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Determine about the Competition- pricing decisions
Price charged by the competitor for similar product is a significant determinant of price. A marketer wouldn't like to charge a price higher than competitor for fear of losing customers. Additionally, he may avoid charging a price lower than competitor. Since it may result in price war that we have recently seen in the case of soft drinks, washing powder , mobile phone etc.
A good or service an organization makes in quantity to sell on the open market is a product.
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