Stepan is a global manufacturer of chemicals such as surfactants and polymers that are sold to manufacturers such as Procter and Gamble for use in their shampoos, laundry detergent, and soap products. Stepan competes with a variety of other chemical suppliers and knows that in general, they are a higher-priced and higher-quality supplier. However, Stepan doesn't know exactly how much their competitors charge for similar products. Which of the following practices should Stepan utilize to identify the prices competitors are charging for similar products?
a. using consumer pricing surveys
b. stealing price lists from a display at a trade show
c. hiring sales representatives from competitors' companies and asking them to share price information
d. pretending to be a buyer and soliciting pricing information from the competitor
Answer: a. using consumer pricing surveys