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One-Price vs. Flexible-Price Policies

What is the difference between one-price and flexible-price policies? Which would be the most appropriate for a hardware store?

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A one-price policy charges all customers the same amount based on the good or service provided regardless of all other circumstances. Customer #1 is charged the same price as customer #4 and as customer #33. There is no variation in pricing policies (with the only exception being the use of a coupon or similar item). All basic prices are the same for every good and service. Examples of companies that have a one-price policy ...

Solution Summary

The solution discusses the differences between one-price and flexible price strategies and discusses which would be the most appropriate for a hardware store in 276 words.