It is best to ignore situational factors such as competitors' costs and prices,availability of substitutes,and prices of substitutes while setting the price for product.

Question

Quizplus · Accepted Answer

It is not advisable to ignore situational factors such as competitors' costs and prices, availability of substitutes, and prices of substitutes while setting the price for a product. These factors have a significant impact on the market and consumer behavior, and ignoring them could result in a product being priced too high or too low, causing it to fail in the market. It is important to consider these factors while determining the price of a product.

It Is Best to Ignore Situational Factors Such as Competitors