The competition-oriented method of setting retail prices is useful because it:
A) provides an outside check on the marketplace
B) considers consumers' wants and needs
C) does not consider individual pricing strategies for each SKU
D) is designed to achieve a target level of profits
E) is quick and simple to use

Question

Quizplus · Accepted Answer

The competition-oriented method of setting retail prices involves analyzing the prices set by competitors, which provides an outside check on the marketplace. This can help ensure that prices are in line with current market conditions and prevent overpricing or under-pricing.

The Competition-Oriented Method of Setting Retail Prices Is Useful Because