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Which pricing strategy involves setting prices based on competitors' prices?

Practice Questions

Q1
Which pricing strategy involves setting prices based on competitors' prices?
  1. Cost-plus pricing
  2. Value-based pricing
  3. Competitive pricing
  4. Dynamic pricing

Questions & Step-by-Step Solutions

Which pricing strategy involves setting prices based on competitors' prices?
  • Step 1: Understand that businesses sell products or services.
  • Step 2: Know that prices can vary between different businesses for similar products.
  • Step 3: Learn that some businesses look at their competitors' prices.
  • Step 4: Realize that they adjust their own prices to match or be competitive with those prices.
  • Step 5: This method of pricing is called competitive pricing.
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