Setting a market price for a product or product class based on a subjective feel for the competitors' price or market price as the benchmark is referred to as

Question

Quizplus · Accepted Answer

Above-, at-, or below-market pricing is based on the subjective feel for the competitors' price or market price as the benchmark. This approach involves setting the price above, at, or below the prevailing market price, depending on the company's perceived product positioning strategy. The other options listed do not involve using competitors' prices or market prices as a benchmark for setting prices.

Setting a Market Price for a Product or Product Class