What is flexible pricing?

Regarding the meaning of flexible pricing, mbaskool.com writes: “ It is a pricing strategy in which the final price at which the product or service being sold is open for negotiation between buyers and sellers.” “This strategy is common in services which are customized as per customer’s requests.” Most customers like flexible pricing.

Why do buyers and sellers use flexible pricing?

Buyers and sellers use this practice to get the best price in order to purchase more items or save money. In economics, flexible pricing may be a manner in which an open market adjusts the price for goods or services to offset short or long-term product shortages or overages.

What are examples of flexible pricing?

For example, a business might charge higher prices during peak hours or lower prices for customers who book in advance. Flexible pricing can be a great way to increase revenue and profits while still providing value to customers. Other examples of flexible pricing include: