George is excited because he has obtained the price list of his company's major competitor. His supervisor, Homer, is also optimistic. However, he has much more experience in the industry than George and cautions him that just because they have access to their competitor's price list
A) doesn't mean the list has not been completely fabricated.
B) doesn't mean their firm will be able to match their competitor's prices.
C) doesn't mean that knowing competitor prices is important.
D) doesn't entail actually using the price list when establishing prices.
E) doesn't mean they reflect the actual prices at which competitive products are sold.
Question 2
Janet works at ITZ, a new makeup brand. Her company has decided that they want to lead the makeup industry in product quality. They have assessed the market and determined that women will associate higher-priced makeup with being higher in quality. What is the next step that Janet's company must do?
A) Determine the pricing objective
B) Select a pricing strategy
C) Determine a specific price
D) Select a basis for pricing
E) Evaluate competitors' prices
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