Minimizing cost
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setting a price by reference to other prices of comparable competitive products.
Total control, as there is no competition the monopoly vendor can ask any price they wish. That is why monopolies are bad for society and Governments have to intervene in the capitalistic market.
The pricing practices in managerial economics refers to what type of price strategy an industry is having in the market.A pricing strategy followed by an industry depends up on the present market conditions and importantly upon the objectives of an industryan industry can follow :- Nonprofit maximisation having object of sales maximisationlimit pricingprice discriminationnon managerial pricingmulti product pricingpeak load pricingtransfer pricing
In simple terms, competitive pricing is seeking to obtain sales through offering lower prices than your competitors. More commonly, prices are similar across competitors who battle for an edge in the quality of their offering for that price through service or extras.
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competitive pricing because of all its competitors
what is premium pricing strategy
Competitive pricing is an incentive for shoppers.
what is premium pricing strategy
It is a pricing strategy
the pricing strategies are unit prcing
Four pricing objectives are competitive, prestige, profitability, and volume pricing.
A quantity-pricing strategy provides lower prices to consumers who purchase larger quantities of a product.
follow the crowd pricing stratgey
One psychological pricing strategy used is pricing something high, so that consumers associate it with prestige. Many retailers do this with cars.
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