A Common "Me-Too" Pricing Policy by Which the Small Business

question 27

Multiple Choice

A common "me-too" pricing policy by which the small business owner establishes his/her prices by monitoring competitor's prices and then matching them is called:

• A)follow-the-leader pricing.
• B)below-market pricing.
• C)price lining.
• D)variable pricing.

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Definitions:

Food and Supplies

The consumable items and materials necessary for the operation of businesses involved in food service, hospitality, or healthcare, among others.

Spending Variance

The difference between the actual cost incurred for something and the expected cost according to a budget.

Tenant-Days

A metric used in real estate to quantify the number of days a property is rented out.

Revenue Variance

The difference between the actual revenue earned and the budgeted or forecasted revenue.