Mark runs a driving range in New York City.He has noticed that within a 15-minute walk you can get to three competitors.Mark decides to look at his competitors' pricing and then determine his best pricing strategy based on all of the information.Mark is utilizing ___________________.

Question

Quizplus · Accepted Answer

Gaining a thorough understanding of competitors' marketing practices is a key element of successful marketing planning and execution. A competitor's price is one of the most visible elements of its marketing strategy, and you can often infer the pricing objective by carefully analyzing historical and current pricing patterns. Based on such analysis, a firm may develop competitor-based pricing strategies.

Mark Runs a Driving Range in New York City