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) cost-oriented, (3) profit-oriented, and (4) __________ approaches.
A)revenue-oriented
B)distribution-oriented
C)stakeholder-oriented
D)competition-oriented
E)cause-oriented

Question

Quizplus · Accepted Answer

The missing approach in this list is competition-oriented. This approach involves looking at the prices of other products in the same market and positioning the product's price in relation to those competitors.

The Key to Setting a Final Price for a Product