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professor190 [17]
2 years ago
11

Rachel recently started a new gift shop in town. When she is deciding how to price the new products in her shop, she measures th

e value of her products against those of the other shops in her area. Rachel is most likely using a _______ pricing strategy .
Business
1 answer:
valkas [14]2 years ago
7 0

Answer:

The correct word for the blank space is: competitive.

Explanation:

Pricing strategies are methods companies use at the moment of setting the prices of their products. The most common pricing strategies are:

  • Cost-plus pricing.<em> Involves recognizing the production costs and adding a percentage of those costs which represents the profit of the firm. </em>
  • <u>Competitive pricing</u>.<em> Implies establishing the price of a product similar to what competitors in the market have set. </em>
  • Value-based pricing.<em> It requires setting the price of goods and services based on what consumers think the price should be. </em>
  • Price skimming.<em> Involves pricing a product high at first and changing the price according to market fluctuations. </em>
  • Penetration pricing.<em> Implies setting the price of a product low to wipe out competitors and raising it after they completely disappeared.</em>
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