Setting a price that is dictated by tradition, a standardized channel of distribution, or other competitive factors is referred to as
A) cost-plus pricing.
B) customary pricing.
C) standard markup pricing.
D) loss-leader pricing.
E) target profit pricing.

Question

Quizplus · Accepted Answer

Customary pricing is a strategy where prices are set based on tradition, a standardized channel of distribution, or competitive factors, rather than on cost or profit objectives.

Setting a Price That Is Dictated by Tradition, a Standardized