Competition Based Pricing Definition and Explanation PDF Download
Learn Competition Based Pricing definition in marketing with explanation to study “What is Competition-Based Pricing”. Study competition based pricing explanation with marketing terms to review marketing course for online MBA programs.
Competition Based Pricing Definition:
Setting prices based on competitors' strategies, prices, costs, and market offerings.
Principles of Marketing by Philip T. Kotler, Gary Armstrong
Competition Based Pricing Explanation:
It is a pricing technique in which companies access the pricing strategy of their competitors for the same product, in order to understand the current market price for the specific brand. This information is gathered by the market researchers for evaluating production cost and value based pricing for setting the price.
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