The key to setting a final 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) __________, (3) profit-oriented, and (4) competition-oriented approaches.
A)cost-oriented
B)cause-oriented
C)revenue-oriented
D)stakeholder-oriented
E)distribution-oriented

Question

Quizplus · Accepted Answer

The other options (cause-oriented, revenue-oriented, stakeholder-oriented, and distribution-oriented) do not directly relate to setting an approximate price level. However, a cost-oriented approach involves considering the cost of producing the product and adding a markup to determine the price. This is a common and practical approach to set a reasonable starting point for pricing a product.

The Key to Setting a Final Price for a Product