ENTREPRENEURIAL MARKETING
MARKETING MIX
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Which pricing strategy involves setting prices based on competitors’ strategies, costs, prices and market offerings?
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Customer Value-Based Pricing
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Competition-Based Pricing
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Cost-Based Pricing
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Dynamic Pricing
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Explanation:
Detailed explanation-1: -Competition-Based Pricing Method. Utilizing the competition-based pricing method involves setting prices by considering factors such as rival strategies, costs, and market offerings. Customers often determine a product’s value by comparing prices other businesses charge for similar items.
Detailed explanation-2: -Competition-Based Pricing Strategy Competition-based pricing is also known as competitive pricing or competitor-based pricing. This pricing strategy focuses on the existing market rate (or going rate) for a company’s product or service; it doesn’t take into account the cost of their product or consumer demand.
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