In this pricing strategy, prices are guided by the price other businesses set for similar products and services:
A)customer-led pricing
B)loss-leader pricing
C)competition-led pricing
D)skimming

Question

Quizplus · Accepted Answer

Competition-led pricing is a strategy that involves setting prices based on what competitors are charging for similar products or services. This approach helps businesses stay competitive in the market and avoid overpricing or underpricing their products. By monitoring and analyzing competitors' pricing strategies, businesses can adjust their own pricing to better meet customer demand and stay profitable.

In This Pricing Strategy, Prices Are Guided by the Price