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WAEC Marketing 2015 Question 11

Question 11

Pricing

Competitive price in marketing is arrived at by

  1. A.considering competitive demand for the product.
  2. B.adding mark-up to the cost price.
  3. C.setting price in relation to competitors' price.
  4. D.adding margin to the best price.
Show the answer and explanation

Answer: C (setting price in relation to competitors' price.)

Explanation

Competitive pricing means setting your price by looking at what competitors charge.