Which of the following strategies establishes a price based on the actions of rival firms?
A) competition-based pricing
B) cost-based pricing
C) demand collection system
D) bundling

Question

Quizplus · Accepted Answer

Competition-based pricing involves setting prices based on the actions and prices of rival firms in the market. This strategy considers the competition's prices as a key factor in determining the optimal price for your product or service. Cost-based pricing sets prices based on the cost of producing, distributing, and selling a product. A demand collection system is a process used to collect information about customers' needs and preferences, and bundling is combining several products or services and selling them as a single package.

Which of the Following Strategies Establishes a Price Based on the Actions