Unlike a firm that launches a new item resembling several others already on the market, a firm that introduces a totally new product with no close substitutes will have no pricing freedom.
Answer the following statement true (T) or false (F)
False
A company’s freedom in pricing a new product and devising a price strategy depends on the market conditions and the other elements of the marketing mix. If a firm launches a new item resembling several others already on the market, its pricing freedom will be restricted. In contrast, a firm that introduces a totally new product with no close substitutes will have considerable pricing freedom. See 19-7: How to Set a Price on a Product.
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