A company that produces standard items for a competitive market should not have the same pricing strategies as a company that makes unique items custom-designed for its customers.

Question

Quizplus · Accepted Answer

A company that produces standard items for a competitive market typically uses pricing strategies such as cost-based pricing or price matching to stay competitive. On the other hand, a company that makes unique items custom-designed for its customers can use pricing strategies such as value-based pricing, where the price is set based on the perceived value to the customer. Therefore, the pricing strategies should differ based on the type of products or services offered by the company.

A Company That Produces Standard Items for a Competitive Market