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Discuss how relevant information is used to make short-term decisions and how pricing affects...

Question:

Discuss how relevant information is used to make short-term decisions and how pricing affects short-term decisions.

Relevant Information

Relevant information is information that is currently useable to make decisions. For example, sales information for the last two months would be considered relevant. On the other end, financial statements from 1982 would not be, as they are so dated they are not applicable in any aspect.

Answer and Explanation:

Relevant information provides the accurate up-to-date information regarding what is going on in the business world, and in particular the business itself. Thus, it allows for flexibility to make short term decisions, such as when to announce a sale. Pricing also affect short term decisions, as if the price of an item increases, then the item should be available for sale quickly.


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Economic Factors of Pricing and Pricing Strategy

from Business 102: Principles of Marketing

Chapter 11 / Lesson 10
20K

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