What factors do you believe lead to the variations in prices?

To demonstrate the wide variation in pricing of an identical item, I’d like you to visit three different stores and compare prices on similar items.First, select a category of store. Some suggestions are:Grocery: large chain store, local chain store, convenience storeHealth and beauty aids: grocery store, drugstore, discount storeOver-the-counter drugs: chain drugstore, local drugstore, discount storeClothing: specialty store, department store, discount storeExamples: A student who chooses to investigate clothing stores could compare the price of Levi’s 501 jeans for men at the three different types of stores. A student who chooses health and beauty aids could compare the price of a certain brand of shampoo (same size, weight, and so on) at the three stores. Come up with your own categories and items of interest.If possible, try to select several items to compare in your category. For example, in the grocery category, you may want to compare a type of cereal, a canned soup, and a snack item.If you travel home every weekend, you may want to compare prices between towns, which is also a very interesting exercise.After the investigation, answer the following questions:What products did you evaluate prices for and at what specific locations? What were the prices at each location?What factors do you believe lead to the variations in prices?Is it worthwhile for consumers to compare prices when they shop?Consider price competition, non-price competition, odd‑even pricing, promotional pricing, price lining, and unit pricing. Explain your answers in terms of material learned on Pricing Concepts.Please choose the Grocery store as a research object.(Such as Walmat, 7-11, etc…)