A competition-based pricing approach is used when a service establishes its price in relation to its competitors.

Name: A competition-based pricing approach is used when a service establishes its price in relation to its competitors.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

A competition-based pricing approach considers the price of competitors and uses it as a benchmark to establish its own price. This approach allows a company to set a price that is competitive and attractive to customers while also ensuring profitability.

A Competition-Based Pricing Approach Is Used When a Service Establishes