What three basic factors must be considered in setting a price for a product?

Question

Quizplus · Accepted Answer

The cost of goods is important to consider, but it should be balanced with competitive prices in the market and the demand for the product. It is important to know how much customers are willing to pay for the product and how it compares to similar products in the market. Geographic location and industry analysis may play a role in setting prices, but they are not as essential as market demand and competitive pricing.

What Three Basic Factors Must Be Considered in Setting a Price