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ira [324]
3 years ago
10

In determining the price for his company's new pocket digital camera, Matthew determines what consumers consider the regular or

original price for similar cameras available in the market. Matthew is assessing the influence of ________ on pricing strategy.
Business
1 answer:
igor_vitrenko [27]3 years ago
8 0

Answer:

reference prices

Explanation:

Pricing strategy is a process by which a seller makes use of different methods for selling a product or service. It is a method of setting the price per unit of a product and also hindering the entry of new sellers in the market by the  existing sellers.

In determining the price for his company's new pocket digital camera, Matthew determines what consumers consider the regular or original price for similar cameras available in the market. Matthew is assessing the influence of <u>reference prices </u>on pricing strategy.

Reference prices is a strategy used by the existing sellers where they take the help of the prices of the commodity set by the competitors. The sellers try and fix a price of their commodity lower than that fixed by the competitors.

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