A power strip is a block on the end of a power cable with a number of sockets (usually 3 or more), often arranged in a line. This term is also used to refer to the whole unit of a short extension cord terminating in a power strip.
Why Is It Important? Pricing is a key determinant in the decision making process customers use to purchase a product or service. It is important to establish how much your target market will pay for your product or service. Shows you how sensitive your customers are to changes in price.
Online retailers rely heavily on upselling and cross-selling techniques for several reasons: 1  Upselling helps retailers build deeper relationships with customers. 2  Itâs easier to upsell to existing customers than to acquire new ones. 3  Upselling leads to increased Customer Lifetime Value (CLV). Customer Lifetime Value is the net profit contribution a customer makes to your company over time. You can split your customers into three main categories: not profitable, profitable and very profitable.