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Answer :
Final answer:
Apex's pricing strategy is concerning their market position and the balance of supply and demand. Lower prices can attract consumers, but prices usually reflect the equilibrium between supply and demand. Competitive or dynamic pricing implies constant market monitoring.
Explanation:
The question relates to Apex's pricing strategy and its comparison with the competition. To determine Apex's stance on pricing, we reflect on how the cost of raw materials, wages paid to workers, and the retail price charged to consumers can be influenced by the principles of supply and demand, as well as competition in the market.
For instance, when demand exceeds supply, prices generally increase. Conversely, when supply exceeds demand, prices are likely to decrease. In an environment with multiple businesses offering similar products or services, they enter into competition with one another, striving to attract consumers by either lowering prices or enhancing the quality of their offerings.
Based on this context, if Apex decides to offer lower prices without additional steps, they might be implementing a competitive strategy to attract price-sensitive customers. Should Apex match competitor prices but require a survey, they may be trying to collect market intelligence while staying competitive. A higher pricing scheme requiring advance payments could indicate that Apex is positioning itself in a premium segment. Lastly, if Apex constantly monitors and adjusts its pricing, they are likely practicing dynamic pricing to respond promptly to market changes.
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