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The Factors Stemming from Competition Determine the Exact Price Each

question 51

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The factors stemming from competition determine the exact price each firm will quote.That is,when faced with the realities of competition,the price any specific firm will quote will be governed largely by its need for business and by what it thinks its competitors will quote,not by costs or profits.


Definitions:

Competitive Advantage

The attribute or set of attributes that allows an organization to outperform its competitors.

Top Fashion Trends

The most popular and current styles in clothing, accessories, and overall fashion at a given time.

Adapting

The process of making adjustments or changes in order to suit new conditions or environments.

Commercializing Innovation

The process of bringing new and innovative products or services to the market, turning ideas into commercial successes.

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