GENERAL KNOWLEDGE

Detailed explanation-1: -Competitive pricing or Competition-based pricing is the most commonly used pricing strategy as it is simple and effective. This strategy works by setting prices based on how competitors charge for the same or similar products.

Detailed explanation-2: -Pricing strategies are the methods and procedures companies employ to determine the rates they charge for their goods and services. Pricing is the amount you charge for your items; pricing strategy is how you calculate that number. Pricing strategy can encompass anything from: The state of the market.

Detailed explanation-3: -What is Market Pricing? Market pricing is a strategy used to set prices according to current prices in the market for the same or similar products or services. It gives businesses the opportunity to set higher prices initially before matching market prices to stay competitive while still growing return on investment.

Detailed explanation-4: -Pricing strategy refers to method companies use to price their products or services. Almost all companies, large or small, base the price of their products and services on production, labor and advertising expenses and then add on a certain percentage so they can make a profit.