Competition-based pricing describes the situation where a firm does not have a pricing policy that relates to its product, but reflects the pricing decisions of competitors. Sometimes this simply takes the form of a firm copying their competitor's pricing and not conducting their own pricing research. Sometimes such pricing can take the form of a firm setting a market share objective and discounting their price relative to their competitor until they attain it. Similar to competition based pricing, going rate pricing reflects the price that is being used by most of the companies within the industry, an industry standard more or less.