What are the types of competition-based pricing and what are some common pricing strategies?

③ Competition-based pricing Competition-based pricing is a strategy where a company sets its prices primarily by considering the prices of its competitors. a) Predatory pricing:* This strategy involves setting very low prices to drive competitors out of the market. b) Premium pricing:* This strategy involves setting a high price based on perceived value or quality, not directly on competitor prices. c) Going-rate pricing:* This strategy involves setting prices largely based on the prices charged by major competitors. d) Sealed-bid pricing/auction:* This method involves competitive bids determining the price, where companies compete against each other. The types of competition-based pricing from the list are: a) Predatory, c) Going-rate, and d) Sealed-bid/auction. Assignment 1. Promotion Strategies in Business Marketing Promotion strategies are plans used by businesses to communicate with their target audience about products or services, aiming to persuade them to purchase. Key elements include advertising, sales promotion, public relations, personal selling, and direct marketing*. 2. Distribution Strategies Distribution strategies involve the methods and channels a company uses to make its products or services available to target customers. These strategies determine how products move from producer to consumer, including choices like intensive, selective, or exclusive distribution, and using direct or indirect channels*.