4)Why is using data driven negotiation important? Describe

4)Why is using data driven negotiation important? Describe two ways to engage with suppliers and explain the importance of researching supplier costs ahead. Integrate why price modeling is a powerful tool. 5)A. Explain the concept of revenue management and optimal product pricing. Discuss tradeoffs and value. B. Solve the related problem. (Attach your Excel solver solution in a separate file.)A bike manufacturer makes 2 types of bikes – premium and regular. A premium bike costs $225 to manufacture, and a regular bike costs $200 per unit to manufacture. Demand for premium bikes is given by demand = 20,000 – 10*price, and demand for regular bikes is characterized by demand = 40000 – 30*price. Answer the following:a)Suppose there are no capacity constraints. What price should be charged for premium bikes? Price for regular bikes? What is the total profit?b)Now suppose the manufacturer has a capacity constraint of 15,000 bikes (i.e. only a total of 15,000 can be made). Determine the total profit.c)Suppose that in addition to the capacity constraint of 15,000 bikes, it was found that retailers insist on at least two premium bikes for each regular bike. Determine the product mix and the total profits.Bonus(5 pts) The Heartbreak Hotel is a 100-room hotel that has historically charged one price for its rooms, $175 per night. The variable cost of an occupied room is low. Management has calculated costs for cleaning, air-conditioning, and incidentals such as soap, shampoo, and coffee at $30 per room per night. Sales average 50 rooms per night. A new manager comes on board and suggests a new model with two price points. The new manager thinks the hotel could sell 35 rooms for early bookings at $125 per night and 25 rooms at $200 per night for late bookings.a.What are the profits for each model?b.Which is better? (5 pts) Consider the food supply chain. Describe the basic food supply chain components. What is the difference between food loss and waste? How is COVID 19 impacting food supply chains?