Pricing a product at the average price charged by the industry is called _____ and is popular for homogeneous products.
A) sealed-bid pricing
B) bundle pricing
C) odd-even pricing
D) going-rate pricing

Question

Quizplus · Accepted Answer

Going-rate pricing involves setting a price based on the average price charged by competitors in the industry, which is popular for homogeneous products. Sealed-bid pricing involves submitting a bid for a project based on expectations of the cost and profit, bundle pricing involves selling multiple products together at a single discount price, and odd-even pricing involves setting the price slightly below a round number.

Pricing a Product at the Average Price Charged by the Industry