Question: Pricing against competitors is common. Yet, the approach carries some significant problems. a. What are the advantages of competitor-based pricing? b. What are the risks

Pricing against competitors is common. Yet, the approach carries some significant problems.
a. What are the advantages of competitor-based pricing?
b. What are the risks of using competitor-based pricing exclusive of other approaches?
c. Identify a few industries in which taking competitor-based pricing into account might be especially beneficial when developing an overall pricing strategy. What caused you to select the industries you did?

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