The key to setting a price for a product is finding an approximate price level to use as a reasonable starting point. Four common approaches to selecting an approximate price level are (1) demand-oriented, (2) cost-oriented, (3) __________, and (4) competition-oriented approaches.
A)stakeholder-oriented
B)revenue-oriented
C)profit-oriented
D)distribution-oriented
E)cause-oriented

Question

Quizplus · Accepted Answer

Profit-oriented approaches focus on setting prices to achieve a specific profit target, making it a common method for determining an approximate price level.

The Key to Setting a Price for a Product Is