When Firms Use the Going-Rate Pricing Approach,they Base Product Prices

question 33

Multiple Choice

When firms use the going-rate pricing approach,they base product prices on:

• A)the cost of producing the products.
• B)the prices of competitor's products.
• C)the customer perceived value of the products.
• D)the volume of sales of the products.

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Definitions:

Motivation

The inner drive or process that stimulates and directs human behavior towards achieving personal or organizational goals.

Intrinsic Motivation

The drive to perform a task due to inherent satisfaction or enjoyment, rather than external pressures or rewards.

Extrinsic Rewards

Rewards given to an individual that are external to the job itself, such as pay, bonuses, or other tangible benefits.

Self-Actualization Need

The desire for self-fulfillment and realizing one's own potential, as the highest level in Maslow's hierarchy of needs.