ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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by using the wholesale cost of an item as the basis for the priced charged
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pricing is determined by how much the consumer is willing to pay for a product or service
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by what competitors are charging for the same good
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None of the above
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Detailed explanation-1: -As the name suggests, competitor-based pricing is a pricing strategy in which a company sets the price for its products after observing the competition. However, this strategy does not cover initial costs and only takes into account the selling price of the rivals’ products.
Detailed explanation-2: -What is it? A competitive pricing strategy is a price-setting that is based on your competitors’ prices. This pricing method focuses solely on the prices of your competitors that are public, but it does not take into account how much customers value the product or production costs.
Detailed explanation-3: -competition-based pricing. pricing that is determined by considering what competitors charge for the same good service competition-based pricing.