticity of Demand The responsiveness of demand to a change in price of a product 5 of 6 Person Specification A description which identifies the skills and experience that are likely to be held by a successful applicant for a job vacancy 6 of 6
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