Question

Big Dog Building is the one of the largest cement companies in the Midwest. When the firm raised its prices by 11 percent, all of its competitors soon announced they too were raising their prices by 11 percent. It appears this industry is influenced by a ________ strategy.

Answer 1

Answer: Status-quo pricing strategy

Step-by-step explanation:

From the given case/scenario, we can state that this industry is influenced by status-quo pricing strategy. This pricing strategy is referred to to as the strategy under which a company or organization copies the price level of the competitors or tries to maintain current price level for similar products, commodities or services available in market. The status quo is mostly defined by the way things persists , instead of the way it could be.