Managing prices by direct interaction with the customer yields better information than managing prices by watching competitors' pricing.

Question

Quizplus · Accepted Answer

Direct interaction with customers allows for gathering more accurate information about customer preferences, willingness to pay, and price elasticity, which leads to more effective pricing strategies. Monitoring competitors' pricing may provide some insights into market trends, but it does not necessarily reflect the specific needs and expectations of the target customer segment.

Managing Prices by Direct Interaction with the Customer Yields Better