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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.
Q. Describe briefly the concept of pricing and the factors that influence pricing. Ans.: Price is all around us. We pay rent for our apartment, tuition for our, railways, ed
How should price be set on a product or service for the first time?
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