Which of the Following Explains 'Competitive Pricing

question 29

Multiple Choice

Which of the following explains 'Competitive Pricing'? 

• A) The price paid for a product is based upon competitive tendering. 
• B) The price paid for a product is based upon competitive tendering among a number of pre-selected suppliers. 
• C) The price paid for a product is based upon a set fee. 
• D) The price paid for a product is based upon competitive tendering among a number of unknown suppliers.

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Definitions:

Competitive Bargaining

A negotiation style where each party aims to maximize their own gain, often at the expense of the other.

Distributive Bargaining

A negotiation strategy in which parties compete over a fixed amount of value, aiming to maximize their own share of the resources.

Collaborative Approach

A collaborative approach involves working together with one or more parties to achieve common goals or solve a problem.

Persuasion

The process of convincing someone to do or believe something through reasoning or the use of symbols.