The pricing approach that is based on what rival companies are charging is_________

The pricing approach that is based on what rival companies are charging is the "Competitors-oriented approach." In this approach, the price of a product or service is set based on the prices of similar products or services offered by competitors. The aim is to remain competitive in the market and not price themselves out of the market by charging too much or losing sales by charging too little. The "Cost-oriented approach" sets prices based on the cost of producing a product or delivering a service, including materials, labor, and overhead. The "Demand-oriented approach" sets prices based on the level of consumer demand for a product or service, and the "Value-oriented approach" sets prices based on the perceived value that the customer receives from the product or service.