Pricing a product at the average price charged by the industry is calledand is popular…

➤ How do companies determine the going-rate price?
Companies determine the going-rate by monitoring competitor prices through market surveys, trade publications, online price trackers, and industry exchanges. They calculate the prevailing average, adjust for their cost base and desired margin, and account for seasonal or regional differences. Many firms also consult industry associations to validate the benchmark before adopting it.