Mark Runs a Driving Range in New York City

question 44

Multiple Choice

Mark runs a driving range in New York City.He has noticed that within a 15-minute walk you can get to three competitors.Mark decides to look at his competitors' pricing and then determine his best pricing strategy based on all of the information.Mark is utilizing ___________________.

• A)Penetration pricing
• B)Price skimming
• C)Target ROI
• D)Competitor-based pricing
• E)Value pricing

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Definitions:

Information Collection

The process of gathering, measuring, and analyzing information from various sources about potential markets, customers, competitors, and other economic factors.

Buzz

Informal communication that generates interest and excitement about a product, service, or event, often through social media or word of mouth.

Marketspace

An electronic digital environment where transactions and communication related to buying and selling occur.

Word-Of-Mouth Behavior

The unofficial communication among consumers about their experiences with products or services, influencing the reputation and sales of those products or services.