MANAGEMENT

Detailed explanation-1: -Competitive pricing is the process of selecting strategic price points to best take advantage of a product or service based market relative to competition.

Detailed explanation-2: -Answer and Explanation: Competition-based pricing is the setting prices based on competitor’s strategies, prices, costs, and market offerings.

Detailed explanation-3: -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.

Detailed explanation-4: -Competition-based pricing involves setting prices based on competitors’ strategies, costs, prices, and market offerings. Consumers will base their judgments of a product’s value on the prices that competitors charge for similar products.

Detailed explanation-5: -What are the 4 major pricing strategies? Value-based, competition-based, cost-plus, and dynamic pricing are all models that are used frequently, depending on the industry and business model in question.