If Local Shell Gasoline Stations Look at BP Stations' Prices

question 115

Multiple Choice

If local Shell gasoline stations look at BP stations' prices as the primary method of determining its own prices, Shell is using

• A) price fixing, which considers competition to be less important than costs.
• B) price fixing, which considers costs to be less important than competitor's prices.
• C) market share pricing, which considers competition to be the ultimate pricing goal.
• D) competition-based pricing, which considers profit to be the ultimate pricing goal.
• E) competition-based pricing, which considers costs to be less important than competitor's prices.

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Definitions:

Convenience Product

Goods that are readily available to consumers and are purchased frequently with minimal effort in comparison shopping.

Customized

Refers to products or services tailored to meet specific customer needs or preferences.

Cedar Wood

A type of softwood that is known for its durability, resistance to decay, and aromatic properties, commonly used in furniture, building materials, and clothing storage.

Decision-Making Process

A series of steps taken by an individual or a group to identify and evaluate options and make a choice among alternatives.