What pricing concept considers the price that other providers charge for the same product?
A) Demand-based concept
B) Total cost concept
C) Cost-plus concept
D) Competition-based concept

Question

Quizplus · Accepted Answer

The competition-based concept is the pricing strategy that considers the price set by competitors for the same product. This approach involves setting prices at or below the industry average to remain competitive or setting higher prices for a unique selling point of the product. Therefore, option D is the correct answer.

What Pricing Concept Considers the Price That Other Providers Charge