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)cost-oriented; (3)profit-oriented; and (4)__________ approaches.

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The fourth approach for selecting an approximate price level is competition-oriented, which involves considering the prices of competitors and positioning the product within the market. This approach helps ensure that the product is priced competitively in order to attract customers and achieve sales goals.

Key to Setting a Final Price for a Product Is