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Pricing Objectives: Pricing Based on Competitor's Prices

Janet Oliver, owner of a mid-priced dress shop notes, "My pricing objectives are simple: I just charge what my competitors' charge. I'm happy because I'm making money." React to Janet's statement.

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Although being aware of (and reacting to) your competitor's pricing is important this is a dangerous way to set prices! In order to operate a business smartly one must take into account product costs, ...

Solution Summary

This solution discusses the statement ""My pricing objectives are simple: I just charge what my competitors' charge. I'm happy because I'm making money." It includes examples.

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