Answer to Question #203777 in Marketing for Ell

Question #203777

1.Integrate your learning in the customer-value based pricing

2. competition-based pricing (should prepare two-the competing businesses

Expert's answer

Value-based pricing is a pricing strategy used by firms to set prices of goods and services and it is based on the perceived value of the products by the consumers. The value based pricing is focused on the customers as the central determinant of the prices set on different items by companies and the companies with unique high standards of goods and services are in a better place to take advantage of the pricing system. Competition-based pricing is a strategy used by firms to set prices of different products and services and it is based on the prices set by other companies in the same industry. For two competing firms in the same industry, competition-based pricing compares other strategies used by competitors in pricing their products. This could be value-based or cost-based pricing.

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