Which of the following best describes competition-oriented method of pricing?
A) Prices are double the cost of the merchandise
B) Prices are based upon adding a fixed percentage to the price of the product
C) Prices are based upon what the merchandise is worth
D) Prices are based on competitor's prices
E) Prices are based upon manufacturer's suggestions

Question

Quizplus · Accepted Answer

The competition-oriented method of pricing involves setting prices based on competitor's prices. This approach helps businesses stay competitive and avoid pricing their products too high or low in comparison to similar products offered by competitors.

Which of the Following Best Describes Competition-Oriented Method of Pricing