What is competition-based pricing?
What will be an ideal response?
Competition-based pricing refers to setting prices based on competitors' strategies, prices, costs, and market offerings.
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Managers need to form groups that are small to medium size to promote cohesiveness. When the group is too large and cohesiveness is low, the manager should try to ______.
-ask a selected part of the group to remain silent and merely observe any group activities -add new members with diverse backgrounds to provide a wider variety of perspectives -leave the group as is and focus more on team-building activities -divide the group into two and assign different tasks and goals to each of the newly formed groups
Which competitive strategy works well during an economic recession when many buyers become value-conscious yet seek products and services with appealing attributes?
a. best-cost b. broad differentiation c. focused differentiation d. focused low-cost